- Report: #181322
Complaint Review: Fifth Third Bank - Cincinnati Ohio
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Fifth Third Bank
Cincinnati, 48161 Ohio, U.S.A.
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Fifth Third Bank Fifth Third Bank, Overdraft Questions went ignored, Cincinnati Ohio
*Consumer Suggestion: How exactly is their response unacceptable?
*Consumer Comment: Lack Of Responsibility
*Author of original report: excessive amount
*Consumer Comment: Here's the next question for you....
*Consumer Comment: Question answered.
*Consumer Suggestion: Don't do business with Fifth Third
The Following is the letter I wrote to 53 bank:
Date: 12/29/05
To: Fifth Third Bank
From: ZACHARY P BREIMAYER
Subject: Suggest Improvements
I would like to express my feelings on the matter of how a $9.74 overdraft turned into somewhere around $60-70 in 6 days. First off I am a young college student and have been a client of the bank for a few years and have always had great service from your locations in Monroe, MI. On 12-23-2005 I overdrafted by $9.74 (Absolutely unintentional) There is of course a $33 overdraft fee and then I believe a $5 per day fee as well. however if I were to have reconciled on the 23rd I would not have been charged any of this. I believe that when a client overdrafts it should be in the interest of 53 Bank to have a representitive call (YES there are uses for some of the information you ask of your clients) the client and notify them of this. Why is it not in the the interest of the bank to do this? I do understand that it is a way to maximize profits. However it is also a way to create poor relations with your clients and to lose them. It is also a legalized form of loan sharking. Looking at it from your point of view I see myself as a young man with little money that really means not much of anything to the business. However, throughout my lifetime I will need a home loan which is a major profit generator of the banking industry. My account will not always mean nothing to 53 Bank... Unless of course I no longer handle my money through your Business (I could just as easily go to MBT and open an account to maintain for the rest of my life). So feel free to send me some auto typed letter about how your a valued customer It will let me know that you really are a faceless corporation that doesnt care about your image or the future relationships with your clients.
Zachary
The following is what they wrote back:
Date: 12/30/2005
To: ZACHARY P
From: Fifth Third Bank
Subject: Suggest Improvements
December 29, 2005
Dear Zachary:
Thank you for using Fifth Third Internet Banking and for providing us the opportunity to service your needs. In response to your recent inquiry regarding your account, notification on the account status and the items that contributed to the overdraft are mailed and typically reach the customer in 3 to 4 days depending on mail time. This letter is not the bank's responsibility, but only a complimentary notice on behalf of the customer. Fifth Third Bank relies on its customers to reconcile and balance their accounts to prevent overdrafts. If you would like to discuss overdraft protection options, please visit your local banking center or call our New Accounts department at 1.800.457.0842.
We would like to take this opportunity to thank you for your business and look forward to serving you in the future. If you require any further assistance, please email us 24 hours a day or contact a Customer Service Professional at 1.800.972.3030, Monday through Friday between 7:00 AM and 12:00 AM ET, Saturday or Sunday from 8:00 AM to 5:00 PM ET. At Fifth Third Bank, We're "Working Hard To Be The Only Bank You'll Ever Need. "
Suzie H.
Fifth Third Internet Banking
Personally as a business/marketing major I believe that this is poor way to handle customer relations and concerns.
Zach
monroe, Michigan
U.S.A.
Date: 12/29/05
To: Fifth Third Bank
From: ZACHARY P BREIMAYER
Subject: Suggest Improvements
I would like to express my feelings on the matter of how a $9.74 overdraft turned into somewhere around $60-70 in 6 days. First off I am a young college student and have been a client of the bank for a few years and have always had great service from your locations in Monroe, MI. On 12-23-2005 I overdrafted by $9.74 (Absolutely unintentional) There is of course a $33 overdraft fee and then I believe a $5 per day fee as well. however if I were to have reconciled on the 23rd I would not have been charged any of this. I believe that when a client overdrafts it should be in the interest of 53 Bank to have a representitive call (YES there are uses for some of the information you ask of your clients) the client and notify them of this. Why is it not in the the interest of the bank to do this? I do understand that it is a way to maximize profits. However it is also a way to create poor relations with your clients and to lose them. It is also a legalized form of loan sharking. Looking at it from your point of view I see myself as a young man with little money that really means not much of anything to the business. However, throughout my lifetime I will need a home loan which is a major profit generator of the banking industry. My account will not always mean nothing to 53 Bank... Unless of course I no longer handle my money through your Business (I could just as easily go to MBT and open an account to maintain for the rest of my life). So feel free to send me some auto typed letter about how your a valued customer It will let me know that you really are a faceless corporation that doesnt care about your image or the future relationships with your clients.
