5/3 Bank - 5/3 Bank - corporate leasing departement - missed paying a few car leasing bills - description of experience with 5/3 bank

Posted on Monday, January 27th, 2003 at 12:00am CST by e2628897

Company: 5/3 Bank

Location: LOUISVILLE, KY

Category: Business, Finances

The Branch office that I dealt with was located at the Bashford Maner Mall (it has since moved to Bardstown Road) in Louisville KY; however they are not the problem.

The problem is with the corporate leasing department and I am not sure where they are located. I think that they are in Ohio, but I am not sure. My contact with them has always been by phone. Hope this helps to get my complaint posted.

I Logged on to this site to tell others about my experience with 5/3 Bank. After reading the other complaints about 5/3 Bank, I wish that I had Logged on to this site before I did business with 5/3. I will try to make this as short as possible; however, it is a story that spans almost three years. In January of 2000 I leased a car from a local dealership and the lease was with 5/3 bank. All went fine for the first eight months. In September of 2000 I changed all of my bank accounts from one bank to another bank. When I did this, I messed up and missed paying a few bills; however, my check register did show the check for my lease payment as well as the payment stub being gone from the payment book. The next month I received a late notice from 5/3 Bank stating that I had missed my payment. I went into the local branch office where I always made my payments and asked them to check my account. Since I was in the bank I made a payment that day.

They stated that my account was paid up, current and to disregard the statement I had received. After three more months of this same scenario - receive late notice, pay regular monthly bill, bank saying I am paid up and disregard the late statement - I found the check and payment stub for the September payment. I then went in and paid the September payment as well as one late charge since it was my fault that I missed the payment in the first place, but told the bank the other three were on them because they told me my account was fine. In January of 2001 I received another late notice from 5/3 Bank, this time is was for the amount of three unpaid late fees.

I called the customer service number that was listed on the notice and I was told that they could not access my record because my account was paid up. I asked if I would have to miss another payment before I could talk to someone about the problem and she said "yes" because they cannot access the account as long as it is current. So now I am faced with dealing with a bank that the tellers cannot read the billing ledger and the customer service line cannot access your account unless you are passed due. I received nothing else from 5/3 Bank for the next seven months. Then one day I received a notice that I was being charged a late fee for the unpaid late fees. Since my account was listed as current the customer service line was no help in trying to resolve the issue, remember that the customer service line can only access the account if it is passed due. I went into my local 5/3 Bank and talked to one of the tellers. She directed me to a Bank officer at that branch. I explained everything to her and she then told me that the tellers are not trained well when it comes to looking at leased account because they only have limited access to the accounts. I asked how someone was to handle a problem with leased accounts if neither the tellers nor the customer service line can give correct and accurate information.

She had no answer and said that she was sorry. She called the corporate leasing office to try and help me get the situation taken care of. After trying to explain my situation to the leasing department, she handed the phone to me and said, "They want to speak to you". The female on the other end of the phone said, in an extremely rude manner, " What seems to be your problem". I started to tell her my story and she cut me off saying "You have been carrying a pass due balance for the last year. I do not care what the story is. You signed a lease agreement with us and that gives us the right to charge you what ever we want, when ever we want to and you will pay every penny of it. There is nothing else you can do. IS THAT CLEAR."

She would not give me her name so I ask the bank officer at the branch if there might be someone else that I could talk to that would be more helpful because this girl is useless. The female at the other end of the phone began yelling at me and then hung the phone up on me. The bank officer tried to apologize and gave me the name of someone higher in the Company who might be able to help. Over the next few months I was unable to speak to anyone higher at 5/3 Bank. They refused to take my calls or refused to call me back. I even left messages for the V.P. of the leasing department; leaving my home and work number, and not one call did I receive from him. I decided that the only way to end this nightmare was to get rid of the car. Well, I got a different car and got hit with tons on lease termination fees but I was happy to get away from 5/3 Bank. The car lot even tried to finance my new car with 5/3 Bank, saying they were the only ones willing to finance me. I asked for my old car back and told them I would go somewhere else. Within five minutes I had other financing with someone else with a lower percentage rate and 6 months less payments.

I saved over $2500 by refusing to finance with 5/3 Bank. For this reason I will not go back to Bill Collins Ford in Louisville, KY, but that is another story. So I have a new car and am totally out from under 5/3 Bank and their leasing department, I have discarded everything and every note about this entire ordeal, all is GOOD. WRONG!!!!!! In August of 2002, almost a year since I got rid of the leased car from 5/3 Bank, I get a notice from; you guessed it, 5/3 Bank. The notice states that I owe them $176 for taxes that they paid on the car that I have not had for a year. They were so nice to pay these taxes for me and they only charged me a $35 processing fee, what a great bank. Again I call the number on the notice and to my surprise they had access to my account. I was told "You signed a lease with us, you will pay this bill, there is nothing that you can do about it". They refuse to provide me with any documentation showing that the tax charge was for the car I leased with them and that the charge was incurred while I was leasing the car. This seems like some kind of Corporate/Banking extortion to me because if I do not pay this bill I will be unable to get their collection agency (Law Offices Of Weltman, Weinberg and Reis CO., L.P.A. in Cincinnati Ohio) off my back as well as being unable to get my credit cleared up on this leased car. WHAT A NIGHTMARE FROM #$&@ THIS HAS BEEN. Now, I am a realist and I know that the banking industry runs everything. I am sure before long I will have to pay this bill to clear my credit. In the mean time, and for the rest of life, I will be telling everyone that I come in contact with about the horrors of dealing with 5/3 Bank. About the poor customer service they can provide because of the poor training and limited access that their employees have to account information. About the rude way customers with an issue or treated by the corporate leasing department and finally how unresponsive the corporate officers are to customer complaints/problems.

This was a small mistake on my part that grew and escalated due to the Bank's inability to handle the situation in a friendly and professional manner. I will also be sending a copy of this letter to the BBB as well as every AG office in every state that 5/3 does business. I am also considering sending a copy of this to every Newspaper, Radio and Television Station in every community that has a 5/3 Bank.

There is no way for 5/3 Bank to make up for the humiliation and anguish that I have suffered because of them for the past two years. My only hope now is to warn as many people as I can so that others will not have to suffer as I have. I have already talked two people who banked at 5/3 into switching to another bank as well as convincing three others, who were considering 5/3, not to bank there.


3 Comments

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43a81a95, 2007-11-13, 02:49PM CST

I want to express to you that you are not the only one with this problem. I do not lease, but I do have a car payment with the same bank. Our problems are bery similar I have had these same conversations with the bank and its represenitives. I was told by one repersennitive that they can charge me what every they want and there is nothing I can do about it. I have been trying to find an attorney because of all the proof I have that the bank is up to something illgale.

2958795e, 2008-03-19, 09:38PM CDT

I can relate! I am currently going through the same situation with 5/3 Bank. They have reported my car as repossed even though I am still paying on it. My payoff is wrong and payment history. I called them to request the title so I can go in and pay them off. I will end up paying them more than what I should but I don't care as long as I can get the heck out of that bank!

f739cba2, 2008-08-29, 01:42PM CDT

Seems like alot of us have been screwed by this bank; no wonder they are losing money. Maybe if the bank would spend more money on fixing their internal infrastructure, their customers would not have to foot the bill in fees and penalties on existing accounts. One complaint, might indicate bad judgment on the customer, but numerous complaints pertaining to similar circumstances would definitely indicate a problem with the bank itself. Hey everyone, lets ALL get together and SUE!!!!

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