MyBankTracker rated Fifth Third Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
The amount of time it takes them to process simple loan payments is ridiculous; it sometimes takes 2-3 WEEKS from the date I mail my payment to the time it is processed and then - uh oh - now I have a late payment fee.
The first couple of times this happened I thought it could be a US mail problem, but this happens every month! I mailed January's payment on December 27th and it has still not been processed and they claim they haven't received it yet!
(I don't have this problem with any other creditor, by the way.)
Customer service recommends that I do direct deposit, but why would I let a bank that can't even process a simple payment on time put their hands into my pocket?
RUN, don't walk away from this bank unless you want to constantly be worried that they "haven't received your payment".
The local branches may be helpful and nice, but if you are not in the local area and have access to a branch, do not use. Their so called online banking is pathetic! If you do not have a bank account with them, you cannot pay online for your other accounts. I have had to call every month to make sure my account is good and I have been told something different every time: -you can pay over the phone, you can pay over the phone via your bank account, you cannot pay over the phone, your payment covered current month and next month, you excess payment does not cover future payments, etc...
Then they report your account overdue when you think you have paid in advance per the rep you spoke with. It is all too much to have to deal with.
What bank or company does not take payment online????
Again, the branch level may be great and helpful, but this is not a bank you want to deal with outside their local area!
I have an auto loan with them. I started making extra payments and was assured by customer service rep. that all extra payments are posted directly to the principle of the loan. After making three extra payments, i checked my account status on-line. They were taking interest out of the extra payments instead of posting it all to the principle. When I phoned them, I was told that's how they apply extra payments unless you call after each payment and tell them to post the whole amount to the principle. They agreed to go back and repost the extra payments w/o the interest charges stating this will have to be done manually; however, when I went back and looked, they did not go back and adjust the interest on the regular monthly payments which should be less after each extra payment. I'm re-financing this loan so I don't have to deal with incompetence any longer. Who wants to do business with a bank who can't accurately calculate interest? I'm sure I'll still be dealing w/this issue for months to come.