- Report: #509605
Complaint Review: 5/3 Bank - Fifth Third Bank - Cincinnati Ohio
Reported By:
Jonathan -
Louisville, Kentucky, U.S.A.
Submitted:
Updated:
-
Author Confirmed
Why?
5/3 Bank - Fifth Third Bank
38 Fountain Square Plaza Cincinnati, 45263 Ohio, United States of America
Phone:
Web:
www.53.com
Categories:
Business Rating:
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5/3 Bank - Fifth Third Bank Reduced Credit Limit under current balance WITHOUT NOTIFYING ME Cincinnati, Ohio
I have a Fifth Third credit card (worst mistake ever) that until very recently had a credit limit of $1000.
On the last statement, dated through 9/20, the credit limit was still listed as $1000. I was about $50 from the credit limit at the time and had been wanting to pay it off, so on 10/5 I made a payment of $100 and on 10/8 a payment of $200, bringing the total around $650.
Here's where it gets good...on 10/12 I made a purchase of $120, bringing the total to $770. Apparently sometime between then and 10/14 they reduced my limit to $700. I learned this on 10/14 when I tried to make a $1.04 purchase and the card was denied twice.
This is extremely ridiculous given that they didn't call, email or write me about it. I mean at least they would have been able to have something to lean back on if they had included it in a statement or something but this method is completely unacceptable.
I had already planned to pay another $200 today, which I have done already, bringing it below the new limit, and I'm hoping they don't charge me any overlimit fees or post it to my credit, otherwise they have a hell of a firestorm coming. I'll update when new details are available.
2 Updates & Rebuttals
unknown
Loveland,Ohio,
U.S.A.
Call Your Bank
#2Consumer Suggestion
Fri, October 16, 2009
As a credit card holder with 5/3, I have received all my letters from them in a timely manner..Check with credit cards at the bank either in person or on the phone to find out why you did not get your letter..By law they have to send you one I believe 45 to 60 days in advance..You may get a fee charged to you for going over the limit..I highly advise to call the bank to get answers to your questions..They may have your address wrong..I have in the past never received staments from them, but I know that I have a balance, so I pick up the phone and call them to see when payment is due..I don;t know why people sit on their duffs and expect the bank to call them or email them..With millions of accounts, why should they call you? It is your account and you are the only one who takes care of it..As a ex teller with a credit union, we did not have time to call our members to remind them of things..How would you explain that to the customer standing in front of you who needs a deposit, cash a check, open an account, mortgatge loan,credit card application, etc..They are the most important ones. If you cannot follow up on your own accounts, Then maybe you don't need one..
Ronny g
North hollywood,California,
USA
That bank seems to do a lot of messed up things...
#3Consumer Comment
Fri, October 16, 2009
But this is a new one.
Yes..the bank has a legal right to lower your credit limit..many banks have been doing this lately..I guess they are running scared. Remember by easing up on restrictions...between credit cards and mortgages..well we all know where it almost got them.
Now what I don't understand is why the Government gave them 700 BILLION dollars in TARP bailouts....money from the taxpayers...and now the banks seem to be punishing taxpayers that are being responsible with the credit cards..and paying them down.
With that said...yes..they still have a legal right to lower your limit...but I have never heard of them doing this without notifying the customer...and then charging fees if over limits occur.
That would be outright scam, ripoff, theft, stealing, annexation, appropriation, caper, cheating, crime, defrauding, deprivation, embezzlement, extortion, filch, fleece, heist, holdup, hustle, job, larceny, lift, looting, mugging, peculation, pilferage, piracy, plunder, purloining, racket, rapacity, robbery, snatch, swindling...
...did I leave any out???
Keep us posted..I have a feeling they will waive any fees incurred due to this..but I won't hold my breath either. From a few reports I have read about this bank..and I have never even heard of them before coming to this site...they can be pretty ruthless.
