Fifth Third Bank - Indianapolis

Angie's List since April 2012

B Rated | 3 Reviews

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My husband and I are Engineers and Small Business Owners, that typically employ between 8 to 11 people. We've owned an engineering consulting firm since 1996, started from a 1-bedroom office and now a multi-million annual revenue operation! We started business banking with 5/3 when Chase was irritating us with fees, but that's another story. Everything was going fine with the business account(s) a...

My husband and I have been utilizing 5/3 for the past 5 years, for both Personal and Business. Our relationship with 5/3 was great, until the economy took a dump and before the Frank-Dodd Bank legislation was rammed thru. Since that time, we've had nothing but headaches dealing with them. Considering they are one of the banks that took a taxpayer funded bailout, they should bending over backwards, but I guess that makes too much sense! Our 1st issue came when we tried to re-finance our home mortgage with them around 2009. They were taking forever to get back with us after the appraisal was completed, and finally the mortgage broker called me and stated that they couldn't refinance our mortgage. I asked him why, and it was because they couldn't find a company to insure the mortgage (PMI) because the loan vs. appraised amount (LTV) was 15-85!! We were ONLY 5% from not even needing the PMI, but their guy would rather tell us "Sorry" then to spend a few days and pushing their PMI providers to approve us for the Insurance!! To make it even MORE IRRITATING was the fact that my Original Mortgage (with Nationwide) had PMI but at 5-95, AND it was based on only one person listed on the Note! When I decided to do the re-finance, I added my husband who's credit score was almost the same as mine (I think around 735), doubled the amount of household income, and he had no outstanding debt because we just paid everything off except a car loan (in my name only)!! It would have been next to impossible to find anyone that could have had better credit and income to get qualified for PMI at 15-85 LTV!! After telling my husband that we were denied, he picked up the phone and contacting the guy back and spoke with his boss. My husband told them to look up our company business accounts (we had 2 at the time because of the FDIC insurance only protecting up to $100,000 at the time, which tells you that we had quite a bit of money in their banks (Ohio & Indiana Offices) if we had to open up an account in a different region in order to get FDIC coverage!!!) Well, to make a long story shorter, they finally found a company that would give us PMI but we still had to come up with some additional money to get the LTV down to 18-82! Within 3 months, and making several huge payments, we were able to get the LTV over that 20% requirement and drop the PMI; however, we were still ticked off that we had to threaten to pull out a couple hundred thousand in our business accounts in order for them to take our application more seriously. NOW, that takes me up to today, May 31, 2012!! I'll go over that story in next section!





I used them for minor transactions just for a deposit. It doesn't cost me anything. I don't spend for the service and they don't deal with my account.

I used Fifth Third Bank for banking services.





They are very personable. I have been using this bank for 15 years, and I will continue to do so. They are very friendly. They have free checking for people over 50 years of age. I can order blank checks, and within a week I have them.

I have a checking account and safety deposit box there.


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