Brandon Lee
Fifth Third Bank is a regional bank in the United States that offers a range of financial services, including various checking and savings accounts, loans, and credit services. The bank has received mixed reviews from customers, with some praising its extensive checking account options, large ATM network, and mobile app, while others have criticised its customer service, fee structure, and handling of fraudulent activity. So, is Fifth Third Bank a good bank? This paragraph will explore the pros and cons of Fifth Third Bank to help you decide if it's the right choice for your financial needs.
| Characteristics | Values |
|---|---|
| Customer satisfaction | Mixed reviews, average rating of 1.8 from 1001 reviews |
| Customer service | Mixed reviews, some praise for helpful staff, others report poor service |
| Accessibility | Branches in 10 or 11 states, accessible via phone, online and mobile app |
| Fees | Monthly service fees for some accounts, $37 overdraft fee, $3 non-Fifth Third ATM transaction fee |
| Account options | Extensive checking account options, including for students, military members and people with disabilities |
| Financial strength | Ranked among the top 10 best national and super-regional banks of 2025, $213.7 billion in assets as of Dec 2024 |
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What You'll Learn
Poor customer service
Fifth Third Bank has received numerous complaints about its poor customer service. The bank has an average rating of 1.8 out of 1001 reviews, indicating widespread customer dissatisfaction. Several customers have reported issues with the bank's handling of their accounts, including fraudulent activity, reimbursement issues, and difficulty reaching resolution with customer support. The bank has also been criticised for its phone system issues, with customers reporting frequent hang-ups during transfers, forcing them to restart their inquiries from scratch.
In addition to the phone system problems, some customers have experienced challenges with the bank's dispute resolution process. One customer recounted a story of their mortgage being transferred to Fifth Third, only to discover that their online payments were not properly recorded, resulting in late charges. Upon further investigation, it was found that the bank had applied those payments to another account. Another customer shared a similar experience, stating that their credit card payment was refused due to a computer error, resulting in late fees and interest charges.
The bank has also faced criticism for its treatment of customers in branches. One individual recounted an experience where they were ignored by bankers and faced a fine for an "unsafe lane change" while attempting to adjust their visor due to sun glare. This incident left the customer feeling disrespected and questioning how the bank treats its actual customers.
Fifth Third Bank's overdraft policies have also been a source of frustration for many customers. The bank charges a significant fee of $37 per overdraft occurrence, up to three times per day. In one instance, a customer reported that their business debit card was stolen, and despite the theft, the bank allowed ACH withdrawals, resulting in multiple overdraft charges. The bank's response was deemed unsatisfactory, as the representative only reversed two charges, leaving the customer with a substantial fee.
Overall, while Fifth Third Bank offers a range of financial products and services, its customer service has been a significant point of criticism. Customers have faced challenges with account management, dispute resolution, and feeling valued by the bank. These issues have contributed to a perception of poor customer service and have driven some individuals to consider switching to other financial institutions.
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Unscrupulous banking practices
Fifth Third Bank has been accused of unscrupulous banking practices, including fraudulent activity, poor customer service, and unauthorized account openings. The bank has also been the subject of legal action for wrongfully triggering auto repossessions and opening fake bank accounts, as well as discriminatory lending practices.
In 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Fifth Third Bank, alleging that the bank had engaged in unfair and abusive acts or practices in violation of the Consumer Financial Protection Act. The lawsuit also claimed that the bank had violated the Fair Credit Reporting Act, the Truth in Lending Act (TILA), and the Truth in Savings Act (TISA). As a result of this lawsuit, Fifth Third Bank was ordered to pay $20 million in fines, including a $5 million penalty for illegal activity and a $15 million penalty for opening unauthorized accounts. The funds were deposited in the CPFB's victims' relief fund.
The CFPB's lawsuit also addressed Fifth Third Bank's discriminatory auto loan pricing, which resulted in an $18 million payout to harmed Black and Hispanic borrowers, as well as illegal credit card practices, for which the bank was ordered to pay $3 million to affected consumers and a $500,000 penalty.
In addition to the legal issues, Fifth Third Bank has received numerous negative reviews from customers. Common complaints include poor customer service, difficulty contacting the bank, and unexpected fees. Some customers have also reported issues with fraudulent activity and disputes lasting several months, with the bank failing to reimburse them fully.
Overall, while Fifth Third Bank has a substantial branch network and a well-rated mobile app, its reputation has been damaged by accusations and legal action related to unscrupulous banking practices. The bank has been perceived as prioritizing profit over serving customers, with multiple sources recommending credit unions as a preferable alternative.
