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".
They do anything possible to rip you off. The last straw, charging me 11 bucks a month for a checking account that I don't even write checks on, GOODBY 5/3. I have been a member since 1972, well after they bought out my bank.
Now it's WPCU credit union all the way. I just wish they had as many ATMs as 5/3, but that is the only thing I miss.
They hit you with monthly late fees and late charges (yes, two different kind) by holding your payments for 10-15 days and then processing them. The result: late fees that add about 35% to your actual payment.
Call to resolve the situation? The idiots on the other end of the phone respond by saying that it can take up to 10 business days to process payments. Really? I can send a check across the country and have it debited from my account in four business days. I have since refinanced my loan at a local credit union. And I have filed a complaint with the federal reserve bank comsumer complaint dept.
5/3 bank is the lowest with the lowest grade of employees.