We would advise consumers to avoid 5/3 Bank like the Plague! My husband and I were assessed $640 in overdraft fees from 2/24/09 - 3/11/09, which 5/3 removed from our account.
Here's the story: admittedly, we weren't keeping as close an eye on our account balance as we should have, since we were out of town. 5/3 assessed a fee between $25 and $37 each time our account was overdrawn (a few times, the account was overdrawn by $2 and 5/3 assessed a $37 fee each time). When we returned from our trip, my husband deposited several hundred dollars into our account to cover the overdraft. Since the exorbitant overdraft fees from 5/3 were unexpected ($330 in one day), he did not take those into account.
Thus, when 5/3 removed the fees from our account, THEY CAUSED OUR ACCOUNT TO BE OVERDRAWN AGAIN. My husband deposited more money to cover the overdrafts, and 5/3 continued to assess fees which they would remove from our account, CAUSING THE ACCOUNT TO BE PERPETUALLY OVERDRAWN.
Furthermore, we were not notified of the charges for several days, which led to being overdrawn again. My husband considers this LEGALIZED EXTORTION. We have been 5/3 customers since but are closing ALL of our 5/3 accounts and taking our money to Chase Bank instead.
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