Date Received: 2023-04-12
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have a HELOC with Fifth Third Bank. It is my understanding, plus I have been told by both a branch XXXX and a loan XXXX that on XXXX loans all the interest is to be paid off first ever month, and what is left over from your payment goes to the principal. My loan has two portions of money. One portion which was the initial loan is locking in at a lower interest rate. The second portion, which was taken out during the last year is at a much higher ( more than double ) interest rate. So when I make a payment ( and all my payments are made automatically by the bank ), my understanding is that all the interest for both portions of the loan is to be paid off in full each month. This is not what they are doing. Every month they are taking my payment and paying all the interest on the lower intrest rate portion, but they are not paying all the interest on the higher interest rate portion of the loan. So every month the total balance of the load goes down, but the balance of the higher interest rate portion goes up each month. After one year of having the higher interest rate portion, the balance of that portion has gone up about {$600.00}. If this continues over the life of the loan it will cost me a ton of money. Now, in conversations I have had with the branch XXXX, he has agreed that all the interest should be paid off every month, he told me it is probably a glitch in their system, but offered no remedies. He made it sound like I would have to just live with it. We have also discussed how I could make an extra payment to bring down the higher interest rate portion. He told me that if I made a principal only payment on line it would be applied to the higher interest rate balance. Last month I did this, and they applied the money to the lower interest rate portion pricipal. So he as since admitted to me that I have no way to make a payment that will be applied to the higher interest rate portion ( interest or principal ). He has suggested that I come into the bank and make an extra payment, and that they may be able to force it to be applied to the higher interest rate portion principal. This does nothing to solve the original problem that the interest for the higher rate portion is not being paid off every month. So this will still cost me more money unless I pay the full balance of the higher rate portion off. There are many questions that I have asked about this, but they have not answered any of them. Here are a couple. 1. They are paying some of the interest on the higher rate portion each month, how do they determine how much of that interest is paid off? 2. Also, when I make a regular payment, they pay the interest first, then are taking all the extra money and applying it to only the lower rate portion principal, shouldn't some of that extra money be applied to the higher rate portion principal, so that the higher rate principal balance is also decreased by a small amount every month? I feel that this is illegal. They are probably doing this to tens of thousands of their customers. This has been happening to me for a long time before I finally looked close enough at a monthly statement to realize what was happening.
Company Response:
State: FL
Zip: 34606
Submitted Via: Web
Date Sent: 2023-04-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-12
Issue: Incorrect information on your report
Subissue: Information is incorrect
Consumer Complaint: This Address Thats On My Report Is Not Mines
Company Response:
State: IL
Zip: 60620
Submitted Via: Web
Date Sent: 2023-04-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-12
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: The loan is with Dividend Finance, it was taken by XXXX XXXX a sales person with XXXX XXXX while at my residence on XX/XX/22. I did not sign the initial DocuSign documents, the sales representative did. I was shown through a presentation that my monthly payments with them would stay the same while electric costs would just rise. Nothing about interest rates changing and nothing about a balloon payment. It was explained to me that no payment would be due at all until after installation was completed. My solar panels still have not been installed. However, Dividend emailed me XX/XX/22 a " notice of completion '' to which I promptly notified them back in writing that installation was not completed. The solar panels were not connected to my house. They still remain unconnected to my house to this day. I repeatedly tried to resolve this with the contractor, my utility and the finance company. So, I did not ever sign the DocuSign sent to me. Is one issue, the next is the change in interest rates was never disclosed to me. The balloon payments were never disclosed. Also, and most importantly, the item that the loan is for has never actually been completely installed. The contractor abandoned the project. The lender has been notified multiple ways including on the XXXX and via their website and email.
Company Response:
State: FL
Zip: 32606
Submitted Via: Web
Date Sent: 2023-05-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-11
Issue: Problem with a purchase shown on your statement
Subissue: Card was charged for something you did not purchase with the card
Consumer Complaint: I lost my card back in XX/XX/2022. I called the bank immediately and told them that I had all the transaction that were made. They kept telling me that they use my pin and that they could not get my money back. I visited it 2 times and they never told me that the real reason they disputed it was because I did not dispute other transactions that were made at XXXX, XXXX, XXXX atm and so forth. They were rude and dismissive. Its happening again under another XXXX station and I want them to look at this case over again. Because I gave them all the transaction tthqt were made and were made during over night and out of my ordinary norm. I know it's late but I did not know I had the option to file a complaint against 53 bank debit card I here. I tried and tried but they kept denying me. I even provided a poloce report and they were dismissive. This needs to be looked at. The bank was notified immediately within hours of the unauthorized transactions. The case number is XXXX and their phone number is XXXX XXXX XXXX
Company Response:
State: NC
Zip: 28273
Submitted Via: Web
Date Sent: 2023-05-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-11
Issue: Confusing or misleading advertising or marketing
Subissue:
Consumer Complaint: They have lied about sending the check back I called the IRS last week and they said they havent received nothing..
