- Report: #401067
Complaint Review: Fifth Third Bank - Cincinnati Ohio
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Why?
Fifth Third Bank
PO Box 630778 Cincinnati, 45263-0778 Ohio, U.S.A.
Phone:
800-972-3030
Web:
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Fifth Third Bank Where does my money go? Cincinnati Ohio
I, too, am a victim of this money grubbing, non-human oriented company. I went to Chysler to purchase a new car. I had a balance of 4000.00 left on my old one and Chrysler said 5/3 was the only bank that would take an excess non-secure balance with the purchase of another car. I, at the time, was unversed at my abilities to search other options, I put my trust in them...Stupid on my part. They not only doubled the interest rate I previously was paying, 6% to 12%, but put me in a deal of paying 200.00 more a month than I actually wanted to pay, saying this was my only and BEST option.
I fell ill and was out of work and I immediately called 5/3 and let them know what was going on. I kept them updated continuously. They never had to contact me first. Before I knew it, they were calling me 3-5 times a day, a new person each time. I stopped answering the phone because no one would listen.
They threatened repo and started the process unless I came up with the money. I was 65 days late. I borrowed the money and they insisted they would not call off the repo unless I came up with the two months, plus one additional month and 300.00 to call off the repo. They also insisted on debiting my account for the payment charging me 15.75 per transaction. I figure if they called repo, my car would have been gone, their threat was two weeks old...so did they really call or use this as a way to get 300.00?
Since then, with them all caught up, I have been trying to get on my feet. I had gone into my grace period and they started harrassing me five days into it, when I am supposedly allowed ten days...NOT. I called and they said it was their policy.
Another time, I mailed a payment in plenty of time for them to get it before the end of the grace period and the money went through my bank on the last day of the period and I received a letter from them with charges for being late. I called and the lady stated they don't process checks when the Federal Reserve is closed and when I told her they should of gotten the check prior to the weekend she rebuttled stating they process payments immediately.
I asked, if that was the case then why was the chesk throught my bank on Monday. She said the check is immediately deducted from my bank when they process the payment. Never has happened before, makes no sense.
Lately, I have been making larger payments each month and I would like to know where that money is going because I get letters saying I owe fees that seem to go up, instead of going down.
What a nightmare these people are. I would get rid of my car if I wouldn't be stuck with an astronomical balance. This bank is dispicable!!!
Rachel
Rochester, New York
U.S.A.
I fell ill and was out of work and I immediately called 5/3 and let them know what was going on. I kept them updated continuously. They never had to contact me first. Before I knew it, they were calling me 3-5 times a day, a new person each time. I stopped answering the phone because no one would listen.
They threatened repo and started the process unless I came up with the money. I was 65 days late. I borrowed the money and they insisted they would not call off the repo unless I came up with the two months, plus one additional month and 300.00 to call off the repo. They also insisted on debiting my account for the payment charging me 15.75 per transaction. I figure if they called repo, my car would have been gone, their threat was two weeks old...so did they really call or use this as a way to get 300.00?
Since then, with them all caught up, I have been trying to get on my feet. I had gone into my grace period and they started harrassing me five days into it, when I am supposedly allowed ten days...NOT. I called and they said it was their policy.
Another time, I mailed a payment in plenty of time for them to get it before the end of the grace period and the money went through my bank on the last day of the period and I received a letter from them with charges for being late. I called and the lady stated they don't process checks when the Federal Reserve is closed and when I told her they should of gotten the check prior to the weekend she rebuttled stating they process payments immediately.
I asked, if that was the case then why was the chesk throught my bank on Monday. She said the check is immediately deducted from my bank when they process the payment. Never has happened before, makes no sense.
Lately, I have been making larger payments each month and I would like to know where that money is going because I get letters saying I owe fees that seem to go up, instead of going down.
What a nightmare these people are. I would get rid of my car if I wouldn't be stuck with an astronomical balance. This bank is dispicable!!!
Rachel
Rochester, New York
U.S.A.
1 Updates & Rebuttals
Ftb09
Wayland,Michigan,
U.S.A.
Rebuttal
#2UPDATE Employee
Tue, December 30, 2008
So first thing is first, you went to a dealership to purchase a vehicle and 5/3 Bank said YES when everyone else said NO. You chose to sign the contract, we just offered our money to you. We made an offer to Chrysler for the account, they gave that offer to you, and it was YOUR choice to sign. So you did. You knew what your interest rate would be, and you knew what your payments would be when you signed the loan. As far as you falling ill and contacting the bank, we appreciate all who let us know what is going on, but our bank has an automatic dialing system that automatically calls on accounts, even if they are 5 days past due. Past due is past due. There is a due date for a reason. The account will be "reviewed" for repossession at 30 days past due. If the bank was advising you that there could be a repossession order put out on the vehicle if you did not make the payments you promised, borrowing the money was a good idea. The bank hires the repo agents to find your vehicle for a repossession. Not each vehicle is at the home address listed on the account. We have a few national agencies that we use, and if you had to pay a repossession close fee of $300.00, that is the biggest and baddest repo agency, none of the others have a close fee... the vehicle must have been hard to find. We don't use that company unless it is necessary due to the vehicle being hidden, or moved to a different location, etc. As far as the processing fee for the check over the phone, that is the most effective way to pay the bill, on occasion, we won't even take a check over the phone for fear of NSF. Another way to pay the past due bill would be Western Union, but they charge as well, and that would cost you a trip. Once the payments are made and up to date in the system, the paperwork is started to cancel the repossession order with that company. Yes, paperwork, and a lot of it. On a first come, first serve basis, the accounts that have paid are up to date. There are thousands upon thousands of vehicles and accounts in a repo status (again, not 5/3's fault.. we understand the economy and DO have programs to help consumers). Understand as well, that mailing a payment could take up to 7-10 business days to post to the account, that is another reason the bank likes to have automatic payments, or payments over the phone. The post office sometimes doesn't even get the payment in on time or at all... things do get lost in the mail. 5/3 does not believe it is the fault of the bank or the consumer, circumstantial consequences on part of the consumer's. Make certain the payment is in on time to avoid any charges. When you make larger than the regular payments, the extra goes toward principal, and any fees that are outstanding on the account. You can get rid of your vehicle, selling the vehicle, trading it in, or maybe refinancing the loan into someone else's name. Please just understand that the bank has policies, if we didn't, no one would be paying their bills! Thanks for listening and understanding, and possibly/hopefully seeing the bank's (or MY) point of view. -Sincerely, FTB Employee
