FIFTH THIRD FINANCIAL CORPORATION
Consumer Complaints
There are over 5922 complaints on file for FIFTH THIRD FINANCIAL CORPORATION. Dated between 2019-12-11 and 2011-12-01.
Complaints Page 30
2019-03-08
Burlingame, CA
Fees or interest
Credit card or prepaid card: General-purpose credit card or charge card
Problem with fees
Complaint: Fifth Third Bank is classifying Balance Transfer Fees as " Purchases '' on their credit cards instead of counting the balance transfer fee as part of the transfer itself. This has resulted in consumers being charged interest rates as high as 29 % on the balance transfer fee when taking advantage of a 0 % APR balance transfer offers ( with a 3 % balance transfer fee ).
Because Fifth Third Bank applies payments to the lowest interest balance first, they make it impossible to avoid this bait and switch on the balance transfer fee interest charge.
I attempted to point out the misclassification of the balance transfer fee as a purchase to Fifth Third Bank on XX/XX/2019 and they replied on XX/XX/XXXX : " Balance transfer fees are processed as purchases and the purchase interest rate is applied for Balance transfer fee. '' No other bank I have ever dealt with classifies Balance Transfer Fees as " Purchases '' and this is obviously a tactic to incorrectly charge interest to the consumer that they should not be paying. A balance transfer fee is not a purchase and should not be charged or classified as such. Furthermore, this classification was NEVER stated in any of the balance transfer correspondence sent by Fifth Third Bank.
Company Response: Closed with explanation
2019-03-07
Harsens Is, MI
Improper use of your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Credit inquiries on your report that you don't recognize
Complaint: I went to the dealership and found a car agreed to finance it through XXXX. Instead of 1 hard inquiry they forwarded my information to two other places and now I have 3 hard inquiries. The inquiries were not agreed too neither did I have prior knowledge of this. The 2 inquiries that are fraud and need to be removed are for XX/XX/2019 Fifth Third Bank XXXX XXXX XXXX XXXX XXXX, OH XXXX XXXX XXXX XXXX XXXX via XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX MI XXXX XXXX I spoke with the finance manager XXXX XXXX at XXXX XXXX and she confirms it was a mistake on their end and is trying to remove it. XXXX has been a nightmare to deal with the reps just hang up when you try to explain the issue never did I receive a call back.
Company Response: Closed with explanation
2019-03-07
Lexington, KY
Managing an account
Checking or savings account: Checking account
Problem using a debit or ATM card
Company Response: Closed with explanation
2019-03-07
OH
Closing an account
Checking or savings account: Checking account
Company closed your account
Complaint: Fifth Third Bank response states that the customer opened your Essential Checking account on XX/XX/XXXX, and you did reach a balance of over {$250.00} by XX/XX/XXXX, which was forty-five ( 45 ) days after the account was opened. However, the requirement of maintaining a minimum daily balance of {$250.00} for forty-five ( 45 ) consecutive days was not met because the account was closed at a zero ( 0 ) balance on XX/XX/XXXX. Therefore, this account was disqualified from receiving the bonus.
This information is incorrect due to the fact that Fifth Third Bank closed the account without refunding + {$390.00}, is still liable for unreturned funds ( as of XX/XX/XXXX ), and balance on XX/XX/XXXX should have been + {$390.00} ( refer to CFPB COMPLAINT XXXX : XXXX & XXXX ).
Company Response: Closed with explanation
2019-03-07
Boynton Beach, FL
Managing an account
Checking or savings account: Checking account
Fee problem
Company Response: Closed with explanation
2019-03-07
OH
Closing an account
Checking or savings account: Checking account
Funds not received from closed account
Complaint: Fifth Third Bank closed customers Checking account and have not returned funds totaling in {$390.00}. After preliminary investigation by Fifth Third Bank, it was determined the funds have been returned to XXXX XXXX XXXX via Automatic Clearing House ( ACH ) transactions instead of XXXX as referenced in CFPB COMPLAINT ID XXXX. Fifth Third Bank did not claim the funds back from XXXX XXXX XXXX. Additionally, Fifth Third Bank and did not return funds to customer.
Company Response: Closed with explanation
2019-03-06
Brownstown, MI
Trouble during payment process
Mortgage: Conventional home mortgage
Company Response: Closed with explanation
2019-03-06
MN
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: Fifth Third Bank purchased my mortgage for a Florida condominium in XXXX of XXXX and started servicing my mortgage that month. In XXXX of XXXX, Fifth Third Bank unilaterally began deducting a monthly escrow amount of {$890.00} from my checking account to cover flood insurance. We already have coverage for flood insurance and have provided proof of this to Fifth Third Bank and over the past several months dating back to XXXX discussed this with multiple customer service representatives at Fifth Third Bank. They have acknowledged receipt of the insurance policy and verbally committed to return seven months of escrow payments that have been arbitrarily and capriciously deducted from my account. Instead of returning such escrow money, they simply continue to deduct it from my account.
