I am writing, as someone else has already written, about 5/3rd bank rearranging ledgers in order to charge their customers more fees. No, this may not be against the law, but it really should be. Transactions should be taken out in the order that they are made. It's pretty simple. I really don't see how anyone could be mathematically challenged because they think that. Also, I started my account seven years ago, and I carefully read all of the information given to me. There was nothing in there about the fact that they will take out the largest amount first if you are overdrawn, leaving you to pay the $30 fee for each smaller amount that had gone through the day before.
Here is my story:
On Tuesday, I went to Wal-Mart and bought my daughter a pair of tights. On Wednesday, I went to the mall. I bought something to eat, and a coffee. This is a $4 charge, a $5 charge, and a $12 charge. I checked my online banking (which according to 5/3, is not the real balance in your account btw), on Thursday morning and all of this had gone through.
On Friday, I go to the bank to deposit my check and they tell me I am overdrawn. They show me what did it, and apparently, my insurance had come out early. Now to all of you 5/3rd employees out there, I don't mind paying the fee for this transaction. I have no problem admitting when I am at fault. What I have a problem with is the fact that even though those other transactions mentioned above had already gone through Thursday morning, the larger amount of the insurance, which apparently somehow went through Thursday afternoon, was taken out FIRST, leaving me overdrawn for all of the smaller amounts as well.
They had backtracked and charged me a $30 fee for each of those transactions. Obviously, this method of going back on transactions is their way of making money off of those of us who live paycheck to paycheck and can't afford to get a loan to pay them interest on. We ended up paying $100 in fees. The manager said he would take off half of the fees as a courtesy, but that has yet to be done. This may be legal, but it is obviously wrong. Anyone who tries to deny that is lying. I really do think customers should file a class action law suit to stop this kind of fraud. I have to say fraud because that is what it is. I don't remember reading ANYWHERE that the largest amount would always come out first no matter how many days apart the transactions were.
How do they have the right to rearrange the order of these transactions and mess with the dates in order to charge me more money? Shouldn't they be required to take out money in the order it was spent? Wouldn't that be operating in a sound, sane, and fair manner? I had no way of knowing my insurance would come out early, but I would have paid THAT fee. Because of this, I can't pay some of my bills. I don't have anyone to borrow money from. As I said above, I have been a responsible customer there for seven years. Out of that entire time, my account has only been overdrawn a few times and I paid my fees and moved on. I am very careful with my money and I am not a whiner who complains at the drop of a hat. This is just ridiculous.
Please, if any legislator or lawyer or news person who cares about seeing people able to get ahead is out there, help! This should not be allowed to happen to honest people who are working hard and trying to get by. I don't want anything except to see this stop. It's just cold hard greed at it's worst. If any employee of 5/3 decides to write a rebuttal, please include a link to a place where customers are informed of this policy. I would love to see it. Thanks.
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