- Report: #1029714
Complaint Review: 53 Bank - Lynchburg Ohio
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Author Confirmed
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53 Bank
104 Main St Lynchburg, 45142 Ohio, U.S.A.
Phone:
937-364-2321
Web:
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53 Bank, Fifth Third Bank Banking misleading info.... Lynchburg Ohio
BBB failed me this time. Fifth Third refuses to acknowledge thier mistake. BBB advised me to get a lawyer and contact the Attorneys General Office. Seems its illegal to charge off an account and sell it to a debt collector for profit. According to the Federal Trade Commision they must obtain a judgement 1st which means going to court. Until they recieve that judgement they really can't procceed any further. But everyone breaks the rules. They did send us a letter of apology. But said they sold my wifes account to a company called Arrow Financial. It was out of thier hands. But I still think back when they put the $6 a day late charge on.
Advised her to open an a new account with no money which is a violation of thier own banking rules. They removed all charges on 1st account and removed it completely from Arrow Financial. Yet they send us letter saying they can do nothing on the 2nd account being really apologetic because its now in the hands of Arrow Financial which they just removed one from. You got to be carefull, read all the fine print, and listen closely to what they say. They are slick salesman with one intent to get your business. Not too bright when thier going for Seniors business because what kind of profit do we have to offer them. But under the FTC guidlines they must offer accounts to fit the communities needs. Just be careful were you bank and don't make any mistakes. For if you do the damage will probably be un repairable short term wise. Long term they can't really do anything without a judgement from a court and alot of thier practices break the rules. Most are sueable offenses. But is the outcome worth it. Probably best to forewarn others by telling your stories here. At least they can know what to expect if they mess up.
Ken
Hillsboro, Ohio
U.S.A.
Advised her to open an a new account with no money which is a violation of thier own banking rules. They removed all charges on 1st account and removed it completely from Arrow Financial. Yet they send us letter saying they can do nothing on the 2nd account being really apologetic because its now in the hands of Arrow Financial which they just removed one from. You got to be carefull, read all the fine print, and listen closely to what they say. They are slick salesman with one intent to get your business. Not too bright when thier going for Seniors business because what kind of profit do we have to offer them. But under the FTC guidlines they must offer accounts to fit the communities needs. Just be careful were you bank and don't make any mistakes. For if you do the damage will probably be un repairable short term wise. Long term they can't really do anything without a judgement from a court and alot of thier practices break the rules. Most are sueable offenses. But is the outcome worth it. Probably best to forewarn others by telling your stories here. At least they can know what to expect if they mess up.
Ken
Hillsboro, Ohio
U.S.A.
2 Updates & Rebuttals
Steven
Jacksonville,Florida,
U.S.A.
What proof do you have they sold it off for a profit??
#2Consumer Suggestion
Thu, December 20, 2007
I was under the impression that the collection agencies pay the charge off amount. They are then allowed to tack on whatever fees they attach for the collection. Are you saying that they sold the charge off for more than you owed??
Ken
Hillsboro,Ohio,
U.S.A.
53 Bank.......
#3Author of original report
Thu, December 20, 2007
After visiting a branch manager which removed the 1st account to try and get us back I believe in luring us in knowing once we established an account they could deduct all fees owed allegedly on 2nd account. I said no and contacted BBB. After running through the facts with BBB and 53 Bank with BBB as the mediator of the complaint they finally sent us a letter from the 53 Bank saying the 2nd was removed because BBB was saying use a lawyer or file a complaint with the FTC office. They believed we were right and the branch manager had made major mistakes and should of known better since she was a manager of a bank and should of known all the info necesary to provide us with accurate help. Case cleared and solved.