I want them to stop wrongfully deducting {$890.00} from my checking account on a monthly basis and return the {$6200.00} with interest.
Company Response: Closed with non-monetary relief
2019-03-06
Foster, OH
Managing an account
Checking or savings account: Checking account
Banking errors
Company Response: Closed with explanation
2019-03-05
Dekalb, IL
Managing an account
Checking or savings account: Checking account
Deposits and withdrawals
Company Response: Closed with explanation
2019-03-05
NY
Improper use of your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Credit inquiries on your report that you don't recognize
Complaint: Hard Inquiry on my credit report for something I did not get approved for is stopping me from getting an apartment and other financial needs. This has destroyed my credit history.
Company Response: Closed with explanation
2019-03-05
Bremen, GA
Problem when making payments
Credit card or prepaid card: General-purpose credit card or charge card
Problem during payment process
Complaint: As of XX/XX/2019, 5/3rd bank has eliminated my access to online access and thus my access to paying my bills. There is no way for me to easily contact the company as they refuse to provide any type of online contact ( phone calls are difficult for me for medical reasons ). I believe this is a concerted effort to make it impossible for me to log on so the company can charge me late fees.
Company Response: Closed with explanation
2019-03-05
Charlotte, NC
Managing an account
Checking or savings account: Checking account
Deposits and withdrawals
Complaint: XX/XX/2019 I made 2 check deposits through the mobile app for fifth third bank. The 1st check was immediately available, in the amount of {$180.00}. The second check, in the amount of {$850.00} was placed on hold for 7 business days and no funds are available. Even after 1 business day, the first {$200.00} is not available. From my understanding about federal law, deposits under {$5000.00} are required to have {$200.00} available the next business day. I have contacted several people by phone, and even visited my local branch with no resolution.
Company Response: Closed with explanation
2019-03-04
Indianapolis, IN
Closing an account
Checking or savings account: Checking account
Fees charged for closing account
Company Response: Closed with monetary relief
2019-03-04
Columbus, OH
Managing an account
Checking or savings account: Checking account
Banking errors
Company Response: Closed with monetary relief
2019-03-04
San Diego, CA
Managing an account
Checking or savings account: Savings account
Funds not handled or disbursed as instructed
Company Response: Closed with monetary relief
2019-03-04
Hudson, NC
Problem caused by your funds being low
Checking or savings account: Checking account
Overdrafts and overdraft fees
Company Response: Closed with explanation
2019-03-04
WI
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: Our house insurance company has canceled our insurance policy due to nonpayment from our mortgage bank servicer. The renewal premium was due on XX/XX/2018. We submitted the renewal bill on XX/XX/2018, XX/XX/2018 and XX/XX/2018. We spoke with multiple people with both the bank and the escrow servicer multiple times as did our insurance agent. All criteria was met. Details are many and laid out on a spreadsheet to be uploaded with this complaint. This also occurred the previous year and now our insurance company won't do further business with us, we have to obtain a new insurance company, pay direct and more because of being canceled. Please see the spreadsheet and exhibits of proof for further detail.
Company Response: Closed with monetary relief
2019-03-04
Closing your account
Credit card or prepaid card: General-purpose credit card or charge card
Company closed your account
Company Response: Closed with explanation
2019-03-04
Trouble during payment process
Mortgage: Other type of mortgage
Company Response: Closed with explanation
2019-03-03
Hillsdale, NJ
Problem when making payments
Credit card or prepaid card: General-purpose credit card or charge card
You never received your bill or did not know a payment was due
Complaint: Hello, I hope everything is well with you.
The first week of XX/XX/XXXX, I had gotten in touch with Fifth Third Bank, I updated with them my bank accounts to make payments and had set up the Automatic Payment option.
After hanging up the call I never worried about the account again, assuming everything was in order.
This XX/XX/XXXX I checked my credit scores and came to find out that I had 3 missed payments! I couldn't believe it, I thought everything was alright.
I had never received an email, text message or even a statement in the mail letting me know that this account was defaulting.
