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Hellooo! I have a 5/3rd debit/credit card with no overdraft protection of $500 because I have never used credit so I have no score. I have had this card for two years. When using this card you can choose credit or debit. Credit causes a lag of 24 to 48 or more hours before any items hit your account. Obviously debit takes it immediately. On a few occasions last year, my account balance would get down to say $10 after all transactions had cleared. This meant that if I used "credit" that day, it would allow me transactions over the $10. I would make a deposit the next day in the bank to cover what I had used on the card. The "pending" now established would not be calculated until midnight that evening or possibly the next. I never had a problem on those few occasions. Last week I had another such occasion where after all transactions I had $5 in this account. I spent $10 at 6pm after bank hours on "credit" and made a deposit the next day for $300 at noon in the bank. Two days later I looked at my statement on-line and I was charged $66 for two overdrafts? These were from the fact that I went $4.88 over on the $5 day. On Jan 1st 5/3 rd changed the policy on when the "pending" amount gets calculated causing an overdraft. THERE IS NO WINDOW WHEN USING CREDIT WITH THIS CARD INSTEAD OF DEBIT. I was told a notice was sent to me on my statements. That is fine and all if I looked at them, but of course I use my account on line. Well, I was notified and ignorance of the rule is no excuse... (so they say) FINE... but I should not have gotten 2 overdrafts. This is because they covered "in theory" the pendings and the larger amounts and once I was $4.88 over. They went back in the last few days and overdrafted the smallest purchases of $1.79 and $3.50 which were made when I had $50. "nice and tricky"... but my main complaint is that I am sure I am not the only one and... If this card allows you to go over your limit when you choose credit and don't know the new rule... THAT IS A SCAM. There is no lag... it's now a plain debit card and my card should have denied me for the $10 purchase when I only had $5. ( even though I selected the credit option.) On top of that, I got TWO overdrafts. I wonder how much $$ 5/3 made off of this little maneuver.
I love how these 'holier than thou' people get on here and say "balance your checkbook". Give me a freaking break - everybody makes mistakes - EVERYBODY. This bank is the worst of the worst. I, like 90% of the people that have posted on here have been ripped off by this POS bank. The thing that upsets me the most is that I had deposited the money - it was in their hands. But because of their policy of only posting the first $100, I overdrew by a few dollars. Was this my fault, sure it was ! Do I deserve to have overdraft fees totally almost $300 because I overdrew on one item? Hell no! But because the overdraft fees were kicked in, it caused me overdraw again on pending checks.
I called the branch the first time the fee was added and talked to a customer service rep... because this had never happened before she said they would "waive the fee"... those were her exact words "we will waive the fee"... well they only waived HALF the fee, so I hadn't put enough money in my account to cover it. Low and behold, for the next 3 days I got overdraft fees on everything that I had pending. Had the woman told me from the beginning that they were only waiving half of the fee, i would have deposited enough money.
I finally called and talked to a manager (I was crying hysterically at this point because I was having to spend my rent money to cover overdraft fees). He told me that he couldn't stomach 'doing this' to people and actually recommended that I go to another bank. He did refund half of the fees once again, but when it was all said and done, I had spent close to $300 in overdraft fees over a 3 day period.
I would never recommend them to anyone. In fact, I tell as many people that will listen to NEVER bank w/ them.
Also, I think it's funny how you may see one or two positive posts about this bank for every 100 bad ones. That should tell you something!
Fifth Third is a hugh rip off! It is completely unethical to stack transactions this way! And I am sorry, but MOST banks DO NOT post transcations this way. They post based on transation time, not highest to lowest! It is clearly a way for Fifth Third to get as much money from their customers as possible. I totally aregg that when you make a mistake you should pay for it, but I do not feel that you should pay a $37 fee for EVERY pending transaction! That is insane. Additionally, I deposited $450.00 in my account yesterday. It was 2 checks and $100 in cash. They held $250. When I got home after depositing, it stated $250 was on hold. The next day, there was NOTHING on hold. The entire amount posted to my account, and I had $50.00 to spare. My huband used $7.00 that morning for breakfeast, and I used about $5.00 myself. I get to work and check my account and it says my account is OVERDRAWN! WHAT? How is that possible, I have money, and I just used it! I call the bank and they tell me that the $250.00 is still on hold. I said no it isnt because it shows posted on my account. If it were still on hold then how can I still use the MONEY?! That makes no sense. They charged me $333.00 in over draft fees for money that WAS IN MY ACCOUNT! I switch to Suntrust! STAY AWAY FROM FIFTH THIRD!
