My husband and I obtained a loan with Fifth Third Bank when we purchased a vehicle at dealership in our area. It was a split decision and we didn't get pre-approval from our credit union. Boy, were we sorry!
On June 30, I mailed our first payment using the coupon book and the address label provided within that coupon book. The payment was due on July 4, so I figured that I had mailed it in plenty of time.
On July 19, while balancing my checkbook, I realized that the check that I wrote to Fifth Third Bank had not been presented to my credit union for payment. I immediately phoned the toll free number in the back of the coupon book to ask if my check had been received.
The customer service representative was not nice and did inform me that our payment was twenty days late and suggested I provide him with my checking account information, so that he could process a payment over the phone. I thanked the cs rep, but told him that I would first like to check with my credit union to talk to them about that and to put a stop payment on the check I had mailed as I would not want to make a double payment.
The cs rep didn't seem to like that answer, and reiterated that my payment was 20 days late and that I needed to make a payment and that a check-by-phone is the fastest way to make sure this is taken care of. I told the cs rep I would call back once I had spoken with my credit union.
When I phoned my credit union, I was cautioned against giving the bank account information over the phone because one of the tellers there had had the same experience and when she gave Fifth Third Bank her account information, Fifth Third Bank (though they claimed it would be a one-time transaction) took money (without her permission) from her account each month.
I asked to meet with a loan officer that afternoon because I was very wary of the pressure I was feeling to give my checking account information over the phone. I thought it might be best to try to refinance our loan with my credit union. We were approved that same afternoon.
When I phoned Fifth Third Bank to request a pay-off, I informed the person I spoke with that we had been approved to refinance and that our credit union would be fed-exing a check to Fifth Third Bank so that Fifth Third Bank would not have to wait longer than the time that had already passed to have a payment on our loan. At the time of completing our new loan at my credit union, I put a stop payment on the check I had mailed in June and I am very glad I did.
Our credit union fed-exed the pay-off check to Fifth Third (our pay-off included a hefty late-payment fee by the way) the next day. That same day, Fifth Third Bank attempted to collect payment on the check that I had mailed in June. The same check they claimed had not arrived.
I am so glad we found out when we did that Fifth Third Bank is running a scam. I think that the scam they were trying to run on us is this: by holding our first payment, they would be able to #1. Collect a late fee; #2. Obtain our checking account information so that they could do automatic withdraws from our checking account any time they feel like it and #3. Raise our interest rate since we would then be considered "late-payers".
I am telling everyone I meet - Don't ever, ever use Fifth Third Bank!
0 comments