Print the value of index0
Fifth Third Bank Unfair & Unethical Transactions Causing excessive overdraft fees Madison Tennessee
I have read reports submitted against Fifth Third Bank Corp in regards to their methods of creative transaction alterations to unfairly create debits against member's accounts.....I AGREE 100% and feel there should be a Class Action Lawsuit against Fifth Third Bank Corp.
Personal Incidents-
1. Fifth Third has withheld debit transactions for extended periods of time then strategically batch posted them while delaying deposits to overdraw the account. They then proceeded to initiate overdraft frees per line item.
2. Direct Deposit- Payroll Direct Deposit is to be posted and available for transaction the day of the posting. On Aug.30, over $4,000 from payroll was direct deposited into my account. On that day, resulting from their creative transaction managment methods, one of their batch postings of debits took the account negative and was overdrawn by approx. $200. Fifth Third did not credit my account of the direct deposit payroll. As oppose to crediting the account,they placed the funds that should be available from my direct deposit on hold.
It forced me to visit the branch office on Saturday morning to discuss the issues. I was told by the acting lead officer that the reason for the direct deposit being place on hold was because she personally placed the account on hold because of the overdrawn status several days earlier. During that discussion with her, I later understood, thru her own admission, that if I hadnt physically visited the office to resolve the issue, my account would still have been on hold status with no funds available.
I then asked a simple question and attained an answer that clearly points to Fifth Third Bank Corp. practicing unethical transactions at the cost of their members: My question was, 'when an account is place on hold, is it done manually, as in by a person and not systematically'; her response was 'yes'. I then asked, when an account is overdrawn, are overdraft fees debited from account thru automation, as in automatic thru their so called 'robust' system, her answer was 'yes'.
Finally my ending question to her and my point- In this day of technological marvels, why and how, from an ethical standpoint, can Fifth Third, or any other banking institution get away with running two systems (manual and automated) that clearly preys on members funds to benefit their organization.
Detroitrockcity
Madison, Tennessee
U.S.A.
11 Updates & Rebuttals
Edgeman
Chico,California,
U.S.A.
Here's the case ID
#12Consumer Comment
Wed, December 03, 2008
http://dockets.justia.com/docket/court-ohsdce/case_no-1:2008cv00703/case_id-125861/
The article cited above does not appear to be balanced.
Tresbizz
Cincinnati,Ohio,
U.S.A.
Here's your lawsuit
#12Consumer Comment
Wed, December 03, 2008
I look forward to joining this too:
http://www.citybeat.com/cincinnati/article-16707-overboard-on-overdrafts.html
Tresbizz
Cincinnati,Ohio,
U.S.A.
Here's your lawsuit
#12Consumer Comment
Wed, December 03, 2008
I look forward to joining this too:
http://www.citybeat.com/cincinnati/article-16707-overboard-on-overdrafts.html
Tresbizz
Cincinnati,Ohio,
U.S.A.
Here's your lawsuit
#12Consumer Comment
Wed, December 03, 2008
I look forward to joining this too:
http://www.citybeat.com/cincinnati/article-16707-overboard-on-overdrafts.html
Tresbizz
Cincinnati,Ohio,
U.S.A.
Here's your lawsuit
#12Consumer Comment
Wed, December 03, 2008
I look forward to joining this too:
http://www.citybeat.com/cincinnati/article-16707-overboard-on-overdrafts.html
Edgeman
Chico,California,
U.S.A.
To DetroitRockCity...
#12Consumer Comment
Wed, October 08, 2008
For the record, I feel that overdraft fees are prohibitively expensive. We live in a time of high gas prices, high food costs and the Dow lost 1,400 points in a week. These are not the times to be paying hundreds of dollars to the bank in unnecessary fees.
However, it doesn't matter what I think. What does matter are the facts.
When you opened your account, did you sign the spot that said you agreed to the bank's terms and conditions? Were the fees listed in the terms and conditions? Did you overdraft your account?
J G Shrugged
Austin,Texas,
U.S.A.
OP, wow. What does the bank's T&C state?
#12Consumer Comment
Wed, October 08, 2008
Actually, compared to other banks, yes I would take this as a ripoff. Most other banks would process debit transactions like a check, i.e. one transaction at a time. Most of the complaints here involve a check clearing that was forgotten about, and those are usually large, so it would cause numerous overdrafts on the debit card transactions....
This is different. And I would actually state that the bank's policies are a ripoff when you compare it to the current "standard". But I don't think a class-action will be of any benefit if the T&C states they can do this. Because the Fed Reserve feels they can set their own guidelines.
As for the direct deposit, I think the banks can hold the funds 1 day (make it available by the close of business the business day following receipt of the ACH), most make it available same day - after the day's debits have been posted.
Jim
Anaheim,California,
U.S.A.
It's Irrelevamt
#12Consumer Comment
Wed, October 08, 2008
It does not matter whether anyone agrees with the policy; not only is it legal per the agreement you signed, but this issue has already been adjudicated in favor of the bank. It's way too late to come here waving class action lawsuit - way too late. It's not a matter of right or wrong, ethical or otherwise. It's legal and you must comply. All banks operate the same way, so switching banks is not really an option in your case either.
Your problem is NOT with the bank. The bank merely administers your account; they have no idea what your balance is, or what you do with the account. They only process your transactions as they come in, or are approved by the merchants you buy things from. It's your account and if you mismanage the account, that is your problem. The first thing I would immediately do is STOP using your debit card for anything except at your ATM to withdraw cash. Your debit card, in case you can't see, is not free to use; it causes a lot of overdrafts by people who can't keep a check register. You also place way too much reliance on the online system to figure out your bank balance. The balance for your account is not there and it is not accurate if you use a debit card. So STOP using it.
You'll find banking with this bank and any bank to be much easier and you'll hold onto more of your money. Best of luck to you.
Matt S
Camby,Indiana,
U.S.A.
Count me in on the class action!
#12Consumer Suggestion
Tue, October 07, 2008
Someone please contact me for this class action, I will be glad to help.
(((ROR redacted)))
also -> Go to Wal-Mart and get a Wal-Mart Money Card. Works exactly the same as a Bank Account, you can direct deposit to it and even have auto draws on it. Only real difference is, no overdraft fees, ever....
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Detroitrockcity
Madison,Tennessee,
U.S.A.
Tell me you agree with this policy and I will understand why you made the comment
#12Author of original report
Thu, October 02, 2008
Here is the example-
$427 bal.
7 transactions posted for $439.
6 of the 7 transactions were covered.
The last one was short by $12.
If you feel this warrants 7 overdraft feess, your just as crooked as Fifththird.
Max penality should have been one overdraft fee.
But they practice a 24 hr rule. No matter when or how much the account is overdrawn, they consider all transactions that day overdrawn and charge accordingly.
I most certainly will be participating in the Class Action Lawsuit.
Edgeman
Chico,California,
U.S.A.
You don't have to read beyond the thrwad title....
#12Consumer Comment
Sun, September 14, 2008
To know what really caused overdrafts. The OP brought their account into a negative balance. No ripoff here.