I hate to yell you that almost every major back pays items highest to lowest. I have not found a large bank that does not do it this way. Its pretty easy to avoid these fees, balance your checkbook. I live paycheck to paycheck as well and have never overdrawn my account. If you make a one time math error, i am sure the bank will work with you on the fees, but they will probably only do that once. Besides, it is disclosed to you when you open your account how the overdraft policy works.
I spoke to a service representative at Fifth Third, and it is in our documentation to process debits to our account from the largest to the smallest. So even if you use your account the day before and are not overdrawn. They can wait to process the transactions until the next day when you make another transaction that does overdraw your account. This allows the bank to claim you were overdrawn more than one time and charge you three times the fee. The bad thing is, I made a deposit the day before and wasn't overdrawn. But, the next day when I wrote a check and knew I had a deposit in my account, they still processed the larger amount first because according to their rules they only make $100 dollars of your deposit available. Apparently the banks are resorting to fraudulent practices to cover their bad debts and this only means the consumer is going to suffer as usual!
Can someone explain what the purpose is on typing out terribly long, complex and unique-to-your-situation complaints on a website that ISN"T 5/3 customer service page?
Yeah, you made a mistake choosing a bank that OBVIOUSLY is a bit behind in the times when it comes to technology (they were using the old teller-stamp, carboned deposit slips until, like, a year ago!). Evryone makes mistakes.
Take your money out and go to a new bank. It's really quite simple. Don't worry about the checks you still have. This is 2008. Who really NEEDS checks anyway. Leave. Go to a better bank. Save your time, energy and stress for something that actually matters.
Fifth Third is a total rip off. They have a system purposely designed to favor them in any issues and have absolutely no regard for their customers. I have already been lied to and hung up on by their staff. Does anyone no how to report them to a government agency. I would love to place a complaint.
If your Bank is bought out by Fifth Third leave as soon as possible.
I've had the same issues with them. Their overdraft practices are unfair, unethical and should frankly be UNLAWFUL.
As a consumer, I try hard not to overdraft and to keep my books properly balanced. However, as MOST of us who are living paycheck to paycheck, I do occasionally. When I overdraft one item, whether it be for .01 0r 1000.00, I understand the ONE overdraft charge. I am willing to pay for my mistakes when I make them. What I am NOT willing to do, however, is pay for overdrafts on EVERY OTHER TRANSACTION I've made with them in the past three days. 5/3 uses a very clever, very UNETHICAL 'stacking method' when they post account transactions. Here is an example... Say you have $100 in your account on a given day, with nothing pending. Here are a list of transactions created that day, in the chronological order in which they were authorized:
*$5.00 for coffee at 7am
*$75.00 for electric bill at 11am
*3.00 for fast food at noon
*9.00 for drug store at 3pm
*6.00 for medicine at 7pm
*11.00 for movie rental at 8pm
total = 109.00. OOPS! You overdrafted by $9.00, and that is YOUR error, because you forgot to write something down. No problem, you'll pay the $33 fee. You'll get one overdraft fee, right? For that movie rental? WRONG.
Here's how 5/3 POSTS these... which can be days later...
75.00
11.00
9.00
6.00
5.00
3.00
Doesn't matter what time you put those through, and if there was money there to cover them or not. They ALWAYS post things largest to smallest to maximize THEIR profit. In their eyes, you've overdrafted the account at the $6.00 charge- which you didn't have enough to cover, as you were short $1.00. So, even though you only overdrafted ONE item, they will tell you you overdrafted THREE.
It's a sneaky, unethical way to practice business.
