Fifth Third recently aggressively promoted a Money Market account with a fixed rate for a specified period of time. At the conclusion of the specified time I went to the local branch to withdraw my funds. Daniel Rowe, the bank's agent who had originally opened my account assured me the promotion was being extended and not only were my funds still earning the stated 5.3% rate but any new deposits would receive that rate as well.
Knowing money market accounts typically offer a variable rate of return, I closely questioned Mr. Rowe about this. He told me not only would he warrant the rate to be 5.3% but he would also call me if the rate were to decline.
Over the next few weeks I contacted Mr. Rowe to verify the rate. He repeatedly assured me 5.3% and confirmed the new deposits would as well. I made several deposits based on those assurances also confirmed by another representative, Kevin.
Fifth Third sends its statements out about every 90 days. The day I received mine, I contacted Mr. Rowe then drove to the bank in person. The bank had not paid the rate he repeatedly guaranteed I would receive but rather a rate less than his competitors.
After untold numbers of calls and numerous in person visits to the local branch with no results I began contacting regulatory agencies and the BBB. Three months later and the local branch has yet to respond. No one has assumed responsibility. No one has corrected the error. No official apology.
The main branch in Ohio at least responded to the BBB and admitted an error in the calculation of interest payment in the initial promotion and offered a modest payment for that period of time but these months later there is still no response to the repeated fraudulent misrepresentation of the rate I was being paid and would be paid on my account. read more
