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Forums » Off-topic discussion » who has or had fifth/third for a bank? 1 2 3

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  Dec. 27, 2010 8:24 p.m. 4cylndrfury SuperDork

  TRoglodyte wrote:

  michaelat53 -Since you have shown an interest in our interests,welcome to the community. Maybe you can enlighten us about why banks run debits on an account before they run credits ?As far as the transportation thing, stick around, we'll fix that for you. We have a contagious sickness that we love to spread to the uninfected.

  Id also like to say welcome. Since you have made a few posts now, people here (myself included) will begin to take your feedback/input more seriously.
  

  Id also like to know how the debits first thing works. IF I were a tinfoil hatter, Id say you do it because that way, if someone were close to going negative, that might help insure they do so you can collect overdraft fees. Please prove the tinfoil hat people wrong.

  Also, explain the idea of a $30-something dollar OD fee on a $3.29 transaction? Is there a reason you dont charge x% of the transaction? Please do not say its because it will cost too much to do the math behind all those transactions.

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  Dec. 28, 2010 5:07 a.m. HalfTrac, Lord of the FWD deathbox SuperDork

  Michaelat53, just bear in mind that nobody will take you seriously until you buy a Miata, so get on that.

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  Dec. 28, 2010 6:20 a.m. bigbens6 New Reader

  In reply to Rustspecs13: I was going to switch to 5/3 cause they bought my mortgage from the broker, 1 month and i decided USbank was GOD's back... 5/3 delivered 3/5th the service of USB, i would assume they are terrible compared to ANY other bank

• 

  Dec. 28, 2010 7:05 a.m. bigbens6 New Reader

  Datsun1500 wrote:

  HalfTrac, Lord of the FWD deathbox wrote:

  You'd think in this day and age it could be real time, but what makes the most sense and requires the least amount of manipulation would obviously be chronological order. RE-arranging it is another step that costs money.

  Chronological how? Checks, no problem they have numbers (even if people don't cash them in order). What about the electronic charges? They all hit the bank at the same time, what order then? Arranging them in chronological order is the same steps as any other way.

  Most people don't realize how the business end (vendor, not bank) works. Let's say I have a store that takes credit cards. From 9-6 about 30 people come in and charge something. I close the door at 6 and process the charges, all 30 hit the bank at the same time. Imagine you came to my store and the store down the block and bought 2 things. The store down the block closes at 5 and I close at 9. He processes them at 6, I process them at 9. They both hit the bank as that days business. What order should the bank use? If I leave at 9 and process mine the next day, his will hit the bank first even if you shopped at my place before his.
  

  There has to be some system and the banks decided it was highest to lowest. Don't rely on the ATM or online banking to tell you your balance and you will be fine. Your ATM balance could only have the $1 charge from the gas station showing from 2 hours ago, not the $50 tank of gas....

  If my cell phone can time stamp Text messages, the banks can time stamp CC charges and it takes a middle schooler to write code that would auto collate them into the correct order...

  But consider (real happenings) I have 400 dollars in my account... I spend 50 on 10 different 5 dollar purchases, and i have a 375 car payment... i berkeleyed up and i am 25 dollars short... my bad, i pay the car and accept the consequences of a 35 dollar ODC... (thats OVER 100% of what i OD) it is after all my fault for going to wendys 1 too many times...

  The bank on the other hand says lets pay the car first, then hit him with the last 5$ transactions, for a total of 5 over drafts and 175 dollars in fees... if the check cashing companies get in trouble for practices JUST LIKE THESE (flat fees = absurd interest rates) then the banks should too.

  And now, as i understand it, they have a limit to how many ODC's they can charge you for in a day, so i think it is 3 currently, but dont quote me on that.

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  Dec. 28, 2010 7:36 a.m. DILYSI Dave SuperDork

  I've never over-drafted an account, so bear with my ignorance of the subject, but can't you opt out of overdrafts? ie, "Don't let me spend money I don't have."

  I can see the irritation with getting hit with overdraft fees. I can't see it EVER happening more than once. Don't spend money you don't have and it is a non issue. If you suck that bad at knowing your balance (I would) then use credit cards and pay them off every month. Impossible to overdraft a credit card.

