I am extremely angered that 5/3 has joined other banks in ripping off its consumers. I had switched to 5/3 3 yrs ago because I had left another bank that charged NSF Fees when an account did not actually drop into the negative and in my search for another bank had found 3 others that charged NSF Fees because an account might go negative. It used to be that you got charged NSF Fees when an account actually fell into a negative balance.
Now you get charged NSF Fees if an account MIGHT fall into a negative balance. Online transfer of funds used to be immediate and be posted the next day all the way up to 11:59pm.
Now I am tired of seeing banks who think it is ok to make a profit off its consumers because their account MIGHT overdraw; especially when items on hold may not actually be due to be billed up to a week later.
A customer will need to log in EVERY SINGLE DAY to check and see if a bill that is on auto-pay had put a hold in before it was due, even though they are not going to actually bill the account until the due date. This is especially true of bills that come due on a weekend or a holiday.
There are also times when companies put in a hold of much larger than the actually purchase and again unless a consumer logs in EVERY SINGLE DAY they will not know if a company has done this.
NSF Fees should NEVER be charged unless an account ACTUALLY falls into the negative balance at the end of the day. I would not be surprised to see that 5/3 will lose consumers as a result of the changes to how accounts will be charged overdraft fees; either to a bank that still follows the actual balance system or leave banks all together.
My account with 5/3 never actually fell into the negative balance yet I was charged $198 total in NSF Fees because I had holds pending in my account from companies that had put a hold in up to 4 days before they were actually going to bill the account.
I had also made 2 fairly large deposits transfered online from my emergency account to my main account. These deposits until Feb were immediate and credited the same day up to 11:59pm.in both cases it took 2 days for the deposit to credit. Both accounts are with 5/3 so they know the funds are there. Why now the wait for verification of funds?
I got so fed up I sent the board of directors of 5/3 a copy of my statement and a similiar copy of this letter. I also notified them that I had sent to my state senator a copy also.
I am tired of seeing banks who think it is ok to steal from their customers by charging NSF Fees on accounts that never actually overdraw.
I have now lost $264 to 5/3 for NSF Fees on an account that was never actually overdrawn. Bewarned and if you have a 5/3 account check it EVERY DAY.
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