Company Response: Closed with explanation
2019-03-01
Bremen, GA
Trouble during payment process
Mortgage: Conventional home mortgage
Complaint: I bought my home in XXXX of XXXX utilizing Fifth Third Bank as my lender with a conventional loan. The home appraised for {$260000.00} and I purchased it for {$240000.00} but still had to have PMI because I put less than 20 % down. I have invested approximately {$75000.00} in the property since buying it and property values have steadily rose over the last three years. My PMI disclosure signed at closing by all parties is very clear about the PMI removal process. The PMI will automatically drop on XX/XX/XXXX. To remove it earlier than that date I will need to pay the loan down or, after 24 months and a good payment record, I can request the PMI to be removed on " the date the principal balance actually reaches 80 % of the original value of the property ''. The bank agrees the only way of showing/verifying the value is by requesting a new appraisal. The banks policy is you request the appraisal through them and pay for it but the bank arranges the actual appraisal company who handles it. The letter however, states getting a new appraisal is not a guarantee that the PMI will be dropped and now states the value is at 75 %. On XX/XX/XXXX I phoned Fifth Third Bank to question two issues I had with the letter : 1. I wanted clarification on why, if i have shown through the appraisal and upgrades that the value was in my home, would the PMI not automatically drop per Federal Law?
2. Why are they saying my value of the property now needs to be 75 % when our contract clearly states 80 %.
I was advised that if I order a new appraisal then the value will be at 75 % if the new value of the home is used. I was advised that XXXX XXXX is an investor on my loan and they set the rules covering PMI even though its not a FHA loan. They went on to say that if my loan was sold and XXXX XXXX became and investor after closing that they could still implement rules. I challenged them on this and was met with confusing answers and could not site where they were getting their information from. I advised them we signed a contract and no matter how many times my loan was sold or what investors came on at what point, no one could change the terms of the loan and in my loan papers it is very clear what is needed to remove the PMI. I asked them if they even had my contract in front of them at which time they advised they did not. SO, I asked them if they are not looking at my contract and viewing the PMI disclosure page how can they even be intelligently talking to me about the rules governing my loan. I was placed on hold, they obtained my contract and at this point the person I was speaking to advised she was not sure why the letter I received said 75 %. During this time I also pointed out that apparently XXXX XXXX was an investor on my loan from its inception and if the investor dictates the terms of PMI, wouldn't it stand to reason that this WAS their terms. She believed at this point it was a mistake and put an order for the specific department to contact me within three days.
On XX/XX/XXXX I received a call from Fifth Third Bank from the PMI specialist department. This person literally tried to tell me the same information as I just listed above. I asked if they had my papers in front of them, which they did not. I asked them to direct me to the legal authority they siting that dictated the information he was providing me and he literally said " we don't have those papers here ''. He advised me that when the homeowner asked for a new appraisal the value needed automatically goes to 75 % of the new home value. I stated by that logic, if I DID NOT ask for a new appraisal and requested the PMI to be dropped based on upgrades I completed in the home, I asked how would the bank determine my value was at 80 %. He did not have an answer and agreed the only way would be to obtain a new appraisal. So I clarified the only way to obtain a usable new home value number is through an appraisal but he is telling me that when I ask for a new appraisal my value then goes from 80 % to 75 %. After going over this a few more times I asked to speak to a manager and was advised none were available. I was told he did not know when one would be available. I obtained his name and operator number and reminded him that the call was being recorded ( by them ) and then he gave me the name of the manager and put me through to his voicemail. I left a detailed message.
Later the same day ( XX/XX/XXXX ) I received a call from XXXX who advised she was the manager. XXXX proceeded to literally tell me the same exact information as above. She did not have my contract in front of her nor the papers or documents or authority that she was utilizing to advised the information she was telling me. XXXX, literally told me when my loan is sold and if there is an investor the terms covering my PMI can be changed. I advised her the letters I receive stating my loan was sold state the exact opposite of what she just told me. I stated those letter simply advise you who owns the loan and that Fifth Third Bank would still be servicing them and that the TERMS HAVE NOT AND CAN NOT BE CHANGED. All of this lead back to me advising XXXX the contract we signed ( Bank and myself ) is binding and can not be changed by anyone and that my contract states 80 % with no exceptions for ordering a new appraisal. At this point XXXX stated I signed a disclosure or waiver in my contract stating it could change. I advised him I did not sign anything remotely like that and have read my contract thoroughly multiple times. I further stated i did not believe it would be legal to have a document like that in closing papers unless it specifically addressed the terms of my PMI and I assured him I never would have signed a document like that and would have found another lender. I advised him I am sure because I made an informed decision about obtaining the PMI because I was either going to put approximately XXXX into upgrading the home or put it as part of my down payment to eliminate the PMI and lower my monthly mortgage cost. I thoroughly went over the rules governing PMI with my Fifth Third Bank loan officer and had a full understanding of how long it would take and what criteria would need to be met to remove the PMI.
