Complaint from complaintsboard

November 21, 2010

My aged mother recently discovered a CD that was to have come due two years ago, Oct 2007. I called Fifth Third bank who confirmed the existence of the CD and the fact that they had not sent out a renewal notice in 2007. They offered to pay the face value of the CD, ignoring that they have been collecting interest on that money for two years without paying one cent to my mother. I asked for an interest adjustment to offset her losses. Three months later they finally told me that there is nothing that they are willing to do about this situation except cut a check for the amount on the CD. That’s what I call customer service. I am sorry that our government is bailing out businesses that do not care about their customers.

www.complaintsboard.com/complaints/poor-service-and-questionable-practices-c224560.html

The inside of the Turd is even worse than the outside

May 6, 2010

Is anyone at all surprised that Fifth Third might “forget” to pay its employees?  Given the way they treat their customers’ money and the taxpayers’ money, it’s not much of a stretch, is it?  Check out the allegations made by a complaintsboard poster:

If you think being a customer of Fifth Third bank is treacherous, you should should try working for them.

1) They frequently “forget” to pay you your shift differential. You have to argue to get it, and they will fix it on their own time, a couple months after you point out that it is missing.

2) They sometimes forget to pay you your overtime, and like the shift differential they forget to pay you, it will be adjusted months later.

3) Always get offers of salary increases in writing. You will find out why after you don’t see it on your paycheck for a few months, and after mentioning this for a dozen times or so, the person who told you about the pay increase 3 different times, forgot they told you and will claim the conversation about your pay increase ever happened.

4) An overwhelming majority of the staff in certain departments are females and for some odd reason the handful of men who work there are quickly promoted to management, leaving women with far more accomplished backgrounds behind. If you are a woman at Fifth Third Bank, forget your advanced degrees, previous management experience, and directly related banking experience. They are not relevant at Fifth Third Bank.

5) The HR department doesn’t even respond to many employment inquiries. I have heard of people applying several times to get an entry level job, even with years of related experience. They will reject your application for such tiny things as not holding your last job for more than 1 year. It doesn’t matter how qualified you are or what wonderful talent you’d bring to the office. Sometimes they will contact you months after you originally applied. Amazingly, you’d think such tight application process would improve the quality of people allowed into the doors, but no, this is not the case. I see many employees with bad English and limited logic.

6) They have bonus incentives that are so hard to get, hardly anyone qualifies to get them. Employees make jokes about them. To qualify for them, you must pass a series of somewhat subjective criteria.

Complaintsboard – Fifth Third Bank as an Employer

Complaints from consumeraffairs

April 29, 2010

In their own words:

Shirley of South Point , OH April 28, 2010

Charged 296 in overdraft fees for one purchase because they take the largest debit first. This made the other 7 purchases I made earlier in the day overdrwn too. The card should be declined because there is not enough money to cover it but they approve it any way just to get the overdraft fees. This is stealing from the customer and dishonest banking practice. When I called to correct the situation they just said over and over that the fees would not be reversed because there was no bankning error on their part. I told them that I would pay one overdraft fee because I did overdraw on one purchase but they still would not reverse the fees. They purposefully take the largest debit first, regardless of the order the puchases were made, to charge more overdraft fees to steal our hard earned money.

Roy of 46250, IN April 27, 2010

Been a member since 1970 and have been having mistakes and a total loss of care as a long time customer. Been closing accounts and changing to Chase and Forunm Credit Union because of how they have treated me as a customer. Last straw was I been trying to close a Non Profit account down that had other signers on the account. I had the new Treasurer of that Non-Profit account go in person to close that account down. He called me after and told me how Mr. Johnson had told him I had another account that had not been used since 1998. Mr Johnson then saID he would close that account down with him there and later called to tell him all accounts that had been talked about down. NOT ONCE CALLING ME TO ASK ABOUT THE ACCOUNT THAT HAD NOT BEEN USED SINCE 1998. I contacted authorities and was given Privacy Guard for a year. It has been over a month trying to activate that protection. If that person was going to use my information he would have plenty of time given how 5th 3rd has NOT PROTECTED ME.

david of sarasota, FL April 26, 2010

1) Sent in check to wife’s health savings account. Bank didn’t credit to account. Sent proof to bank of depostit. Bank refused to credit it for 60-90 days until it researched.

2) Bank paid 900 from checking account to alleged creditor via electronic transfer. I did not authorize. Bank said I had authorized but refused to give me proof that I had authorized.

3) Bank set closing on mortgage for date certain in Sarasota. I drove from work in Tampa to Sarasota to close, but bank did not have papers ready. Had to come back the next day. Then bank tried to make the loan fo 50,000 more than needed, which I had not authorized. Later found out bank recorded purchase of home in wrong county.

4) Paid my mortgage timely within grace period every month for years. But when recession hit bank harassed me every month to pay on the first of month. Callede over and over again. Had asked when closed to have payment dat on 15th of month but bank said no need because there was an automatic grace period until 15th every mont, so I could pay on 15th.

