Fifth Third bank

• SportsAndLady

  

  sleeper;1396747 wrote:Then why not just make them all free and have people chose the fee accounts on their own accord? Why should people have to switch over to a new account to charge fees?

  
  Fifth third had 47 different checking accounts at one point last year..that can't happen. So the solution is to convert those accounts into one of 5 more basic accounts. Nothing is changing, except for the name of the account and how to keep it free.
  
  Our customers are choosing the new accounts on their own, we've been doing this for 8 months, nothing is force converting until now.
  
  Like I said, almost everyone isn't going to switch from a free account to a feed account. Its going from free to feeless as long as they keep x minmum balance or have their mortgage here, etc. What fifth third doesn't want is to continue to have the checking account that has 200 bucks in it that just sits there, unused. That's costing the bank a lot of money (every deposit account costs a bank around $40 a year to house)
• sportchampps

  I have us Bank and Huntington.
  
  US Bank recently did the same thing 5/3 is doing.
  
  Huntington has always been pretty good to me but my local branch still has normal hours and not 9-3 or I would be upset as well.
• sportchampps

  5/3 never should offered 47 different account types that a problem of their own creation.
• gut

  sportchampps;1396823 wrote:5/3 never should offered 47 different account types that a problem of their own creation.

  Like I said earlier, likely a result of attracting new business with special introductory accounts. Obviously they should have been actively purging a few over the years.
  
  I do most of my banking online so don't notice many of these issues. Sometimes when I got caught sleeping and incurred fees I've gotten them waived, other times not (same banks). But they are much more sticklers now with gubmit cracking down on a lot of their chargers.
  
  As for mortgages, I think all the banks pretty much suck right now. They are all understaffed (layoffs post-bubble) and buried under a mountain of regulation.
• SportsAndLady

  

  sportchampps;1396823 wrote:5/3 never should offered 47 different account types that a problem of their own creation.

  We didn't offer 47 different accounts...we have only ever offered a few at a time. We would just have so many grandfathered accounts, that we eventually had 47 different ones out there. We had so many acquisitions and mergers over time.
  
  So someone would come up to me and they'd have a checking account from 1984 when it was Old Kent...I would have to dig up archives of the rules of that checking account (a bit exaggerated, but you get the point haha).
• SportsAndLady

  

  gut;1396856 wrote:As for mortgages, I think all the banks pretty much suck right now. They are all understaffed (layoffs post-bubble) and buried under a mountain of regulation.

  This, for the most part. What many don't realize, is basically all regional-to-national sized banks operate under, for the most part, the same underwriting restrictions and regulations.
  
  Some are able to make exceptions and double exceptions to get a mortgage done under the portfolio of the bancorp. That is where the general difference is with lending--Fifth Third, from what I've seen, is more strict on those.
• LJ

  

  SportsAndLady;1396924 wrote:This, for the most part. What many don't realize, is basically all regional-to-national sized banks operate under, for the most part, the same underwriting restrictions and regulations.
  
  Some are able to make exceptions and double exceptions to get a mortgage done under the portfolio of the bancorp. That is where the general difference is with lending--Fifth Third, from what I've seen, is more strict on those.

  
  Yeah some banks offer portfolio loans to private clients and other qualifying parties. Our current house is under a Doctor portfolio loan with Huntington. They offered 0% down, relaxed DTI, no pmi and market rates.
• Iliketurtles

  

  I cancelled my 5/3 account 9 months ago... but only because I moved and the closest one to me was going to be 70 miles away lol. I had used them for 8 years before that tho and never had one single problem.
• dlazz

  You should never have a problem with a bank. They're a service. Their job is to hold your money and not be a pain in the ass.
  
  If they start nickle and diming you for stuff or providing all-around shitty service, then pack up and take your money elsewhere.
  
  Changing banks isn't incredibly difficult.
• wildcats20

  

  dlazz;1396980 wrote:You should never have a problem with a bank. They're a service. Their job is to hold your money and not be a pain in the ass.
  
  If they start nickle and diming you for stuff or providing all-around shitty service, then pack up and take your money elsewhere.
  
  Changing banks isn't incredibly difficult.

  
  It's not incredibly difficult, but it's a pain in the ass.
• dlazz

  wildcats20;1396985 wrote:It's not incredibly difficult, but it's a pain in the ass.

