- Report: #195652
Complaint Review: Fifth Third Bank - Cincinnati Ohio
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Fifth Third Bank
53.com Cincinnati, Ohio, U.S.A.
Phone:
800-972-3030
Web:
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Fifth Third made a mistake in our favor, then took the money back 11 months later with NO WARNING or explanation Ripoff Cincinnati Ohio
In July, 2000, my husband cashed a savings bond at our then bank, Fifth Third, on Alex Road in West Carrollton, Ohio. He deposited the entire amount into our Fifth Third checking account. In February, 2001, we filed our 2002 federal taxes using the 1099 that Fifth Third sent us and we paid taxes on the interest that the savings bond earned.
On June 20, 2001, we received a letter in the mail from Fifth Third stating that although their company strived to serve their customers well, "errors sometimes occur." Then below the body of the letter, it stated that a deposit made in July, 2000 was incorrect and a debit had been made to our account in the amount of $1100. It did not say what the error was or why the money had been deducted from our account several days before we received this letter.
We checked our records and realized that the deposit in question was the cashed savings bond. We called the 1-800 number given in the letter, but the customer service representative told us that we would have to go to our local branch because she had no record of why the debit had occurred.
The following day I went to the branch where we cashed and deposited the savings bond. I spoke to a manager (Ms. Brenneman), who explained that the IRS must have let the bank know that they had overpaid us and that Fifth Third "had to get their money back." She also scoffed at the idea that this particular bond would've earned so much interest, as if I should've known same.
I explained that I did not work at a bank, so I was not familar with how much interest bonds earn. I also told her that we had already paid taxes on the interest we had earned 11 months earlier. Ms. Brenneman said there was "nothing she could do about it" but she would find out if we would be receiving an adjusted 1099 form for the next tax year. I gave her copies of all the paperwork I had, along with my phone number, and I never heard from her again.
My husband went to a different Fifth Third branch to try and find a better explanation. He spoke to Karen, a manager at the Springboro Pike branch, who also took our phone number. Karen did call, but only to let us know that she was still looking for information on an adjusted 1099.
Fifth Third was at fault for incorrectly computing the interest that a savings bond earned. How can Fifth Third come back 11 months after a mistake and take $1100 out of our account without warning? Why is there no statute of limitations on how long a bank has to rectify its mistakes?
Why do customers have to pay for mistakes a bank made 11 months prior? What would have happened if we had cashed the bond instead of depositing it? We had to wait 9 months to receive credit for the taxes we paid for Fifth Third's error.
Michelle
Miamisburg, Ohio
U.S.A.
On June 20, 2001, we received a letter in the mail from Fifth Third stating that although their company strived to serve their customers well, "errors sometimes occur." Then below the body of the letter, it stated that a deposit made in July, 2000 was incorrect and a debit had been made to our account in the amount of $1100. It did not say what the error was or why the money had been deducted from our account several days before we received this letter.
We checked our records and realized that the deposit in question was the cashed savings bond. We called the 1-800 number given in the letter, but the customer service representative told us that we would have to go to our local branch because she had no record of why the debit had occurred.
The following day I went to the branch where we cashed and deposited the savings bond. I spoke to a manager (Ms. Brenneman), who explained that the IRS must have let the bank know that they had overpaid us and that Fifth Third "had to get their money back." She also scoffed at the idea that this particular bond would've earned so much interest, as if I should've known same.
I explained that I did not work at a bank, so I was not familar with how much interest bonds earn. I also told her that we had already paid taxes on the interest we had earned 11 months earlier. Ms. Brenneman said there was "nothing she could do about it" but she would find out if we would be receiving an adjusted 1099 form for the next tax year. I gave her copies of all the paperwork I had, along with my phone number, and I never heard from her again.
My husband went to a different Fifth Third branch to try and find a better explanation. He spoke to Karen, a manager at the Springboro Pike branch, who also took our phone number. Karen did call, but only to let us know that she was still looking for information on an adjusted 1099.
Fifth Third was at fault for incorrectly computing the interest that a savings bond earned. How can Fifth Third come back 11 months after a mistake and take $1100 out of our account without warning? Why is there no statute of limitations on how long a bank has to rectify its mistakes?
Why do customers have to pay for mistakes a bank made 11 months prior? What would have happened if we had cashed the bond instead of depositing it? We had to wait 9 months to receive credit for the taxes we paid for Fifth Third's error.
Michelle
Miamisburg, Ohio
U.S.A.
2 Updates & Rebuttals
Buddy
Eureka,California,
U.S.A.
Here's Why They Don't Let You Know Ahead of Time ----
#2Consumer Suggestion
Mon, June 12, 2006
Because if you got a letter on June 1 that said on June 20 we are going to take $1100 out of your account, you would rush right down to the bank, take all of your money out, and close the account. To get even $1100 on a savings bond, it would either have to be very, very old or a very high amount. If you have any more savings bonds, you can usually look up the amount of interest earned on the website of whoever issued the bonds.
Stile
Phoenix,Arizona,
U.S.A.
No such thing as a free lunch.
#3Consumer Suggestion
Sun, June 11, 2006
"Fifth Third was at fault for incorrectly computing the interest that a savings bond earned. How can Fifth Third come back 11 months after a mistake and take $1100 out of our account without warning? Why is there no statute of limitations on how long a bank has to rectify its mistakes?" You may want to review your deposit agreement for a provision usually called "right of offset." Right of offset means that if a 5/3rd account owned by you is in a negative status, that 5/3rd can go into another 5/3rd account on which you are a signer and collect the difference. So if you had a checking account 2 years ago, and it had a $100 negative balance, and today you open a joint savings with your husband, 5/3rd can go in and take that $100 that is owed. The same holds true in your bond situation. When you cashed the bond it was for the wrong amount. It sounds like you acted in good faith, but nevertheless when 5/3rd audited their accounting, they discovered that the bond department's books were off by $1100. After they finally tracked down the bond holder (you) they searched for any account within 5/3rd owned by your. When they found your checking account, they adjusted it. It's a no win situation, really, because you did have that extra $1100 for 11 months, and the bank is within its rights to recollect that money. Though I agree it would be nice if they'd notify you first. "Why do customers have to pay for mistakes a bank made 11 months prior? What would have happened if we had cashed the bond instead of depositing it? We had to wait 9 months to receive credit for the taxes we paid for Fifth Third's error." Because banks rarely make permanent mistakes. They'll sometimes overcredit or overdebit you, but since the very basis of their business is math, the books have to add up at the end of the day. When they don't add up, they have to figure out why and correct the error. It's probably better that it happened this way. If you had just cashed the bond, and not had any money in the 5/3rd account, then you probably would have gotten a call fro 5/3rd's collection department. You could have had a judgement taken against you, and your credit wrecked. Again, I agree that when a bank makes a math error, it usually leads to a very negative customer experience. Is it unpleasant and inconvenient, definitely. Is it a rip off? I don't believe so.