5) When car lease ended, bank ruined my credit by reporting lease as settled–paying as agreed, instead of the truth, which was that the lease had ended and had been completely paid.

6) Bank also lowered my credit score by continuing to report a line of credit as open, with zero balance, which I had closed. It should have stopped reporting this line to credit reporting agencies.

mandy of independence, KY April 24, 2010

they have taken so much money from me they always have a differant reason like my deposit was 10 min late or largest item goes threw first even though i paid for gas 5 days ago and had enough money to do so. they have taken over 1300.00 in overdraft fees i have 3 children to feed work for school system live paycheck to paycheck dont have time or money to play there games. i have so much stuff to remember i shouldn’t have to remember 15 different times i have to make my deposit by. this has put me behind on my house payment i have even had to have my water turned off because they charged me 300.00 in overdraft fee so i had to get food insted of water bill.

Jennifer of Franklin, OH April 22, 2010

Overdraft fees, they are not debiting in the order of checks are atm charges as they incure but taking the largest amount out first in order to run up my overdraft charges. What is the sense of keeping a bank book for my checking if the do not deduct in the order i have spent the money makes my bank log or book useless. 90.82 cents overdrawn because they went out of order

Read more:http://www.consumeraffairs.com/finance/fifth_third.html#ixzz0mWLxaab1

Fifth Third Bank, saved from failure by gov’t welfare, buys up other failing banks.

April 19, 2010

Noted welfare queen Fifth Third Bank needed that 3.4 BILLION dollars in free money from US taxpayers sooo badly that it has since been described as a “major acquirer of failed institutions.”

Hey, Fifth Turd, maybe you should think about paying back the American taxpayer before you go on a drunken-sailor spending spree buying up other shitty banks to apparently add to the general shitty-ness of your own bank.  The bailout wasn’t about giving you enough liquidity to buy up your competitors, it was to keep you from failing and keep you lending to your community.  Being run by idiots apparently got in the way of that goal.

Pay back the fucking money, welfare queen, or at a minimum stop acting like a bank that is successful and get your goddamn act together.  You’re an embarrassment, and you’re now just a leech on the hard-working taxpayers of this country.  You should be put down like one of the lame horses that you apparently love to invest in and lavish with sponsorship money.

In the fourth quarter of 2009, the number of banks on the FDIC’s list of problem institutions grew to 702 from 552 in the third quarter. This is the highest since the savings and loan crisis in 1994.

Increasing loan losses on commercial real estate are expected to cause hundreds more bank failures in the next few years. The FDIC anticipates bank failures to cost about $100 billion over the next three years.

The failure of Washington Mutual in 2008 was the largest in U.S. banking history. It was acquired by JPMorgan Chase (JPM: 45.51 -0.04 -0.09%). The other major acquirers of failed institutions since 2008 include Fifth Third Bancorp (FITB: 14.30 +0.10 +0.70%), U.S. Bancorp (USB: 27.56 +0.11 +0.40%), Zions Bancorp (ZION: 25.14 -0.39 -1.53%), SunTrust Banks (STI: 28.83 +0.35 +1.23%), PNC Financial (PNC: 63.71 +0.69 +1.09%), BB&T Corporation (BBT: 33.88 +0.12 +0.36%) and Regions Financial (RF: 8.26 -0.04 -0.48%).

We expect loan losses on the commercial real estate portfolio to remain high for banks that hold large amounts of high-risk loans.

Fifth Third targets the poor for more fee income

April 16, 2010

Hey, they’re poor… so have at ‘em, right Fifth Third? If you’re down on your luck and living paycheck to paycheck, come to Fifth Third and pay 7.50 a month for the privilege of having a restricted bank account!  Surely that’s the answer to all your problems.  If not, they’ll gladly offer you Western Union services… for a price.

Money-Transfer Services

In order to entice some of these customers, Fifth Third bank has introduced a money-transfer program at its branches in the Toledo area, and now offers the service nationwide. Karen Fraker, spokesman for Fifth Third Bank (Northwestern Ohio), said that Western Union’s money-transfer services are popular with workers seeking to send money to family members in foreign countries. Fifth Third has also started promoting their Basic 53 checking account, which allows withdrawals at ATMs, but no debit purchases. However, the monthly fee for this product is $7.50, which may turn away consumers who are already uninterested in a bank account, or are living paycheck to paycheck.

Those with Least Paying the Most

A large percentage of the unbanked population are lower income households, who perhaps do not feel it is worth the effort and potential cost of putting what little savings they have into a bank.  For the millions of Americans literally living paycheck to paycheck, it seems to make more sense to simply cash your check and have cash on hand with which to immediately pay your bills, buy groceries, and make other necessary purchases.  However, many of the alternative solutions, such as payday lenders and check cashers, charge high commission fees and are ultimately more expensive.