  Life is a pain in the ass.
  
  My suggestion for people is to stop being pussies.
• SportsAndLady

  

  dlazz;1396980 wrote:You should never have a problem with a bank. They're a service. Their job is to hold your money and not be a pain in the ass.
  
  If they start nickle and diming you for stuff or providing all-around shitty service, then pack up and take your money elsewhere.
  
  Changing banks isn't incredibly difficult.

  
  Very true
• FatHobbit

  

  SportsAndLady;1396738 wrote:but I will say, just like with any bank, if you have a good banker on your account to watch things for you, you wont have any issues.

  I will say when I have had issues the people at the local branch have been very helpful.
  

  SportsAndLady;1396746 wrote:I will say this..it sucks to have to deal with this as a client of the bank, I get it..you don't want to have to deal with your checking account changing..understood.

  I called first and they transferred me twice before telling me there was nothing they could do to help me. I was a little frustrated when I started this thread. When I went to the bank they were very helpful and I'm sure they are getting a lot of unhappy customers right now.
  

  SportsAndLady;1396754 wrote:What fifth third doesn't want is to continue to have the checking account that has 200 bucks in it that just sits there, unused. That's costing the bank a lot of money (every deposit account costs a bank around $40 a year to house)

  I opened my account when I bought a house and had the payment deducted automatically from the account. After I refinanced with a credit union I was only used the account to pay my credit card payment and a car loan that is almost paid off. Your statement here is pretty much what my account had become and I think in the grand scheme of things they will not miss me. I just didn't want to pay a monthly fee.
• SportsAndLady

  

  FatHobbit;1397004 wrote:I will say when I have had issues the people at the local branch have been very helpful.
  
  
  
  I called first and they transferred me twice before telling me there was nothing they could do to help me. I was a little frustrated when I started this thread. When I went to the bank they were very helpful and I'm sure they are getting a lot of unhappy customers right now.
  
  
  
  I opened my account when I bought a house and had the payment deducted automatically from the account. After I refinanced with a credit union I was only used the account to pay my credit card payment and a car loan that is almost paid off. Your statement here is pretty much what my account had become and I think in the grand scheme of things they will not miss me. I just didn't want to pay a monthly fee.

  
  From what I've seen here..calling the customer service number isn't going to get anything productive done for you, other than further frustrating you. They do have very helpful and good people there, its just not guaranteed you'll get them every time
  
  As for your account..I can always find a way that we can be helpful as a bank, and not be your primary bank. However, if someone JUST wants to keep a few hundred in there to pay a credit card bill, and not be willing to listen to how we can help with that (transferring that balance to a fifth third card with 0% interest for a year) and having some of your direct deposit come here or just keep a 1500 balance..there's ways to get it done..again it all comes back to you have to get it done with a good banker, no matter where you bank.
• sleeper

  

  SportsAndLady;1397111 wrote:From what I've seen here..calling the customer service number isn't going to get anything productive done for you, other than further frustrating you. They do have very helpful and good people there, its just not guaranteed you'll get them every time
  
  As for your account..I can always find a way that we can be helpful as a bank, and not be your primary bank. However, if someone JUST wants to keep a few hundred in there to pay a credit card bill, and not be willing to listen to how we can help with that (transferring that balance to a fifth third card with 0% interest for a year) and having some of your direct deposit come here or just keep a 1500 balance..there's ways to get it done..again it all comes back to you have to get it done with a good banker, no matter where you bank.

  Or they could just transfer to a bank that doesn't try to nickel dime uneducated customers.
• SportsAndLady

  

  sleeper;1397174 wrote:Or they could just transfer to a bank that doesn't try to nickel dime uneducated customers.

  
  Who is they and what is 53rd nickel and diming here?
• sleeper

  

  SportsAndLady;1397299 wrote:Who is they and what is 53rd nickel and diming here?

