Like a lot of people, I pay electronically all my utilities bills, I transfer money between multiple accounts all the time. Everyone processes the transfers without difficulty, for free, including Fifth Thirds checking, and Fifth Thirds credit card.
But Fifth Third mortgage company, does not.
The reason they do not, I imagine, is that they want to generate extra fees, both for EFT, and for the almost inevitable penalties if you do not use thier "service." The mortgage holders are a captive audience, if 5th3rd tried to pull this with thier credit card, or thier checking account, people would just leave. Ah, but the mortgage, hard to leave, so they take advantage. I can imagine how much fees/penalties they make off this doing this to thousands of people. If I could leave them, I would in a heartbeat, but interest rates are not low enough.
All I want to do is simply pay my mortgage as I pay all my other bills, including my 5th Third credit card bill, via timely free EFT. No dice.
In this age of forclosures, the fact that Fifth Third will not process EFT for free in a timely manner seems to be very bad faith. I have asked several of thier representatives why they do not process EFT in a timely fashion. No one was able to give any answer.
I got one. Fifth Third is out to rip you off. Avoid this bank.
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