Consumer complaint received 2016-01-16
Company: FIFTH THIRD FINANCIAL CORPORATION
State: MI
Product: Bank account or service
Sub-product: Checking account
Issue: Account opening, closing, or management

Complaint:
Allow me to preface this complaint by saying that I am computer literate and had no problems with the former user interface provided by 5/3 for internet banking. I would also like to say that I called 5/3 a number of times and complained about this issue. I was told to use a register. 
Complaint : In regard to checking accounts, 5/3 provides a balance. Simple enough. Too simple. The balance means nothing and is, in fact, a deceptive figure that seems to serve only XXXX purpose. To generate overdraft charges. 
I hope you can follow this explanation. 1 ) Assume you have {$500.00} in your checking account. 2 ) You issue XXXX payments totaling {$400.00}. 3 ) Your balance still says {$500.00}. Very dangerous place to be for the customer. This does not happen when a customer uses a check register, which has been the norm for a hundred years. You deduct all payments issued and trust the balance as accurate of remaining funds. You do not keep writing down {$500.00} for the balance. 
To further complicate this deceptive practice ... 1 ) The summary page lists all amounts to be paid. 2 ) The list disappears or is reduced in number as each payment is issued by 5/3. So now there is nothing that indicates your account balance is anything different than what shows on the page. 3 ) The problem is that the balance in only an illusion because although you see nothing further is to be paid and the balance should be accurate, in fact, the balance does not reflect the payees failure to cash the payment in a reasonable time frame. 4 ) In other words, you start with {$500.00} and write out {$400.00} against your account on the XXXX of the month. 5/3 issues payment on the XXXX. The payee cashes payment on the XXXX. The result is a misleading balance of {$500.00} one month after issuing payments. You have completely lost track and write an extra payment to a credit card because you notice that it is the end of the month and there is still funds in your account. 4 ) For being dutiful and attentive to you debts, you get charged overdraft and fund transfer fees. The bank may tell you that you are lucky and have overdraft protection, but you still get charged. 
In conclusion : Computers are mathematical devices that provide visual results of their calculations and to imagine that both a balance and " available '' balance can not be presented to the customer in order to eliminate this issue is preposterous. There can only be one plausible reason for this practice. Profit for the 5/3 at the customer 's expense. 5/3 does use " available balance '' when it comes to depositing checks into your account, so why not the other way around??? 
I would like to say that my bank is above deceptive practices, but this is far from the truth. If you accept the ATM offer to provide you with a balance on your receipt. It will cost you {$2.00} but nothing on the screen ever mentions you will be charged for the service. Only after you look at your statement and are baffled by XXXX or XXXX {$2.00} charges for the month due you get the truth about 5/3. There are more blatant issues, but I am focused on the one that crucifies the average customer. The checking account balance needs to show BALANCE AFTER AUTHORIZED PAYMENTS.

Company response to consumer: Closed with monetary relief