- Report: #480388
Complaint Review: 5/3 Bank - Fifth Third Bank - Internet
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5/3 Bank - Fifth Third Bank
www.53.com Internet, United States of America
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5/3 Bank - Fifth Third Bank 5/3 Fifth Third Bank Charges Unreasonable Overdrafts Using Fuzzy Accounting To Rip Off Customers Algonquin, Illinois
During an economic recession, or rather a depression, I do not expect any business to behave in my best interest. What I do expect is ethical conduct from an American company vested in our economic survival. As a consumer bank dealing mostly with middle income customers, Fifth Third is opportunizing on shrinking American bank accounts by charging unethical overdraft fees and fuzzy accounting.
Example: Fifth Third charged me hundreds of dollars in overdrafts on debits that were listed as POSTED, claiming that since the merchant had not yet assumed payment the debits were in a third category of debits that were "technically" not paid, thus allowing them to overdraft debits that, by my accounting were paid, not PENDING.
I know this makes no sense. That was my argument. How could debits that were posted suddenly become pending? Well, there's the "overdraft matrix" that suspends debits until the time that the bank wants to post them--allowing the bank to send through payments when it is beneficial to them.
Of course, no banker will admit this. They will, however, admit that they flag accounts for multiple charges, or that as a consumer I am an idiot and deserve the condescension that comes with going negative on your account. The customer service center is rude and unapologetically ruthless.
So, this American bank acts as a mercenary profiteer, charging consumers outrageous fees while helping to destroy the very economic base they are preying on. Ultimately, they will go under, since they aren't one of the big commercial players--and from my research enjoys a bailout from average Americans instead of from the government like Bank of America. Oh, wait, you mean that bailout money came from my taxes? I forgot, the rich get rich and the poor stay poor.
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Wow..
#2
Sat, August 15, 2009
I love it when the "crystal ball theory" pops up.
"Well, there's the "overdraft matrix" that suspends debits until the time that the bank wants to post them--allowing the bank to send through payments when it is beneficial to them."
- Your right the banks are sooo smart that they can predict the future. They know exactly when you will overdraft so that they can hold a whole slew of debits to cause more overdrafts. Of course if they knew the future, I am sure they could have seen all of their problems coming as well.
Well anyway back to reality. The only reason you would care if the transaction was pending or posted is if you knew you were going to overdraft, or find out that if you did overdraft how much it was going to "cost" you. So this same overdraft "matrix" which you are claming as bad is exactly what you were trying to use to your advantage to find out how much you can go negative.
It appears as if yours is a simple case of spending more money that you had available. This is because it does not matter if the transaction is POSTED or PENDING, you know you SPENT the money. Whether that was intentional or just that you didn't keep track I don't know. I would however suggest that unless you keep an accurate register that you immediatly cut up your debit card and go back to using cash. Especially for the small purchases, which I bet were a majority of your fees.
Now of course you will get people who claim that this is some scam and that they are in the process of filing suits. However, the fact is that not one case has resulted in these fees or the way banks post transactions as illegal. In fact suits are starting to get dismissed because it is being shown that the plantiffs are not taking proper care of their accounts. If you don't like the terms than find a bank that has ones that you like, but since just about every bank and yes Credit Unions do the same thing that is going to be hard. Or better yet, don't even put yourself in the position to overdraft. Millions of account holders do every day by managing their account.
