The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
Fifth Third Bank (5 / 3 Bank)ineptitude and rudeness

S Review updated:

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.

Responses

  • Jb
    jbaity3 Dec 08, 2020

    Had I known what a nightmare dealing with 5/3 would be, I would have never accepted their offer to finance my auto. They provide no email statements, no email payment-due notifications, no email payment-made confirmations and their website is as hard to sign in to as any I have seen since the days of 56k modems! In short, they have the worst online experience I could possible imagine among all banking institutions in the US. I have tried to ask for help via their telephone customer support and have never heard "no" or "sorry, we can't do that" more often than with this company. Funny thing is, I signed up for online payment system thinking I would receive the standard online banking experience. I wish now I had opted for snail mail! To one and all - steer clear of 5/3!!

    0 Votes
  • Jm
    jmm112 Oct 17, 2020

    I am guessing because of all of this I am going through a slightly more refined and convoluted system. It seems that have sharpened the requirements now; the LTV ration has to be 80% of the appraised value or contract sales price, whichever is less. I was off by .49%, 80.49%, so I made the necessary principal payment and now the LTV ratio is roughly 79%. But in the original cancellation request sent they informed that they couldn't use the original appraisal value or the purchase price alone, I would have to get a new appraisal or BPO (broker price opinion) and even then the request could still be declined. Best of luck to the rest that try.

    0 Votes
  • Da
    dahom Dec 08, 2018
    This comment was posted by
    a verified customer
    Verified customer

    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.

    0 Votes
  • Vw
    vw ohio Feb 20, 2012
    This comment was posted by
    a verified customer
    Verified customer

    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...

    0 Votes
  • Bo
    booboy Jun 03, 2010

    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.

    0 Votes
  • An
    annrodriguez Mar 24, 2010

    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.

    0 Votes

Post your comment

    By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions

    IN THE NEWS

    Unhappy consumers gather online at Complaintsboard.com and have already logged thousands of complaints.
    If you see dozens of complaints about a certain company on ComplaintsBoard, walk away.
    One of the largest consumer sites online. Posting here your concerns means good exposure for your issues.
    A consumer site aimed at exposing unethical companies and business practices.
    ComplaintsBoard is a good source for product and company gripes from especially dissatisfied people.
    You'll definitely get some directions on how customer service can best solve your problem.
    Do a little research on the seller. Visit consumer complaint websites like ComplaintsBoard.