Can someone tell me where the heck 5/3 Bank got its name? It seems like a really lame and uncreative name for a bank.

This is why I love my no fees bank account.

Fifth Third's unusual name is the result of the June 1, 1908 merger of two banks, The Fifth National Bank and The Third National Bank, to become The Fifth Third National Bank of Cincinnati. Because the merger took place during a period when prohibitionist ideas were gaining popularity, it was believed that "Fifth Third" was better than "Third Fifth," which could be construed as a reference to three "fifths" of alcohol. The name went through several changes over the years, until on March 24, 1969, the name was changed to Fifth Third Bank.

@Blueskylaw: Interesting. Thanks!

Dang! My bank, Arizona Federal Credit Union charges $30 for overdraft fees. Now, I am pissed!

Perhaps there was a concurrent rise in the broader business expenses that raising overdraft fees was seen as a way to help the bottom line. Or maybe $6 was too cheap to discourage people from using overdraft protection that they saw a need to reduce usage by increasing the price.

I too have had the occasional transaction rejected by USAA. But sometimes I wonder why I have free overdraft protection if they're just going to reject it instead. I'm not saying I want to pay for overdraft protection, but really USAA, dipping into my savings account is OK. I promise. I gave you permission.

I'm been meaning to close my 5/3rd account for awhile but never get around to it because too lazy to change my direct deposit to my credit union. Anyways think I'll close it and bitch about this when I do. I hate my local 5/3rds in Evansville IN. They are the rudest people I've ever done business with.

My overdraft protection costs me 50 cents if I need to use it, they charge 50 cents and transfer in increments of $50 from whatever account that I have set up with them, money market, savings, credit card etc...

NSF fees are $12. I have never had to use these services, but it looks like their fees are reasonable. This is with a CU

Ugh...I hate 5/3 Bank. They are pretty prevalent here in Columbus, and any time I have dealt with them, there has been a problem...including the time I went to open a checking account for my dental school class and they denied me because my social security number had a delinquent credit card tied to it. Apparently someone opened a credit card at 5/3 under my SSN in 1988, when I was 5 years old, and apparently sucked at life and subsequently screwed up my credit.

Needless to say, they never could resolve the problem, so I have to explain the whole thing to them whenever they look up my account number using my SSN and get confused. I found that out in 2005, and they still haven't acted on it...I still need to clear my credit from this.

I have heard of countless stories from friends about their incompetence as well.

I avoid that bank like the plague, along with National City (the most impersonal, conniving, and rude bunch of people I have ever met). I guess this is just one more reason.

Stupid name, stupid company... *grumble* 5/3 *grumble*

@corinthos: Try going to National City Bank. They take rude to a whole new level.

People at 5/3 are just supremely incompetent.

@PrincessOfPower: Apparently Fifth National Bank of Cincinatti and Third National Bank of Cincinatti merged.

@dclamster: I'd go with evil. They apparently don't give a fuck about banking regulations until someone complains. They then falsify records and lie.

Never trust a bank named in an improper fraction.

@ameyer: Ooooh...evil is another good adjective to describe them. I'll add it to my running list.

Said the bank's marketing director of the increase, "It's something fun that people can understand."

Well, OK, that was a pretty poor interpolation of a previous post on this site. [consumerist.com]

@CyrilNuddleman: You should be pissed. My bank (credit union) doesn't charge overdraft fees at all.

Bank of America's is $35/incident... including when they charge you overdraft fees.

Retarded.

--Kyle

Can we blame this on the Fifth Third Burger?

Someone bitching about $10 when most banks charge $25 and up?? Next...

At least the announcement does not include the phrase, "...so that we may serve our customers better" or the like.

Don't you mean 5/3 increased fees by 6/3 ?

uh, the announcement does use the phrase "MAY ChaNGE" doesn't it? So, BITCH like hell and tell them you demand to know WHY? Who's getting the friking bonus at the bank for this idea? If you're lame enough to accept it, you deserve it. Otherwise, speak up or change banks. There are enough out there....

@ameyer: In addition, the reason it's not called Third Fifth results from this happening around the time of prohibition. They didn't want it to sound like they were a bunch of drunks. Can't make this stuff up, folks.

