DavidH

Fifth Third Bank: Drink Deeply of the Poison

I would not consider buying stock in 5/3rd bank at this time, because it lacks competitive banking products and services compared to other banks and lacks competent customer service. These 2 factors combined mean that, whenever 5/3rd must compete with other banks, 5/3rd will lose the business. Just as American carmakers must learn to make cars people want, 5/3rd must learn to offer banking products and services people want, at competitive rates and prices. That has not happened, the result being that long time 5/3rd customers like me are cutting back their business with 5/3rd in favor of other banks. We are moving our business checking accounts to PNC Bank as PNC has remote check deposit, 5/3rd does not. And why have savings with 5/3rd at less than 1% interest when other banks are paying 3% or more (e.g., ING Bank). And I could go on. In those rare situations where 5/3rd did have a competitive advantage over other banks that would attract new customers and investors, its management was too incompetent to understand and market those advantages, most of which have disappeared now that the bank is hungry for money. And look at the millions of ad dollars the bank has wasted on dumb TV commercials touting "The things we do for dreams." Because the management of this bank is incompetent and unfit I could not buy their stock. It would be similar to investing in the Titantic.