@800wannabe420 wrote:
@Charmante wrote:About what Credit Score is necessary for APPROVAL from 53 Bank?
I've always had an affinity for their logo and name -- but never knew how difficult it is to get a foot in their door...
And honestly can't recall ever seeing anyone on these forums displaying a 53 Card on their Siggy... Hmmm
Thanks!
Their cards are very unspectacular. Also they have taken a page from Well Fargo's book and have been opening fraudulent accounts.
I would avoid this bank personally.
In all fairness, I think the title of the article you've referenced is clickbait: it is absolutely unreasonable (in my opinion) to compare what happened at Wells Fargo with what happend at Fifth Third.
- Wells Fargo: the company's executive team established "cross-selling" as both an internal goal and a KPI that would be referenced in every earnings call. To inflate its valuation, the company deliberately pushed the narrative of a bank so good at relationship banking that it was able to consistently cross-sell and upsell product to its existing customers. While pushing that outbound narrative, the company aggressively rewarded employees for cross-selling metrics, and inevitably motivated its workforce to defraud customers in order to meet this particular goal. When it was busted, the Company took forever to acknowledge the problem, trying more than once to get away with it. Approximately 3,500,000 fraudulent accounts were opened in 5-6 years at WF.
- Fifth Third: in 6-7 years, 1,100 fraudulent accounts were opened by 96 employees. That's 0.03% the Wells Fargo total (Fifth Third is 7.5% the size of WF). The damage to customers reached a grand total of approximately $30,000 ($27 per fraudulent account). The bank itself identified the problem after receiving complaints and intervened to fire the employees and refund customers.
If you ask me, and based on what we know, I would say Fifth Third did a great job: while WF promoted fraud among its employees and created both the culture and the rewards mechanism that instigated fraud, FT identified the problem and addressed it. There will always be greedy people who try to scam others for a living: at WF those were at the top and modelled the entire business after their own greed; at FT they were an isolated group that was identified and excised. Kudos to the risk management and compliance teams at Fifth Third.
@800wannabe420 wrote:
@Charmante wrote:What exactly do you mean they have been opening fraudulent accounts?
They were caught opening new accounts for existing customers and transferring funds from the original accounts into the new account. This also included opening credit cards.
Please refer to the link I included in my previous post or Google 5th 3rd for more info.
On the plus side, they do have a cool logo and they used to make some neat commercials, but I would not use either as a good criteria in making credit decisions.
When I was a kid, they were my first bank. I opened my first auto loan with them which my father cosigned for. Something like 5 years or so later, I learned how to check my credit report for the first time. I discovered that the banker had opened a credit card in my name as well, and then closed it after a few months without my knowledge. This coupled with many negative experiences I had with their in branch personal over the years made it a very happy day for me when I closed those accounts.
@Anonymous You mentioned TWO other Banks: Key Bank and Huntington...
What credit scores does Huntington require? Key Bank?
Details of both banks; pro's and con's. Please... 
Thank you all!!!