• 

  Dec. 28, 2010 7:37 a.m. HalfTrac, Lord of the FWD deathbox SuperDork

  DILYSI Dave wrote:

  I've never over-drafted an account, so bear with my ignorance of the subject, but can't you opt out of overdrafts? ie, "Don't let me spend money I don't have."

  I believe that legally, the banks have to give you that option these days. I know Chase has been going through a big thing relating to that.

• 

  Dec. 28, 2010 8:56 a.m. Ranger50 HalfDork

  HalfTrac, Lord of the FWD deathbox wrote:

  DILYSI Dave wrote:

  I've never over-drafted an account, so bear with my ignorance of the subject, but can't you opt out of overdrafts? ie, "Don't let me spend money I don't have."

  I believe that legally, the banks have to give you that option these days. I know Chase has been going through a big thing relating to that.

  You can also sign up for the bank overdraft "protection" where you have a cash reserve the bank uses to cover the overdraft and give you time to make a deposit.

  But if you can opt out of overdrafts, I ask this question: if you can, how does the bank know where your money ends out of multiple posted transactions?? Clearly, there has to be an order to the transactions to determine where to stop giving your money out.

• 

  Dec. 28, 2010 10:28 a.m. 92CelicaHalfTrac SuperDork

  Ranger50 wrote:

  HalfTrac, Lord of the FWD deathbox wrote:

  DILYSI Dave wrote:

  I've never over-drafted an account, so bear with my ignorance of the subject, but can't you opt out of overdrafts? ie, "Don't let me spend money I don't have."

  I believe that legally, the banks have to give you that option these days. I know Chase has been going through a big thing relating to that.

  You can also sign up for the bank overdraft "protection" where you have a cash reserve the bank uses to cover the overdraft and give you time to make a deposit.

  But if you can opt out of overdrafts, I ask this question: if you can, how does the bank know where your money ends out of multiple posted transactions?? Clearly, there has to be an order to the transactions to determine where to stop giving your money out.

  The conspiracist in me says that they know the order. I have a sad feeling that i'm right.

• 

  Dec. 28, 2010 10:44 a.m. 4cylndrfury SuperDork

  92CelicaHalfTrac wrote:

  Ranger50 wrote:

  HalfTrac, Lord of the FWD deathbox wrote:

  DILYSI Dave wrote:

  I've never over-drafted an account, so bear with my ignorance of the subject, but can't you opt out of overdrafts? ie, "Don't let me spend money I don't have."

  I believe that legally, the banks have to give you that option these days. I know Chase has been going through a big thing relating to that.

  This^

  They know...but if they hit you up for the big ones first, then youre on the hook for the ODF for all the nickel and dime stuff. They do this specifically to charge more fees, and veil it as some computer setting.

  You can also sign up for the bank overdraft "protection" where you have a cash reserve the bank uses to cover the overdraft and give you time to make a deposit.

  But if you can opt out of overdrafts, I ask this question: if you can, how does the bank know where your money ends out of multiple posted transactions?? Clearly, there has to be an order to the transactions to determine where to stop giving your money out.

  The conspiracist in me says that they know the order. I have a sad feeling that i'm right.

• 

  Dec. 28, 2010 10:52 a.m. triumph5 Dork

  The bank "knows" by the order in which they are presented to the bank for collection. Those presented fastest get paid first until the money dries up. Then the overdraft fees kick in, and if the merchant presents a check or transaction again, most banks charge another overdraft charge. At $35 a crack, that adds up quickly.

  Yes, you can go to your bank and they'll prevent an electronic transaction--debit card--from going through at the register if there are insufficient funds to cover that transaction. OR you can tell you bank to let it go through, and pay the transaction, insufficient funds transaction fee, AND the overdraft fee.

  Some banks now have a sliding scale for overdrafts--not so high the first time, $35, but after the third one, it can be as high as $130!
  

  The credit card paying will work up until you exceed your credit limit, then ALL those fees kick in, as does a giant jump in your interest rate. And that jump may not be limited to just that account, but to other card accounts too. For now you have become a high credit risk.

  It "pays" to read all that "junk" mail that comes from your bank, and all the small type.

