1. Primary Classification:
Selling Practices
2. Secondary Classification:
Service Issues
3. Problem:
I opened a business account for my small business with Fifth Third Bank at a branch here in Ann Arbor about 4-5 years ago. I was told that it was a fee free checking account. As my business grew, I began to train and employ an assistant to do the invoicing and and other tasks. A couple months ago I paid her with a check on my business bank account at fifth third bank. She had run out of checks at her own bank so I suggested that she take it to fifth third to cash it. When she tried to do that they charged her an eight dollar fee to cash the check because she didn't have an account with them. When I found out about that I called to complain arguing that the check was drawn on their own accounts and that is not what I would call a fee free checking account. They argued that that was their policy. I argued that I've been around for a while and I've never seen a bank not pay on demand a check written on their own accounts. They argued that although it may be a new policy all the other banks in this region charge a fee to cash a check if you don't have an account with them. At that point I said fine I'll shop for a new bank. I did find a new bank one that is fee free, and with out a fee to cash one of their checks if you do not have an account. So after allowing all the outstanding activity to clear I went in to close my account with Fifth Third bank. They informed me there was a fifty dollar fee to close the account. When I said that's not a fee free checking account, they told me it was in the fine print that they gave me. I want to close all my dealings with this mendacious business but at the same time I do not want to pay them 50 dollars to support their practices.
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