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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
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417 thoughts onFifth Third Bank Overdraft Fee Settlement
I got 107 for 513 of claims. They probably charged me a couple of thousand dollars in fee’s over the years. There were times when I made last minute loans in order to deposit enough money to avoid overdraft fees. But I always ended up getting them anyway. Now I know why. Even after speaking with 53rd reps about the charges and them explaining how they posted, 53rd still gamed their systems to make certain I was charged fees. It still smarts at how I was taken advantage of at a time in my life where I could barely afford to support myself, much less pay overdraft fees at $37 a pop. Most of the people charged these fee’s were least able to afford these fees. Fifth Third got off pretty much scott free, since the settlement is a pittance compared to the millions they charged. It worked out really well for them, and for the lawyers. I’m going to cash my check and try to not get too angry since there is no point in it.
They ain’t send me my check
I was the dumb ass who stayed with 5/3 for 22 years. I probably
payed over 5000 dollars in overdrafts for those 22 years, and since it cost
5 dollars a statement for the bank to print, I only claimed 365 dollars from my online statements. Today I got a check for76.57. What a freaking joke.
got mine today.
$134.xx out of about $750
I got my check today about 20% of my claim, better than nothing. To me it not just the money, it’s the fact that this shows they were wrong in what they did. What pissed me off at the time, when 5/3 screwed me with OD fees, the State of MI was regulating them, so I lodged a complaint with the state, but of course it was no help. Just goes to so the government does not look at for the “average Joe” .
I blame them for letting 5/3 get away with this for years.
5/3rd is the worst bank ever!
I received a check for $54.33.I also received a collection notice for $306.56 the same day!WHAT A BUNCH OF SHIT!!!! They still came out on top!
So lets see – now that it is complete: The lawyers are happy – they made $3 Million+ – the whole reason we see so many class action lawsuits in the first place – an easy payday. They don’t care about the claimants at all – just their cut. And 5/3 – they are jumping up and down – screw people for $95 million – only pay back $9.5 million to settle almost all claims – and face no penalty otherwise. Happy day. So the only ones that are screwed are the consumers, as usual. But I guess something is better than nothing. That being said I haven’t received my check yet today – lol…..:)
edgewise1 is right – it isn’t the judge’s fault – it isn’t 5/3’s fault – the lawyers are the ones that accepted a measly $9.5 million for an estimated $95 (ninety-five million) that 5/3 charged in overdraft fees. Why would the lawyers settle for such a small amount – well it never had to actually go to trial saving time and money – and of course the lawyers still make their cut (1/3 of the total prize). And actually in most class action suits they normally won’t have this many claims (over 100,000). This one was well advertised and most people have adverse feelings about the banking industry IMO.
I went back and begin to read some of the posts here. The fault lies with the fact that the original settlement, 9.3 million, was simply not enough to take care of the claims. I imagine that 5/3 KNEW this when they agreed to that amount. With the number of claims that they were I guess we should be glad with what we got, not happy, but glad.