This review is from Fifth Third Bank
These bank charges are outrageous!!! A $37 overdraft charge. On top of that, the way they work it is scandalous.
Let's say you have $100 dollars in your account at 9:00 am on Monday morning.
At 11:00 am a charge for $10 dollars comes through and your new balance should be $90.
At 1:00 pm on the same day, you have a charge go through for $91. This $91 dollar charge overdrafts your account by $1. You will receive $74 in fees.
You will be charged $37 for the $10 and $37 for the $91 even though the $10 charge was covered in full by money in your account..
Their policy is that "the smaller amounts are taken out first to insure they can give you as many $37 fees as they possibly can. They are nothing buy crooks! Call before you open an account and see if this is not their policy. You will find I am telling you the truth.
Thomas J. Cook replied 3 months ago
What they do here is,
1- $10.00 PENDING
2- $91.00 OVERDRAFT ! but wait!
3- the $91.00 is paid out of your account AND that is what causes the overdraft incurring the $37.00 OD fee PLUS $8.00 for the first day = $45.00
4- The $10.00 PENDING is now overdraft because the $91.00 has been paid (or so it seems)
5- $37.00 fee item #2 for a total of $82.00
6- you account gets credited back the $91.00 and subsequently the OD fees are taken from that. But, you still have $18.00 right? Wrong, the service fee of $6.00 hits taking that down to $12.00 so you still have enough to cover the first $10.00 right? wrong!
7- The following day the $8.00 daily assement for OD on $91.00 OD check plus $37.00 plus $10.00 plus $37.00 are all charged back to your account for a grand daily total of $92.00 leaving you now -$74.00 balance AND still owing the first $10.00 and the $91.00 so on the third day, all these charges hit and you now will owe $267.00
