It sounds like your reel is in need of a cleaning. I have several 5500's, though, and none of them have done that until they have been thoroughly used a while.

The little "dog ear" clip that slips over the side of the main gear is the clip that controls the anti-reverse, and the big sliding clip that you will see when you open it up controls the clutch engagement. A good cleaning with WD-40, followed by a very light application of the oil that came with the reel should solve your problems.

They do have lifetime warranties, so you could always have them looked at and professionally cleaned or maintained, but I generally find this unnecessary unless a big problem, like something broken, comes up.

Hope this helps.

Todd.
Wild Steelhead Coalition