Consumer complaint received 2023-12-16
Company: FIFTH THIRD FINANCIAL CORPORATION
State: OH
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Overdrafts and overdraft fees

Complaint:
This complaint is regarding Fifth Third Banks overdraft coverage for new accounts opened less than 90 days. When a new account holder signs up for overdraft coverage, which covers every day purchases using your debit card and ATM transactions ; number three in the fine print under the terms and conditions of overdraft coverage states that new accounts open 90 days or less will not be assessed any overdraft fees, however, it is at Fifth Thirds discretion whether they pay the overdraft. To me this means exactly what it sounds like.any new account thats been opened 90 days or less does not have to pay overdraft fees. But Fifth Third may or may not pay the overdraft. Either way, new accounts will not be assessed overdraft fees. Its clearly stated in the terms and conditions that I signed when I opted in to overdraft coverage. So Fifth Third took {$300.00} out of my account to pay back an XXXX account that was linked to a previous account which I closed due to fraud. Everyday I would wake up to alerts and text messages stating that multiple attempts were made to get into my account. I changed my username and password but it still kept happening and trying to protect myself and the bank I decided to close my old account and open a brand new momentum checking account. During this process I was unable to transfer money from the new account to pay the XXXX balance I owed. A personal banker told me that I could have the my advance account switched over to my brand new checking account, but he failed to do his job as promised, and it caused me a very rough time financially. When Fifth Third took almost {$300.00} out of my brand new checking account to pay the XXXX linked to my old account I closed due to fraud, they didnt bother telling me, or even call me as a courtesy, they just put on there day 45 charge off and then took the money out of my account. This caused a domino effect for me financially. And this is when I began to accumulate overdraft fees because I was over drafting my account without even knowing it because I was never informed that that {$300.00} would just be taken out of my account with no notice on XX/XX/XXXX. I never thought this would ever happen. Considering my banker said he was going to have all that taken care of for me. I understand that the bank needs to be paid back the loan, but the fact that they just took the money out of my new account to pay a debt associated with a old account was uncalled for especially around XXXX holiday. I have been told over and over and over that my account is not eligible for any further overdraft fee reversals. But I shouldnt have been charged any overdraft fees to begin with. Looking at this months statement, I put in more money than I took out. Most of the money I put in was used to pay overdraft fees. According to your terms and conditions of overdraft coverage, when I opted in, I should not have been charged any overdraft fee for the first 90 days. Even now I am still within my first 90 days of this new Fifth Third momentum checking account. I was charged a {$110.00} overdraft fee on XX/XX/XXXX, {$37.00} overdraft fee on XX/XX/XXXX, {$37.00} overdraft fee charge on XX/XX/XXXX, {$37.00} overdraft fee on XX/XX/XXXX, {$15.00} checkbook print charge on XX/XX/XXXX ( which I was told was free ), Two overdraft fees were reversed on XX/XX/XXXX in the amount of {$72.00}. But in total, for the statement of XXXX, I paid {$160.00} in overdraft and a check print fee. This is out of control, Ive been with fifth third for years, and never dealt with the fees like this, show some compassion to your loyal customers!

Company response to consumer: Closed with explanation