It sounds as if P Brian Moore signs a lot of letters these days. My story involves paying down a home equity loan and being informed by Mr Moore that my payment was delinquent and that it was within their legal rights to inform credit reporting agencies of the non-payment.
He "graciously" offered their auto-pay option in order to stay compliant with future payment obligations. So- here's the deal- I have paid down the outstanding debt via electronic transfer of funds from another banking entity on all but for a few occasions. Not once did I ever experience any problems with transactions / electronic transfers from outside entities directed to my Fifth Third account. The incident that generated a response from Mr Moore, involved an internal funds transfer, directed to the Home equity account to service the monthly obligation.
The transfer occurred a day before the past due date, and was for an amount nearly four times the minimum due payment. After going to my local branch the next day, the banking officer I spoke with could not explain how an internal transfer from an account with sufficient funds did not make it into the home equity account. To make matters even more complicated, my home equity account had been frozen, so that no subsequent checks written on the account could be endorsed. The latter scenario would seem to be a reasonable safeguard, except that I was not notified that this provision was in place.
Additionally, a $15.00 late fee was assessed to my account, despite the fact that it was not delinquent. Two days later a banking officer phoned and informed me that she had spent a considerable amount of time speaking with higher management, and that no one seemed able to offer an explanation as to what happened. Subsequently, the late fee was waived and the account block was lifted. That being said, I received a letter today from P.
Brian Moore informing that my inquiry had been received and that it was under review. All I can say is that based on my recent experience (I've been a customer for over twenty years), and reading of similar encounters of lots of other people, it sounds to me as if these recurring incidents are reflective of a "systemic" problem within the hierarchy of Fifth Third.
Whether Mr Moore renders a favorable disposition to my "inquiry" or not, it will be of little significance to me, as I will no longer have an account with the bank. To be fair, this is the first time I have encountered a problem with this bank in over 20 years, but my recent experience suggests that something has significantly changed within their business model, and that their emphasis on customer experience/ satisfaction, is anemic and superficial-despite costly visual and print media that would suggest otherwise.
Product or Service Mentioned: Fifth Third Bank Home Equity Loan.
Reason of review: Problems with payment.
Monetary Loss: $15.
Preferred solution: Review my situation and explain what happened. I don't appreciate receiving a threat from a bank for a delinquent payment, that, in fact, was paid on time..
I liked: Website online banking.
I didn't like: Communication.