At this point XXXX asked me to be placed on hold so he could locate the disclosure he was referring to. I was on hold for approximately 15 minutes and he came back on the line and stated he was having a hard time locating it and asked if he could call me back. XXXX, never called back.
I know its lengthy but I had to really break down the experience I am having with my attempts to remove my PMI. I have spared you the last year of craziness from when i initially started this process. The first letter I ever received was a denial to get a new appraisal because I have not reached 24 months on the loan yet but that letter stated when i did it would be at 80 %. The next request was made at the 25 month mark and it was then i was told i had to wait 5 years and it was 75 %. Long and extensive conversations with managers over that time went much like the ones described above with no one explaining where they are getting their information from and why they are not following our contract.
Lastly, I have spoken to my loan officer ( who works for Fifth Third Bank ) and the attorney who closed on my loan ( who represented Fifth Third Bank ) and they have both stated that Fifth Third Bank is wrong and there is no other document in my loan papers that addresses what XXXX was stating.
P.S. the difference between 75 % and 80 % is approximately {$20000.00} FL
Company Response: Closed with explanation
2019-03-01
Wonder Lake, IL
Managing an account
Checking or savings account: Savings account
Banking errors
Complaint: On Thursday, XX/XX/XXXX I entered 5th/3rd Bank, at XXXX XXXX XXXX, XXXX Florida, with the purpose of depositing {$1000.00} in cash ( ten {$100.00} bills ). I walked up to the teller ( I believe her name is XXXX ). I handed the teller the {$1000.00} along with a slip that I believed was a deposit slip, and I told her that I wanted to deposit the cash amount of {$1000.00}. The teller informed me that the slip I handed her was a withdrawal slip and she would fill out the appropriate slip for me, which she did and I signed the slip. The teller did not give me a deposit receipt. We chatted a bit ; I told her that my wife and I were leaving for XXXX the next day and I wanted to deposit the money because I did not want to carry that much cash while travelling, after which I left the bank.
The day after we got to XXXX, I went to the 5th/3rd bank at XXXX XXXX XXXX, XXXX XXXX, IL, near my home in XXXX. When I arrived at the bank I proceeded to the teller window and asked to withdraw the {$1000.00}. At that point I was told that there was no record of a deposit for {$1000.00} made at the XXXX branch on XX/XX/XXXX. I immediately called the XXXX branch, when I got home, and was told several conflicting stories about what happened to the cash, from the teller and other employees.
This ensued for over a period of nine weeks and several frustrating phone calls. The employees have basically told me that I am crazy, I was never in the bank, and that I never made the deposit. I asked to view the security camera footage which will prove that I was in the bank and my request has been constantly denied. The bank manager, XXXX, told me that the security footage will not be clear and will not prove that I was in the bank.
I find this hard to believe that the footage will not be clear as banks have cameras to record all activity.
My wife and I returned to XXXX, FL on XX/XX/XXXX and after visiting the bank again, the result is that I am still out the {$1000.00} that I deposited on XX/XX/XXXX.
Again, I asked to view the security camera footage which will prove that I was in the bank and my request was denied again. We were left with no choice, so we filed a police report, we also filed for a subpoena for the security tapes and, to date, we have not had any resolution to this matter.
I went to another branch, located on XXXX XXXX, in XXXX, FL to see if I could speak to someone else regarding this issue ; as I did not receive any resolution at the XXXX XXXX XXXX. branch. At the XXXX XXXX branch, I met with Mr. XXXX XXXX and he expressed concern and wanted to assist us in resolving this issue. Mr. XXXX told me to contact the District Manager, XXXX XXXX. I contact Ms. XXXX and Ms. XXXX contact me back, vial letter, and stated that she reviewed the security tapes and that I was not in the bank. Help me understand, how does Ms. XXXX know what I look like? Ms. XXXX and I have never met.
This situation has caused a lot of anguish for my wife and me. We are retirees and that money is our social security payment. We have been banking with 5th/3rd Bank since it opened and this is the first time anything like this has happened. It is my sincere hope that the {$1000.00} will be returned to me.
Company Response: Closed with explanation
2019-02-28
Briggs, OH
Fees or interest
Credit card or prepaid card: General-purpose credit card or charge card
Charged too much interest
Company Response: Closed with explanation
2019-02-28
Barbourmeade, KY
Managing an account
Checking or savings account: Checking account
Funds not handled or disbursed as instructed
Company Response: Closed with monetary relief