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Fifth Third Bank (5 / 3 Bank) / ineptitude and rudeness

1 Cincinnati, OH, United States Review updated:
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I have a mortgage with Fifth Third Bank (5/3 Bank). I wanted to pay the principal down to the point where I could get rid of the PMI (personal mortgage insurance). I inquired with 5/3 as to how much I would need to pay (ie: at what amount of remaining principal) to make that happen. They told me it would be 80% of the amount I borrowed …then, on a second call to verify that, No, wait a minute, it’s 80% of the purchase price …so, on a third call verify, No, it’s 80% of the assessed value of the home. On a fourth call, I was assured that the last one was correct, 80% of the assessed value. Just to be sure, I verified that last number a third time; yes, that was correct.
I made an electronic draft from my usual checking/savings bank (thank God, 5/3 only manages my mortgage, not my money!) to 5/3 for the amount they had verified three times. First, they lost my money for several days. Then they found it and when I called to request a removal of PMI (as I had been instructed to do after the payment cleared), they said it needed to be in writing. OK, I wrote a letter requesting the PMI to be removed …and then it was denied. Seems I’d need to pay twice as much as I paid because, No, it’s not 80% of the assessed value after all …it’s 80% of the purchase price. (or is it? They don’t seem to be too sure about anything) So, now I’ve spent the money I could have used for other projects if I’d known that it wouldn’t achieve what I was trying to do …and I’d have to drain my savings and have no spare money for anything else in order to complete the pay-down.
When I complained to 5/3 about this, they essentially blew me off. One underling passed me to the next underling, all claiming “this is standard policy”; several inferred that it was my own fault. When I asked to speak to someone higher up, I got a low-level manager (the supervisor of the underlings who answer the phone) who claimed he was the highest person in the 5/3 corporation for dealing with these kind of complaints. He essentially inferred that, yes, it was my own fault …and when I pressed him about customer dissatisfaction he hung up on me.
I don’t know which issue Kevin Kabat (5/3 CEO) and his associates should be concerned about: the fact that their underlings are so inept and rude …or the fact that they claim to customers that they are the highest people in the 5/3 corporate ladder. BEWARE: do not let Fifth Third Bank manage your money or your mortgage. Wake up Fifth Third, the world is angry about people who do business like you.

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Comments

  • An
      24th of Mar, 2010
    0 Votes

    omg, i am almost in the same boat is you. I am trying to figure if it is the assesed value, closing value, or purchase price. There giving me several numbers and, now i am doubting even paying on the principal ... thanks for the info.

  • Bo
      3rd of Jun, 2010
    0 Votes

    I am hoping that I have a slightly better outcome, as I wish to get rid of our PMI soon. Banks seem to make [censor] confusing on purpose and give their employees a lot responsibility with no real power to accomplish anything.

  • Vw
      20th of Feb, 2012
    0 Votes

    I tried to get a lower interest rate for my home. 30 year down to 20 years. They re-apprised the house and low balled it to the point that I owed more then I was borrowing. I had it done by 5/3 2 years earlier and it apprised 71, 000 higher. I had it re-apprised by a different bank 3 weeks later and it was only 30, 000 lower. I would stay away from 5/3 banks. They do not look out for there customers...

  • Da
      8th of Dec, 2018
    0 Votes

    I'm noticing some strange behaviors from 5/3 bank. Firstly, the pmi amount shown in my amortization schedules is about half of what they are actually charging me. So not sure where that extra money has been going but we are certainly going to be under the 80% of appraised value next month. So the way it is supposed to work is at 80% of your original appraised value you can request pmi to be removed. At 78% they are required to remove pmi. I'm calling Monday, but based on what I've read in this feed, I'm not looking forward to dealing with these shady characters.

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