Sure, you shouldn't have overdrafted in the first place. But we're human, and it happens. Most of us are honest enough to pay for our mistakes and understand that our one mistake may have led to one fee, and not give the bank any hooplah about paying it. Fifth Third, however, goes far, far beyond this, robbing your bank account one $33.00 fee at a time.
AND THEY WILL GET YOU IF YOU AREN'T CAREFUL. My advice? Run away from this bank as FAST AS YOU POSSIBLY CAN. They are terrible. No other bank that I've ever had practices business that way.
FIFTH THIRD IS A RIP-OFF LIKE NO OTHER.
Same here, I've banked with them several years now and I'm not sure what the other local banks do so I've stayed with them, but I would love to hear about other bakns and if their policies are different or not. Then I could make a decision to change banks or stay with this one.
Have you ever noticed that it makes no difference the economy new banks a springing up everwhere. I bet over drafts on unsuspecting customers alone are funding most of these endevers. It would be interesting to know the funds from this practice alone verses interest collected. It'a a high price to pay for sure for a bank account. They got me several times on the credit/ debit card deal. It took me a while to figure out what was happening. They are criminals in my mind. How can the banking industry allow such rip offs?
With any card - debit or credit - funds should be available for any and all purchases made.
Whether you made a $2 purchase before your $300 purchase is irrelevant. Did you have $302 in your account before you used the card? Plus, the bank uses BUSINESS DAYS, not calendar days. The Federal Reserve is closed on weekends, therefore anything from Friday - Monday is posted all together on Monday night. Most larger banks and now many smaller ones process that way.
Overdrafts are handled by a computer system and it doesn't know if you are .02 overdrawn or $200 overdrawn. You are overdrawn. Rarely these days is anything handled by humans - it's too slow and there are billions of transactions. It's 2007 and we are not in Mayberry. Technology is amazing and things are clearing faster everyday. Never play the "float" game with your accounts and you wont get a fee.
Besides, walk into a bank to open an account and tell the banker that you operate your account that way. Bet they don't open it. You are considered a risk to the bank. Does anyone know how much money that banks lose in fraud and overdrafts each year? It effects the entire economy. Complain to the government? Who do I complain to because the government rips me off daily?
Fifth third has royally screwed me today. I used my debit for gas a few times on a trip. I got to destination and had a tire go flat. So, I used my debit thinking big deal, one over draft fee. Thats not how it panned out. They charged me for everything but the tire in over draft fees and it totaled 376 in over draft fees for going 31.00 over. They charged me for fees from debits on a Friday when I had money in there all the way to this morning. The problem is, the tire didn't hit until after everything they're charging me for. I'm going to go into the bank and try and get it sorted out. If not, I'm tired of being stolen from and I'm going to make an example out of the branch that is stealing from me. I seriously have nothing to lose but money. If the government can't take time to hear my voice now, they'll hear it in a few days.
I agree 100% with all of your comments, the same thing has happened to me with this bank, plus more, which I will write about.
Fifth third bank is making me crazy with their phone harassment. I have an account in Chicago and I received a call from this bank asking me to keep at least 100 dollars in my checking account even though they promote that their checking account are free. Also, they are constantly calling me.
The same thing is happening to us.They will overdraft you for stuff in pending before it gets posted to your account. If they are going to do that at least take them in the order you used the card.I had all the little stuff covered then used it over as little as to say $10.00 knowing I have a direct deposit going in the next morning. Instead they will pay the large amount first leaving LITTLE for the things you no are covered.I paid for 7 items overdrafted instead of 1 because they do the large one first even though I did the smaller ones FIRST. Did you no if you have a checking account that they take money out weekly to go into a saving account and the money is not in the checking to do that they will charge you over draft fees? that was 4 of my 7 overdraft fees. I have 4 savings account set up for my kid and every week $5.00 goes into those accounts. because they paid the BIGGEST one first then took the $5.00 out that was not in the checking now! got charge $33.00 for all 4 accounts $132.00 total. Its the same bank for petes sake if the money wasn't in the checking to go to saving than don't do it, then charge me for it!