Zachary
The following is what they wrote back:
Date: 12/30/2005
To: ZACHARY P
From: Fifth Third Bank
Subject: Suggest Improvements
December 29, 2005
Dear Zachary:
Thank you for using Fifth Third Internet Banking and for providing us the opportunity to service your needs. In response to your recent inquiry regarding your account, notification on the account status and the items that contributed to the overdraft are mailed and typically reach the customer in 3 to 4 days depending on mail time. This letter is not the bank's responsibility, but only a complimentary notice on behalf of the customer. Fifth Third Bank relies on its customers to reconcile and balance their accounts to prevent overdrafts. If you would like to discuss overdraft protection options, please visit your local banking center or call our New Accounts department at 1.800.457.0842.
We would like to take this opportunity to thank you for your business and look forward to serving you in the future. If you require any further assistance, please email us 24 hours a day or contact a Customer Service Professional at 1.800.972.3030, Monday through Friday between 7:00 AM and 12:00 AM ET, Saturday or Sunday from 8:00 AM to 5:00 PM ET. At Fifth Third Bank, We're "Working Hard To Be The Only Bank You'll Ever Need. "
Suzie H.
Fifth Third Internet Banking
Personally as a business/marketing major I believe that this is poor way to handle customer relations and concerns.
Zach
monroe, Michigan
U.S.A.
6 Updates & Rebuttals
Thomas
Cincinnati,Ohio,
U.S.A.
Don't do business with Fifth Third
#2Consumer Suggestion
Mon, April 24, 2006
It would not matter if you didn't overdraft your account. They will just take your money anyway and find some excuse to keep it. Fifth Thirds policu is to provide no information and stonewall all attempts to resolve and issue. Fifht Third lost mony from my account and overdrafted me. When I confronted them with proof of there mistake it took four months to get a small portion of the money they took from me. This is an awfull institution. Dishonesty is the rule not the exception. I recommend making posters and flyers explaining how Fifth third screwed you, and GIVING THEM OUT TO CUSTOMERS AS THEY ENTER THE BANK. If they ask you to leave be polite and go to another branch. Also a small add in the paper about Fifth Third goes a long way to getting attention. Until you become a pain in the a$$ they will continue to ignore you.
Leticia
Anytown,Other,
U.S.A.
Question answered.
#3Consumer Comment
Thu, March 16, 2006
You do realize that every day the the account in in overdraft causes more NSF fees? That is why the ammount ended up being so high. End of story.
D
Naples,Florida,
U.S.A.
Here's the next question for you....
#4Consumer Comment
Thu, March 16, 2006
Here's the NEXT question for you. How much do you feel the fee should be?
Zach
Monroe,Michigan,
U.S.A.
excessive amount
#5Author of original report
Thu, March 16, 2006
The overall concern is with the excessive amount that is charged.
Cory
San Antonio,Texas,
U.S.A.
Lack Of Responsibility
#6Consumer Comment
Wed, March 15, 2006
This post shows a total lack of personal responsibility. You overdrafted your account, however unintentionally. Then you expect the bank to call you and notify you of your unintentional overdraft. You can jump to MBT but I suspect you'll find the same thing. I know, being that you're a business/marketing major, when you're in a position to do so, you can waive all the NSF/ overdraft fees. I just hope you learn to balance a checkbook. I don't know many companies who will hire or retain someone who can't. Good luck.
Stile
Phoenix,Arizona,
U.S.A.
How exactly is their response unacceptable?
#7Consumer Suggestion
Wed, March 15, 2006
You admit that you made a mistake on your account, and that you are aware that there are fees associated with that overdraft. You also state in your letter that you think the bank should call its customer's when this happens. The Bank responds that it is part of the customer's responsibility to reconcile their own accounts, they state that they do send a mailed notice as a courtesy, and they offer you options to avoid this happening in the future. Seems to me that they've addressed all your questions. You're upset about the fee; fair enough. But did you or did you not overdraw the account? If so, then you are responsible for the fee, and if the bank chooses not to reverse it then that is their prerogative, as it is your prerogative to switch banks. Just keep in mind that overdraft fees are an industry wide issue. As long as you maintain a check register, and don't accidentally overdraw your account then you won't have any more fees to worry about.