@PrincessOfPower: Well, when two fractions love each other very much...

@Geblah187: Spoken like a true Western European white male fraction.

@Dragonis:

I somehow doubt your bank account is "no fees." Does that mean you can just bounce checks with impunity?

@corinthos:

Wow. I can honestly say that I've spoken to an employee of my bank twice in the past three years, when I needed to get a certified check.

@CyrilNuddleman: The $10.00 fee this notice is referring to is for automatic transfers from a Credit Card to a checking account when that checking account is overdrawn. If you do not have a line of credit connected to the checking account you and overdraw, the fee would be $33.00 per item. The $8.00 fee would be charge on top of that for every day your account is is the negative.

@CyrilNuddleman: The $8 is a per day fee-each day you're negative, you getr hit with an $8.00 fee. That's on top of the initial overdraft fee, which doesn't seem to be listed here. (Overdraft protection usually refers to a linked savings account/ credit line).

@dclamster: File a report with the credit bureaus if the card's showing up there too. Couldn't hurt.

@FLConsumer: Actually, 5/3 increased fees by 33%, making them 133/60.

Actually, 5/3 Charges $38 per overdraft item - the $10 fee is for using overdraft protection (i.e. the bank transferring money from a savings or credit account to cover the overdraft). So, it is basically a fee to allow the bank to transfer money from one of your accounts to another without you initiating it.

Does anyone really think it costs a bank $20 to have a computer system transfer funds from one account to another - just another way to make a quick buck.

@parkavery:
I have always hated that name, and when I was choosing a new bank several years ago, I avoided 5/3 for that reason.

It's like Ruth's Chris. I simply dislike saying the name.

@PrincessOfPower:
I call it one and two thirds bank.

@NeverLetMeDown: With my credit union, they just transfer funds from savings to checking. I get three of these free per month. After that, I get charged.

There have been this disturbing trend among businesses of all kinds to put the squeeze on their most loyal customers. Increased (or new) fees here, there and everywhere. A few of them (Liberty Mutual, Capital One) found out just how loyal I am when I summarily fired them. I would suggest everyone here do the same.

@PrincessOfPower:
our fees are so high you only see 5/3's of your money.

@Joeb5: I think you mean 3/5's.

@Murph1908: That's faster than calling it the One Point Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six Six (etc.) Bank

@Toffeecake: 5 out of 3 people don't understand fractions.

@NeverLetMeDown: With my brokerage checking account, I overdraft into margin. All I have to pay is margin interest (7%) until I sell positions to cover the margin call. If I get on my blackberry and sell a money market fund on the same day, I don't pay a dime. (If I sell the next day, I'll probably pay around a dime.)

Ah USAA. Never had an OD with them, but they give free protection too, so even if I did, it wouldn't be all that bad. I believe they waive any cash advance fees if the OD protection happens to draw from one of their credit cards.

Hey 5/3, remember the time you misrouted a Wamu check I depotsited through Bank One and told me that Wamu was such a tiny bank that that's what you had to do? Oh, and then you didn't remove your overdraft fees and told me to send the check back through you even though it had been marked NSF (through Bank One, as the account didn't fucking exist at Bank One)? Oh yeah, remember how you wouldn't even put the account on hold for future fees while I found a way to get the funds properly sent to my account and publicly chastised me when I said I was going to close the account? And how you did the same thing to a migrant worker who didn't speak english with his paycheck.. at the same branch?

That was great.

@FLConsumer: Going from $6 to $8 equals 4/3.

@Murph1908: Isn't it named Ruth's Chris Steak House b/c it was a Chris Steak House owned by Ruth? Just like if it was named Ruth's Mcdonalds.

@Murph1908: I agree. I find Carl's Jr. a littled disconcerting too.

@dclamster: I used to work at National City when I got out of high school. Our branch closed though probably because we weren't rude enough to stay in business.

@PrincessOfPower: Would you prefer it if the bank was called One and Two Thirds bank?

@spongebue: That bank needs to be properly reduced and presented as "1 2/3 Bank"

I'm glad they used the Evansville 5/3 building...the ugliest office building I've ever seen. Brown/gray limestone, yay.