Fifth Third Bank
Ripoff Delays Processing of Loan Payments Apparently To Charge Late Fees

I have three auto loans with different companies and have not made any late payments on these accounts. My credit is excellent.

I have a small balance on a Fifth Third auto loan and called to get the pay-off amount. Imagine my surprise when I learned that Fifth Third was posting payments far later than they have been receiving them and piling up late fees on my account. I have never received a notice that such a thing was happening... Hmmm. As a regulatory compliance professional, this sort of practice makes me so angry because clearly they are taking advantage of people. Read on:

One of the customer service people I spoke with said, "I get calls like this quite often. I guess its because the bank takes 10 days to sometimes post payments." That was interesting news. I asked why they didn't post payments as of the date received... He wasn't sure but suggested I start dropping payments off at my local branch. I told him quite frankly that I mailed my payments in such a fashion that a late fee should never be an issue. This is the case with my other loans as well - which are all due within a day or two of each other. We're talking a 10 days cushion beyond the due date before a late fee applies. Clearly, Fifth Third is up to no good if this truly is their practice.

Get this: I could not lodge a formal complaint and request help via phone. I could not do so via email (rejected from their "service" department). A written letter is required. So, I have just written a letter and let them know that as a compliance professional, I was really taken aback - and also advised their office that if late charges weren't credited to the balance and a confirmation returned in 14 days that I would file a formal complaint with the State regulator (with whom I have frequent contact because of my practice). I will then pay off this little installment loan. We are also discussing closing our personal and business accounts... Because this is just that disturbing.

I wanted to post this report to urge readers to check their accounts to ensure this wasn't happening to them. If it is: Complain. If you do not receive help - go to your state regulator. This is clearly a predatory practice. Best wishes!

Company: Fifth Third Bank
Country: USA
State: Ohio
City: Cincinnati
Address: 38 Fountain Square Plaza, Fifth Third Center

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