• 

  Dec. 28, 2010 11:39 a.m. Ranger50 HalfDork

  In reply to triumph5:

  Then that asks the question, say 5 debits occur within 5 minutes of each other and the middle debit is a big one like a car payment. The last three debits result in OD fees, by your records, but when you check your statement, you get four OD fees.

  You then check with the brick and mortar building housing your bank and you get nothing but the runaround of "I dunno, has to be the way they were presented.", but you can't ever get that timestamp to prove or disprove the order of debits and therefore the additional fees.

  This is why I ask the question, how do they know when your money is dried up and won't let you debit more money? Especially when they won't tell you the specific order of debits.

  I mean and this is probably stretching it, how would you feel if I fixed your car's brakes one time and as soon as you picked it up, the rearend goes out from an obviously leaking seal. Shouldn't have I seen the leaking seal? I was just there fixing the brakes. One lead to the other which lead to something else. Same thing is being asked of the bank, which debit came first to result in OD fees?

• 

  Dec. 28, 2010 12:00 p.m. DILYSI Dave SuperDork

  triumph5 wrote: The credit card paying will work up until you exceed your credit limit, then ALL those fees kick in, as does a giant jump in your interest rate. And that jump may not be limited to just that account, but to other card accounts too. For now you have become a high credit risk.

  If someone can't manage to spend off of their debit card without going under zero, and ALSO can't manage to spend off of a credit card without going over $XX,XXX, then they are pretty much asking for whatever nutkick they get.
  

  If that's the case, you aren't mature enough for modern banking. Go to the check cashing place with all of the illegals and put your cash under a matress.

• 

  Dec. 28, 2010 2:11 p.m. triumph5 Dork

  In reply to Ranger50: You demand to talk to the bank manager, and see the records of when the transactions took place. They have records of what was presented when, for, that's how they protect themselves when identity theft occurs, and transactions are tracked/trased.

  I'm not 100% sure of this, but I'm pretty sure, with the newer banking laws, they HAVE to make this available to you upon demand.

  I went through a similar scenerio when my ID was stolen, and I had used a credit card within the same hour "someone else" used it. I was nice, patient, but firm. Should work for you. too.

  No satisfaction at the branch, go up the ladder. A good state attorney general's phone call goes a long way. Just has to be his secretary making the call to the bank.

• 

  Dec. 28, 2010 2:18 p.m. Xceler8x SuperDork

  DILYSI Dave wrote:

  If someone can't manage to spend off of their debit card without going under zero, and ALSO can't manage to spend off of a credit card without going over $XX,XXX, then they are pretty much asking for whatever nutkick they get.
  

  If that's the case, you aren't mature enough for modern banking. Go to the check cashing place with all of the illegals and put your cash under a matress.

  Some people spend waaaay too much on credit cards. I've known folks who earned $100k+ a year and still owed something like $90k on credit cards. Just living past their means. In those cases I feel your anger.

  But then you have someone who's hit with a medical bill for themselves, their kid, whatever. They're working 40+ hrs a week at Wal-mart or some crap. They're in a bind so they use their good credit to zap the bill in the hopes they'll pay it of over the next...oh...say....10 - 15 years as credit cards are wont to do. This could easily hit your $XX,XXX figure you used as an example.

  Then they lose their job.

  That or their spouse loses their job.

  Or even their other kid gets sick.

  (To make this car centric) Maybe they get hit in their high mileage, yet reliable, car that's paid off and to get to work they have to go further into debt to buy something, anything, to keep working that Jay O Bee.

  Does that guy deserve a "nutkick"? Does his family that relies on him deserve a "nutkick"?

  They're hard working Americans paying taxes and doing all they can to get by. YEAH BABY! NUTKICK! USA! USA!

  Not everyone who hits hard financial times deserves you looking down your nose at them or your judgement. A little empathy is due in some cases. Some people are really not in absolute control of their finances and suffer accordingly even though they work their fingers to the bone and sacrifice as needed.

  I'm not asking you to pay their bills but maybe some kindness instead of judgement would go some way towards making things easier on folks who have it hard already.