Other institutions, such as KeyBank in Cleveland, are also experimenting with programs aimed at the nation’s unbanked population. The bank offers check cashing services, as well as one-on-one banking counseling, with the ultimate goal of bringing these customers in on a checking or savings account.  City governments have also taken the initiative to address the gaps in banking coverage, with programs in San Francisco, Boston and now Memphis increasing awareness and access to banking services.  Even with all this noise, a survey by the FDIC found that fewer than 18 percent of banks are planning on expanding their services into this market.

Judge denies 5/3 breach claim in Zayat case

April 15, 2010

5/3 can’t stay away from the ponies

A New Jersey bankruptcy judge found that Zayat Stables did not breach a cash collateral order by withdrawing four horses from the Keeneland April sale of selected two-year-olds in training on April 5.

Fifth Third Bank claimed Ahmed Zayat violated terms of the agreement by removing four of his nine horses from the sale without the bank’s consent.

Judge Donald H. Steckroth denied Fifth Third’s motion on Wednesday, two days after it was filed.

“It was a big triumph for us, and thank God,” Zayat said.

In his response to the bank’s claim, Zayat said he never committed to selling the horses in the sale.

In a court filing, Zayat said withdrawing the four horses was based on a “prudent business decision and advice from trainers and consignors regarding the horses’ maturation and readiness.”

Zayat contended that the breach claim was retaliation for a countersuit he filed against Fifth Third for what he called a “long-standing pattern of misleading, deception, and predatory lending practices.”

Complaint from consumeraffairs

April 15, 2010

Penny of Highland, OH April 15, 2010

Fifth Third holding on to large amount checks. When the amount is down, then they put in the check. Now it’s overdrafted, and all those charges that go with it. They have been doing this with us for years.

Read more:http://www.consumeraffairs.com/finance/fifth_third.html#ixzz0lAr0sXpi

A sinking tide lifts bankster boats

April 14, 2010

The CEO of Fifth Third Bank, Kevin Kabat, is getting a 56% raise to $5.2 million a year.  Just to recap, the bank hasn’t turned a profit in 6 of the last 7 quarters and took $3.4 BILLION of hard-earned taxpayer money from the government as part of the bailout.  Oh, and unlike other bailout recipients, they don’t appear to have any plan in place to repay that money.

CEOs of bailed-out regional banks get raises

As 2009 came to a close, Fifth Third Bancorp was preparing to report its sixth loss in seven quarters.
The Cincinnati-based regional bank had received USD 3.4 billion of Troubled Asset Relief Program (TARP) funds with no immediate plan to repay. And its Midwestern market was still struggling with a shrunken auto sector and high mortgage foreclosure rates.
Nonetheless, the board of Fifth Third, the nation’s 17th-biggest bank, decided to increase the compensation of Chief Executive Kevin Kabat by 56%, to USD 5.2 million—even though the bank was barred from paying him a bonus because of the bailout rules.

Fifth Third and other small banks give CEOs big raises!

April 14, 2010

Glad to see all the coverage of this

Most of the controversy about excessive CEO pay has been around the big banks–the likes of Goldman Sachs (NYSE: GS) and JPMorgan Chase (NYSE: JPM). It’s fair to say that the big banks have really responded with reasonable pay packages that passed a review in some cases by the pay czar Kenneth Feinberg (Kenneth Feinberg news).

But what about small banks? Reuters notes that some regional bank (regional bank news) CEOs are getting some huge raises, despite still being on the government dole in the form of TARP (TARP news) bailout funds.

The board of Cincinnati-based Fifth Third, which has yet to repay 3.4 billion of TARP funds, decided to raise the compensation of its CEO 56 percent to $5.2 million, though it could not pay a bonus because of bailout rules. The CEO’s salary more than doubled from $900,000 to $2.1 million in 2009; a portion included some stock that cannot yet be cashed out. KeyCorp also boosted the pay of its top dog. So did PNC, which has paid back its TARP funds. To be sure, all of these banks fared much better than in 2008 and 2007, when the CEOs took pay cuts. Shares of these banks have rebounded.

4 major bailed-out banks fattened CEO pay, may have skirted rules

April 14, 2010

Shocking.

From USA Today

Four major regional banks that were rescued with billions in tax dollars fattened their CEOs paychecks, apparently flouting rules barring bonuses, Reuters reports. The banks are Fifth Third, PNC Financial Services Group, KeyCorp and Regions Financial.

Pittsburgh-based PNC is the only one of the four to have repaid money doled out under the U.S. Treasury’s Troubled Asset Relief Program. PNC repaid $7.6 billion in February.

Birmingham, Ala.-based Regions still owes $3.5 billion in TARP funds, Cincinnati-based Fifth Third owes $3.4 billion and Cleveland- based KeyCorp. is hanging on to $2.5 billion. Their share prices have rebounded dramatically during the past year, as have their CEOs’ compensation packages. It appears the banks skirted the rules by not specifically paying executives a “bonus.”


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