Consumerist
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5/3 bank
5/3 Increases Overdraft Fees By $2
5/3 bank increased its overdraft protection fees to $10 from $9 this month. Daily overdraft fees shot to $8 from $6. That seems like a bunch. Was there a concurrent rise in the cost of providing such service 5/3 had to pass on? I doubt it. One time I tried to pay for some drinks using my USAA debit card. I didn't have enough money and the transaction was denied. More » -
When 5/3 Bank acquired another bank, a computer glitch in the records merging splooged incorrect information into thousands of customer accounts, in some cases totally fudging up their credit reports and credit histories. The bank says it's fixed everything but one customer says that's not true and lost three loans due to the errors. [Orlando Sentinel via U.S. PIRG Consumer Blog]
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complaints
5/3 Bank's New Policy: Only Process The First $100 Of A Check
How can you overdraft when you've deposited more than enough money to pay for the charges? Why, when 5/3 Bank decides to only let the first $100 of the check through.
Chris had a balance of $68.08, deposited a check for $619.49 and then made several payments and purchases totaling $180.86. Thanks to 5/3's new policy, he racked up four overdraft charges. When he contacted executive customer service, they agreed to waive one of the charges, but defended their right to charge fees because 5/3 had recently sent a little notice in the mail along with the account statement.
"My girlfriend and I have just moved and now I have a huge chunk of the security deposit our landlord was expecting missing, and I don't know what I'm going to do," writes Chris.
Up to this point, Chris has been able to deposit paychecks at a teller and, "since it's from another local bank, any transactions that I do on the day of deposit are covered the following day, in entirety." More »
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banks
Never Try To Game The Float. Ever.
Used to be with check that you could count on there being at least 3 days between someone cashing your check and the charge being run on your account. The delay is called "float" and writing a check before you have the money but think you're going to deposit enough is called "gaming the float." More » -
complaints
Apparently, 5/3 Debit Cards Are Instant Magic Money Wands
In followup to our post on how 5/3 Bank racks up overdraft fees by treating pending charges like they're processed, we asked customer service, "What's the rationale for counting pending debits against the ledger balance? Isn't that contrary to the definition of pending, and how banks traditionally handle transactions?" More » -
complaints
5/3 Bank's New Overdraft Fee Stream: Treat Pending Charges Like Processed!
5/3 Bank decided to rape customers for more fees by changing their policy for handling transactions. More »
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