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Fifth Third Bank has agreed to a $9.5 million settlement of a class action lawsuit concerning the way it issued overdraft fees. If you paid overdraft fees related to a Fifth Third debit card, check card and/or bank card, you could receive up to three times the amount you were charged from the class action settlement.
According to the Fifth Third class action lawsuit, Fifth Third Bank posted debit card transactions and/or ATM withdrawals in non-chronological order so that the bank could maximize the number of overdraft fees it charged to customers who had insufficient funds. Fifth Third Bank denies any wrongdoing, but has agreed to establish a $9.5 million settlement fund to settle the case, entitled Schulte v. Fifth Third Bank.
If you had a Fifth Third bank account at any time between October 21, 2004 and July 1, 2010, and incurred at least one overdraft fee as a result of the “re-sequencing” of at least one Fifth Third debit card transaction in non-chronological order, you’re considered a member of the settlement class and eligible to receive a cash payment from the Fifth Third overdraft fee settlement.
As part of the Fifth Third overdraft class action settlement, class members who submit valid claim forms by the deadline of May 2, 2011 will be eligible to receive up to three times the amount of overdraft fees they claim they were charged, depending on the total amount of valid claims submitted. If you do not have all of your bank records to support your claim, and your claim is based only on your best knowledge and belief, Fifth Third has the right to contest your claim. Claim forms can be downloaded or submitted online at the Fifth Third Overdraft Settlement Administrator website: www.overdraftsettlement.com.
For more information on how to file a valid claim form for the Fifth Third Overdraft Fee Class Action Lawsuit Settlement, see our Open Lawsuit Settlements section.
Updated November 30th, 2010
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
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417 thoughts onFifth Third Bank Overdraft Fee Settlement
Fifth Third Bank Overdraft Fee Settlement
Last document date filed May 2, 2011
Plaintiff and defendant are given until 5/13/2011 to file a brief to address the argument rasied at the fairness hearing for the objectors….. this is why the judge has not given final approvel yet. I hope he will do it soon
Fifth Third Bank Overdraft Fee Settlement
I’m betting that for whatever reason I will not be getting my money. Either 5/3 will say I never sent my form in on time or that they never received it or that their records do not match mine.
If i receive a check, awesome, if not, wasn’t betting on it.
you guys gotta remember it IS 5/3 after all.
Fifth Third Bank Overdraft Fee Settlement
I contacted them using the email address on the website. I was told that there is nothing new regarding the status of the case. From my own online research, it appears that someone raised an objection during the fairness hearing of the 16th (something about difficulty in obtaining accurate records), and thus the delay. :-(
Fifth Third Bank Overdraft Fee Settlement
Has everyone been getting emails with info? I made a claim, but now I am worried because I haven’t heard anything back from them.
Fifth Third Bank Overdraft Fee Settlement
I received an e-mail today from the settlement website and they told me that the judge has not approved the settlement yet…… : (
Fifth Third Bank Overdraft Fee Settlement
Um. I have to respond to Ms Smith’s issue of 5/3 withholding Direct Deposits for days. I opened my 5/3 account a few days before they changed practices – 3/22/11 (they changed effective 3/25/11). My Direct Deposit was there 3/24/11 – right on time. Maybe it’s because I live within an hours’ drive of their home office…
Fifth Third Bank Overdraft Fee Settlement
I wholeheartedly agree with Ken!
Fifth Third Bank Overdraft Fee Settlement
Bob makes a great point. I for one am sick and tired of people beating up on our great banks.
Ok, sure they get a little greedy sometimes and bring our economy to the brink of destruction.
Yes they have CEO’s that make tens of millions of dollars a year yet would rather jettison hundreds of lesser paid employees at the first sign of declining profits. So what if they stack our checks and debits in a manner that sets us up for over drafts fees. We need to stop thinking about our own petty concerns like food and shelter and try to see things from the perspective of CEO’s who are struggling to get by on 30 or 40 million year. You people are nothing more than closet socialist. We should all try to be more like our class act friend Bob. Right Bob? BTW Bob why are you here anyway; finical wizard that you are?
Fifth Third Bank Overdraft Fee Settlement
People do make mistakes with their checking accounts, the problem is the way 5/3 handles overdrafts. There was a time when I had 30.00 in my account and two separate checks out that hadn’t cleared. One for 10.00 and another for 40.00. They both cleared on the same day, and 5/3 chose to pay the $40.00 one first and charge me with 2 overdraft fees. They could of paid the $10.00 one first (which there was enough in my account to pay this one) and charge me only 1 overdraft fee.
I think every bank plays that game. I bank with BBT and they do the same. It’s all a very calculated way for them to charge more and more fees.
Fifth Third Bank Overdraft Fee Settlement
Emails back and forth with overdraftsettlement.com says they are not finished going thru all of the claims yet, so they cannot give a figure or time to me.:'(