I have been a customer of Fifth Thrid Bank for over ten yeras. I have my mortgage with them, I had a car loan which I paid off early, and I have loan for some land I bought through 5/3.
I had a CITI Bank credit card that they raised my rate to 29% and I was telling my 5/3 banker about this. He suggested that they could help and had a 2.9% rate for balance transfer for the life of the loan.
I jumped at it and on the second month they raised it to 11.9%. I called and was told I was late in making my first payment. I disputed the date they said I paid on, and I even paid it through their online bill pay, but was told it sometimes takes 5-8 days for the payment to go through. WHY I ask?
I just got the April bill and I notice my rate is now 24.9%. I call again and I'm told my payment was not late, but i didn't send in the minimum amount. I'll admit, it was probably and oversight on my part.
But, don't you think a bank that I have done business with for years and never once had a late payment might look at this and wonder what was going on? NO, the supervisor made it clear that they were within their rights to jack up my rates.
It isn't just 5/3 bank, it's all the lenders these days. Ever since banking deregulation the consumers no longer matter. I heard Chase Bank makes over 2 million each month just in late fees. The fat cats just get fatter as our elected officials take one more bite out of the consumer!