Fifth Third Bank / 53.com review: Ignored my fraud call and misled me on CD penalty
EXAMPLE ONE
Having good reason to suspect debit card fraud, I wanted to cancel the card. I called Fifth Third's published fraud line repeatedly. Each time an automated voice told me to hold for "the next available customer service representative." No human ever came online. My account was exposed to theft of funds, and I had no way to prevent it.
EXAMPLE TWO
I bought a $10,000 CD after being assured by a 5/3 customer service rep that the penalties for early withdrawal were "a small percentage of interest earned to date." Eight months later, I went to the bank to discuss withdrawal, and was told exactly the same thing by a different customer service rep. So, I decided to go forward with the withdrawal. The rep brought out a document showing the interest accrued to date, and the early withdrawal penalty: the penalty was $170, and I got to keep about $70 of interest accrued over 8 months. I raised some objection to it, so the rep got a manager, who sent a message to a higher level to reverse this penalty because the banks reps had misrepresented the penalty. Meanwhile, I did not immediately cash the CD. Approximately four months later, I had received no response, but by then the CD had matured, so I cashed it in. According to the agreement when the CD was sold to me, the interest to be paid was 3.5%, which would be $350 for holding the CD to term. Fifth Third paid me $325. By this point, I was so disgusted with Fifth Third that I just accepted it, but I closed all but one of my accounts.
Recommendation: Avoid this bank!!! It is negligent, incompetent and dishonest.
EXAMPLE THREE
To do anything other than deposit or withdraw funds, it is necessary to talk to a customer service representative. Frequently, the rep is obviously a new hire and knows next to nothing, which is a major inconvenience.
0 comments