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  Dec. 28, 2010 4:31 p.m. DILYSI Dave SuperDork

  That wasn't supposed to be judgemental. The OP and others stated that they had incurred overdraft fees numerous times. I suggested using credit cards as it is impossible to overdraft a credit card. Then someone brought up spending over the limit. That's the background to my statement.
  

  The nutkick language was a bit harsh, but seriously - if someone can't handle a debit card and can't handle a credit card, the only alternative left is cash. And since it sounded like most of the problems with the fees had to do with timing, which means it's a cashflow issue, then spending cash solves that.

• 

  Dec. 30, 2010 2:17 p.m. michaelat53 New Reader

  4cylndrfury, TRoglodyte > Thanks for the warm welcome. I appreciate the kind words.

  HalfTrac, Lord of the FWD deathbox > It's funny you say that. Back in the day, my best friend and I tried to buy a Miata body kit and fit it to his '86 Fiero. The results were ... uh, less than spectacular.

  Everyone > The best place to find out about OD fees and debits are at your your local branch. I'm not passing the buck, but I want you to get your answers quickly. And no tinfoil necessary.

  Besides the branch, the other best places to get help with your Fifth Third account are in my 12/22 post:

  • Via phone at 1-800-972-3030
  • Via secure e-mail at http://bit.ly/i0B0eN
  • Via Twitter -- you can direct questions to @Lynnat53 or @Ryanat53

  -- Michael E. Rubin | Social Media Strategist, Fifth Third Bank

  p.s. I'm not the Stig.

• 

  Dec. 30, 2010 3:42 p.m. 4cylndrfury SuperDork

  Thanks for your input Michael, but it sounds a little corporaterunaround-ish. Your post didnt really provide any info other than what I could get off your website. Im not asking you to describe MY institutions policies, just yours. Why does 5/3 pull the largest debits first on a day, and hit the customer with the most fees possible.

  Example... available balance: $100, 4 transactions post today; for$3,$102, $4, $10, . Im not a 5/3 customer, but from what other 5/3 customers post (and similar to my institution), you would remove the amounts in descending order, removing $102, then $10, then $4, then $3. Hitting the customer with 4 OD fees on top of their already negative balance.

  In my mind, if the bank had the customers best interest at heart, they would pay all transactions out of the available cash, then hit them for ONLY the largest of the transactions, only one if that were the policy in the scenario above. Less fees, to me, equals our-bank-wants-to-do-whats-best-for-our-customers. Or even just paying the transactions as they are presented...at least thats totally fair and non-biased toward either the customer of the bank. The current process seems to be whats best for the bank, screw the customer.

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  Dec. 30, 2010 3:57 p.m. michaelat53 New Reader

  4cylndrfury > Corporaterunaround-ish? Huh? (is there an emoticon for "confused"?)

  michaelat53 wrote: I'm not passing the buck, but I want you to get your answers quickly. And no tinfoil necessary.

  I could have given you an answer full of cliche and poppycock, amigo, but I didn't. I told you where you could find the best answers quickly, and was up front in admitting that's not me. That's not trying to sound corporaterunaround-ish at all. That's just being honest.

  -- Michael E. Rubin | Social Media Strategist, Fifth Third Bank

• 

  Dec. 30, 2010 4:16 p.m. TRoglodyte Reader

  michaelat53,How should Rustspecs13 find out who is nutkicking him and get them to stop? His deposits aren't showing up when they are supposed to, is this the employers payroll dept. or his local bank? Some folks don't have the luxury of a phone or internet access where they work and time off work is out of the question. Somebody has to work the coal mine, know what I mean?

• 

  Dec. 30, 2010 5:29 p.m. 4cylndrfury SuperDork

  ok Im done with you in this capacity. Wanna talk engine swaps and suspension mods, Im game, we can have that conversation cordially all day long. But you couldve given me a concise, cliffs notes explanation of YOUR institutions standard operating procedure, free of cliche and poppycock. Instead you redirected me. Im not certain what a Social Media Strategist does, but youre not convincing me, via social media, that your establishment is interested in earning my business.

  If someone says
  hey 4CF, why should I give my business to the place you work at?
  I would say:
  Here is a short list of why my place is best.....
  not
  Please see my corporate website kthanksbai

  guess thats why Im not a social strategist

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