FEDERAL RESERVE SEEKS COMPLAINTS AGAINST FIFTH THIRD

I should have given everyone a heads up on this sooner.  The Federal Reserve Bank of Cleveland has received an application from Fifth Third Bank of Michigan to open a new office in Marco Island, Florida.  If you have any serious complaints about Fifth Third, the Federal Reserve will review them to determine whether or not grant Fifth Third permission to proceed.

Send your remarks to:  Ms. Cindy C. West / Banking Supervisor / The Federal Reserve Bank of Cleveland / P.O. Box 6387 / Cleveland, Ohio 44101.  Note that they are related to the "Fifth Third application for a new office in Marco Island, Florida".  The Federal Reserve needs your remarks by August 25th to consider them.

Comments

[JIMMIE FLOYD JR.]

5/3 BANK HAVE FINANCE THREE MOTORHOME FOR ME BUT THIS LAST ONE HAS BEEN HELL. I FELL BEHIND IN PAYMENTS AND THEY CALLED TO MAKE AGREEMENT SAYING THEY WOULD LIKE TO KEEP ME "BUT AFTER THEY MAKE AGREEMENT SOMEONE AT BANK KEEPS CHARGING ME OVERDRAFT $20.00 AFTER MAKING A DEAL TO TAKE PAYMENT ON A DIFF DAY AGREE APOND EARLIER SOME TIMES THEY WILL OVERDRAFT BACK TO BACK CHARGING $20.00 EACH TIME. AND HARASSING PHONE CALLS ONE SAT AND SUN OHIO BRANCH CALL 15 TIMES EACH DAY I SICK AND IS ABOUT TO JUST LET THEM TAKE THE MOTORHOME

[The Executive Director]

Mr. Floyd,

My advice on this is probably too late, unfortunately, but the most important thing you must do when dealing with a bank is to get everything in writing.

Over the past decade or so, many state legislatures have rewritten statutes giving banks powerful advantages that other businesses and individuals who enter into agreements don't have. In Michigan, for example, a banker can promise you anything, but if it isn't in writing, he can renege on the deal. Unless you can prove a fraudulent intent on the part of the banker, there is little you can do.

Sorry for the dismal response.

Regards,
Bill Tingley
Executive Director