  By "they" I mean customers. 5/3 is going to make money preying on the financially ignorant by switching unsuspecting people into a fee based account and getting a few months worth of fee payments before the customer notices and are switched into a free account. I don't care how much it costs you to run an account with $200/month in it; your competitors are willing to do it for free so why should I stay with your shitty bank? I hope customers massively flee and bankrupt 5/3 and their predatory banking practices.
• SportsAndLady

  

  sleeper;1397311 wrote:By "they" I mean customers. 5/3 is going to make money preying on the financially ignorant by switching unsuspecting people into a fee based account and getting a few months worth of fee payments before the customer notices and are switched into a free account. I don't care how much it costs you to run an account with $200/month in it; your competitors are willing to do it for free so why should I stay with your shitty bank? I hope customers massively flee and bankrupt 5/3 and their predatory banking practices.

  
  Haha okay sleeper
• sleeper

  

  SportsAndLady;1397316 wrote:Haha okay sleeper

  Give me an update on how many of your customers leave the bank in a few months. At least you'll get some money out of them though! :thumbup:
• raiderbuck

  I'm with S&L on this. Having worked for a large bank before, I can easily see how customer can get frustrated when things change. The problem goes both ways...banks do a terrible job (we're getting better) of educating customer on how their account is supposed to operate. On the flipside, people get upset at the audacity of a bank to charge a fee on a checking account. Banks are for-profit businesses. They offer checking accounts as products, not services. They do and will always make money off of you. But...that does not mean that customers should be nickled and dimed...
  
  As bankers, our job is to help customers understand just how exactly their account should work. These are the fees, and these are the ways you can avoid paying fees. If you are paying a fee on your checking account, then I'd bet good money that you're in the wrong product. Simple things like using your debit card, or activating direct deposit can save you $10-$15 a month. Like S&L said...a two minute conversation with a banker can save you from paying a monthly service charge.
  
  

  sleeper;1397322 wrote:Give me an update on how many of your customers leave the bank in a few months. At least you'll get some money out of them though! :thumbup:

  I doubt they'll be a mass exodus from 5/3. Customers will call with questions, and bankers (even telephone bankers) will simply convert their account to a product that best resembles their previous one. It's not that difficult.
  
  Side note...the people who are truly getting nickled and dimed are the folks with those online pre-paid debit cards. Some aren't bad (someone mentioned Schwab?), but others are terrible (Rushcard, HR Block card, etc.,.)
• sleeper

  

  On the flipside, people get upset at the audacity of a bank to charge a fee on a checking account. Banks are for-profit businesses. They offer checking accounts as products, not services.

  Other banks offer free services and find a way to make money. This screams at how much of a trash bank 5/3 that they only can make money by changing an uneducated customer fees on their bank account.
• WebFire

  sleeper;1397771 wrote:Other banks offer free services and find a way to make money. This screams at how much of a trash bank 5/3 that they only can make money by changing an uneducated customer fees on their bank account.

  But to his point, I do see people who complain all the time that banks charge any fees. I think people forget they are for-profit, and expect everything free.
• raiderbuck

  sleeper;1397771 wrote:Other banks offer free services and find a way to make money. This screams at how much of a trash bank 5/3 that they only can make money by changing an uneducated customer fees on their bank account.

  You are assuming that monthly services fees (whether waived or not) are the only way 5/3 can turn a profit. That's simply not true. There's no such thing as a 100% free checking account (unless you have a large sum of money with a bank or something). Overdraft fees, checks, Overdraft Protection, purchases made by "debit" or "credit", etc. If a bank is willing to waive a monthly maintenance charge on a deposit account, chances are they are making that money back elsewhere.
• sleeper

  

  WebFire;1397772 wrote:But to his point, I do see people who complain all the time that banks charge any fees. I think people forget they are for-profit, and expect everything free.

  These people that complain should find another bank. Most banks make plenty of money from loans; they don't need to nickel and dime consumers to make money. The last bank that charged me any fee I dropped them the next day and went to another bank and I'll do the same if my current bank ever tries to pull that shit.
• sleeper

  

  raiderbuck;1397773 wrote:You are assuming that monthly services fees (whether waived or not) are the only way 5/3 can turn a profit. That's simply not true. There's no such thing as a 100% free checking account (unless you have a large sum of money with a bank or something). Overdraft fees, checks, Overdraft Protection, purchases made by "debit" or "credit", etc. If a bank is willing to waive a monthly maintenance charge on a deposit account, chances are they are making that money back elsewhere.

  Really? Try banking with someone other than 5/3 then because I never pay for my free checking. I mostly just use my current bank to funnel money to an online bank.