Company Response:
State: FL
Zip: 32208
Submitted Via: Web
Date Sent: 2023-04-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-10
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: On XX/XX/, I deposited a Cashier 's Check in the amount of {$5100.00} into my Fifth Third Bank personal checking account. When I checked my balance on XXXX XXXX XXXX I found that the cashier 's check deposit was not reflected in my account balance. I called the Fifth Third Bank and spoke with a supervisor to ask why the amount had not been credited to my checking account. He said that the Fifth Third Bank had placed a hold on the cashier 's check. I have reviewed Fifth Third Bank 's published deposit policy which states that a cashier 's checks are to be available to a depositor within one business day. My checking account with Fifth Third Bank has been in existence for over 30 years. I would like your help in resolving this issue.
Company Response:
State: OH
Zip: 45245
Submitted Via: Web
Date Sent: 2023-04-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-10
Issue: Trouble during payment process
Subissue:
Consumer Complaint: They incorrectly applied 2 payments to curtailment instead of the current payment that was due that was also noted on the check. This resulted in the bank saying we had a later payment even though we sent in the exact number of payments that were due. I have called the bank several times, sent a letter and went to the bank branch to request that payments get applied correctly .Over the phone we were told it was fixed only to get a letter the next month saying it was not and in person we were told that they could not change the payments that were applied wrong and the only way to fix this was to send in the missing payment so it did not go to collections. They keep assessing late fees and sending in negative credit reporting even though we have informed them off the issues. I finally was able to get enough money to send the extra payment but would like to have it refunded along with the late fees and have our loan interest/outstanding balance recalculated after the payments are corrected so we don't have to pay anything extra for the mistake they made and refuse to fix.
Company Response:
State: IN
Zip: 466XX
Submitted Via: Web
Date Sent: 2023-04-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-11
Issue: Advertising and marketing, including promotional offers
Subissue: Didn't receive advertised or promotional terms
Consumer Complaint: In reference to previous complaint number XXXX. After taking months and multiple erroneous charges to finally fix the issue Fifth third has started to charge me interest again. The promotional offer was supposed to be interest free till XX/XX/XXXX but on XXXX XXXX I was again charged an interest of {$170.00} This just goes to show the level of incompetence at all levels of FifthThird bank and they are not to be trusted to act in an honest and efficient manner
Company Response:
State: CO
Zip: 808XX
Submitted Via: Web
Date Sent: 2023-04-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-11
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Late in XXXX 53 bank bought my mortgage from XXXX XXXX. All escrow payments were made correctly that year. This year they re-evaluated my escrow and during this process removed my XXXX fees from the escrow calculations. When I notified 53 bank they stated I need to email them that there was nothing I can do over the phone. All I want them to do is re-evaluate my escrow using the payouts made last year. Include in that the XXXX, property taxes, flood insurance and home owners insurance. 4 payers so to speak. Just like last year so that Im not XXXX short in escrow. This will be my last attempt to rectify before I contact legal council. Hence failure to comply.
Company Response:
State: FL
Zip: 335XX
Submitted Via: Web
Date Sent: 2023-04-11
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-09
Issue: Trouble during payment process
Subissue:
Consumer Complaint: This is my second complaint with same problem and another issue. When my spouse died in XXXX, I provided the necessary documents and I am approved by Fifth Third to be the Successor. In the year of XXXX I still don't have online access to pay the mortgage. I have made several unsuccessful attempts in the past. I current have to pay by mail or go to the branch to pay my mortgage. I have sent checks paying the mortgage for almost years and i'm still having problems that needs to be resolved. This year I have and overage on the mortgage. I received a check in deceased spouse name. On XX/XX/XXXX this year I went into the XXXX branch on XXXX XXXX to resolve the issue. She spoke to someone in the escrow department to reissue the check in my name. One week later I received another check in XXXX 's ( deceased ) name. After sending the second check back to them, I haven't received any correspondence. I should have online access to pay the mortgage as any other consumer.
Company Response:
State: FL
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-04-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A