Fifth Third Bank has promised me they would resolve the issue below but it keeps happening. These are dangerous practices to well intentioned customers. (I have left some details out that caused me tremendous stress to shorten the account);
I made partial payments to fifth third for my truck account and they continue to apply the amounts so that the totals are not equivalent to the $612.30 I owe monthly... For example - last month (Aug. 2008) I paid $800.00 in the form of two $400.00 payments on the same day. They applied $400.00 to interest $400.00 to principal and then claimed I still did not make my full payment due. I called on August 29th to make my monthly payment and the lady in the Phillipines told me I did not owe a payment... Knowing this to be untrue I insisted on making a $400.00 payment.
A few days later I received a call from the bank informing me I was a few days late... I immediately called the bill payment center in the Phillipines to ask what happened to the $400.00 payment I made on the 29th... They apologized and told me they would foward the money to the bank. I called the bank a few days later and they were telling me I owed them a full payment. I asked what happended to the $400.00 payment I made earlier... Chris said he would look into the matter (open an inquiry) and call me in 2 days... Three days later and
I am again receiving calls from Fifth Third's Collections Department stating that I now owe $700.00? I made another call and another Chris got on the phone and promised again that the matter would be looked in to. I am very concerened and have filed a report with the BBB.
There is more to this story but I am warning others about Fifth Third Banks' horrible accounting practices. I feel like I am paying my truck note (even if I pay in 2 partial payments for the month) but Fifth Third continues to apply portions to principal and interest then tells me I still owe??? Btw - When I called Fifth Third they blamed me for the error "it's how you pay on your account" they said "well you just have to save your money up and pay when you get the full amount"...??? Since when is a financial instituition unable to properly account for ALL monies they receive from their customers???
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