Consumer complaint received 2021-09-07
Company: FIFTH THIRD FINANCIAL CORPORATION
State: MI
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On XX/XX/XXXX we ( my husband and myself ) deposited his payroll check into our savings account at 5/3 bank. We have a checking account with them as well and based on the type of account it is we can't deposit checks directly so we were advised to open a savings account to deposit his payroll checks. We were advised the funds would be available the next business days and then we could transfer the money to our checking account. In good faith we did this and opened a savings account. I was then informed his payroll check ( drawn of of XXXX  XXXX XXXX, a local business and not out of state ) would be on hold for 14 days. I spoke with the local branch and customer service multiple times on XX/XX/XXXX and on XX/XX/XXXX. The bank was closed due to XXXX XXXX on XX/XX/XXXX. The payroll check cleared the employer 's account on XX/XX/XXXX. 5/3 told me initially there was insufficient funds in the employer 's account. Then I was told that provided the check cleared sooner the hold would be removed sooner. I reviewed the banking regulations in the deposit section of 5/3 's paperwork and no where does it say it will hold a local check for 14 days. I have asked to speak to someone over customer service and have been denied this. I have asked to cancel the deposit and I will take the check to another bank and was denied this. I asked about the pending bills in my checking account and was told by customer service they aren't sure what will happen. 

On page XXXX of 5/3 's disclosures they Section 6, 6.1 Funds Availability, ( a ) 5/3 indicates the following : ( a ) Personal Accounts. Check deposits made at one of our branches, by ATM, with a Bank employee, or using Mobile Deposit will be made available to you on the first Business Day after the day we receive your deposit. 

XXXX. Determining When Your Deposit is Received.

Deposit was made prior to the 5/3 cut off time of 8pm for mobile deposits via the 5/3 app.

The following section for longer delays does not indicate a 14 day hold. As per 5/3 policy they indicate the following : XXXX. Longer Delays May Apply. In some cases, we will not make all the funds that you deposit by check available to you as described above. If the funds from your deposit will not be available as described above, we will notify you at the time you make your deposit. If your deposit is not made directly to one of our employees, or if we decide to take this action after your deposit is made, we will mail or otherwise provide you the notice by the next Business Day. If you need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, we may delay the availability of funds deposited for a longer period in the following circumstances : We have reason to believe the check deposited will not be paid. 
Checks totaling more than {$5500.00} that are deposited on the same day. 
A check is re-deposited that has been returned unpaid. 
The deposit account has been repeatedly overdrawn in the last six months.

An emergency, such as failure of communications or computer equipment, occurs.

An operational issue has occurred, such as failure of an ATM-owning financial institution to timely balance or reconcile the ATM and/or the ATM deposits.

Under these circumstances, availability of funds will generally be no later than the seventh ( 7th ) Business Day after the day of your deposit. 


Although, the savings account was opened on XX/XX/XXXX we are established customers and have had a checking account with XXXX for over 30 days.The funds availability for new accounts is below. 

XXXX. Funds Availability for New Accounts. An account is considered a new account during the first thirty ( 30 ) calendar days after the account is established. An account is not considered a new account if the Customer has had, within thirty ( 30 ) calendar days before the new account is established, another checking account at the Bank for at least thirty ( 30 ) calendar days. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX To hold a payroll check, which is for {$830.00} that is drawn off of Michigan company, a local check and drawn off of XXXXXXXX XXXX XXXXXXXX is ridiculous. 

As indicated above 5/3 told me on XX/XX/XXXX that the payroll check had insufficient funds. This information is false. The employer showed his business account balance to my husband and proof that the check cleared his business account at XXXX XXXX XXXXXXXX on XX/XX/XXXX. 

I have repeatedly tried to get assistance from 5/3 and continue to hit a brink wall. I reference their own polices and regulations that I have included here and the bankers have no response and continue to say its their system and there is nothing they can do about it. 

I want to know why we are being discriminated against at 5/3.

Company response to consumer: Closed with explanation