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Extensive checking account options
Fifth Third Bank is a regional bank that offers extensive checking account options. The bank has its headquarters in Cincinnati, Ohio, and operates over 1,000 branches in 10 states. It provides multiple checking and savings accounts, a money market account, and a wide range of CD terms.
The bank offers a variety of checking accounts, including Momentum Checking, Preferred Checking, Express Banking, Military Checking, Student Checking, and ABLE Checking.
Momentum Checking is a fee-free account with no minimum opening deposit or balance requirements. It provides access to over 2,400 fee-free ATMs and more than 1,000 branch locations across 10 states.
Preferred Checking offers perks such as unlimited check writing, better loan rates, and complimentary Fifth Third Identity Alert. There is a $25 monthly fee, which can be waived if you maintain a combined total balance of at least $100,000 across your deposit and investment accounts.
Express Banking has a $5 monthly fee and no balance requirement. It offers benefits such as early direct deposit, 24/7 mobile and online banking, and credit-building tools.
Military Checking provides special benefits for military families, including special VA home loan rates and free non-Fifth Third ATM transactions. There is no monthly service charge for Momentum Checking accounts, and a $5 discount on the monthly service charge for Preferred Checking accounts.
Student Checking and ABLE Checking are also offered, with low or waivable monthly fees.
In addition to these checking account options, Fifth Third Bank provides an extensive network of over 50,000 ATMs, including Allpoint ATMs located at retailers and stand-alone locations.
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High overdraft fees
Fifth Third Bank has received numerous complaints from customers about its high overdraft fees. One customer reported that their business debit card was stolen, and despite this, the bank allowed ACH withdrawals from the card, resulting in multiple overdraft charges totalling $407. The customer was only reimbursed for two of the charges, leaving them with a charge of over $300. This has led to accusations of the bank stealing from its customers.
Another customer reported a similar issue, stating that their mortgage was transferred to Fifth Third, and they began making online payments. However, the bank failed to record these payments, resulting in late charges. Upon further investigation, the customer discovered that their payments had been applied to another account. This resulted in unnecessary fees and caused significant frustration for the customer.
The bank's overdraft fee is $37 per occurrence, with a maximum of three occurrences per day. This means that customers can potentially incur up to $111 in overdraft fees in a single day. This is a significant amount and can cause financial strain, especially for those who are already struggling financially.
In addition to the high overdraft fees, Fifth Third Bank has also been criticised for its poor customer service. Customers have reported issues with the phone system, with calls being dropped or transferred incorrectly, leading to a frustrating and time-consuming experience. There have also been reports of being ignored by bankers in branches, with one customer stating that they were refused service and completely ignored.
Overall, the high overdraft fees and poor customer service at Fifth Third Bank have led to dissatisfaction among its customers. These issues have resulted in negative reviews and a low rating for the bank, with an average rating of 1.8 out of 5 stars from 1001 reviews.
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Limited accessibility
Fifth Third Bank is a regional bank with branches in 10 or 11 states, mostly in the Midwest and South. It is not as big as the biggest banks with a national presence. This limited accessibility means that it may not be an option for those living outside of these 10 or 11 states.
The bank has over 1,000 branches and a wide range of checking account options. It also offers savings accounts, money market accounts, and a variety of CD terms. Its customers seem to appreciate its mobile app, which has received high ratings on both Android and iOS app stores.
While Fifth Third Bank provides extensive checking account options, some of its other services are limited. For example, the bank's Relationship Money Market account has a monthly service fee of $5, although this can be waived under certain conditions. Additionally, its promotional CDs require a minimum deposit of $5,000, while standard CDs only require $500.
The limited accessibility of Fifth Third Bank may impact its convenience for potential customers. Those considering the bank should ensure that it operates in their state and carefully review the specific services offered to determine if they meet their needs.
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Frequently asked questions
Fifth Third Bank has received mixed reviews. While some customers have praised its extensive checking account options, others have criticised its customer service and fraudulent activity investigations.
Fifth Third Bank offers a multitude of banking products and services, including extensive checking account options, a money market account, and a wide range of CD terms. The bank also has a large network of ATMs, with over 50,000 available across the US.
Some customers have reported issues with fraudulent activity and poor customer service. There have also been complaints about unexpected fees and charges, such as overdraft fees and early withdrawal penalties.
Fifth Third Bank offers various types of accounts, including Momentum Checking, Preferred Checking, Express Banking, Military Checking, Student Checking, and ABLE Checking. The bank also offers savings accounts and money market accounts.
Fifth Third Bank operates in 10 or 11 states, mostly in the Midwest and South. The bank has over 1,000 branches and a large network of ATMs available in these states.
