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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 was not apart of the law suit, but I want the world to know 53bank is still doing the same thing to others with overdrafts,and today is(11-28-2012).
I never received anything from this so called settlement. The bank took over 900.00 in fees then made the claim it was only 333.00. I complained and sent in the documents from 53rd bank and never heard from them again. This is a joke and the only ones who won this was the lawyers.
I received my check in March, my claim was for around 3000.00 and I received a check for 279.00 so not nearly what I claimed but satisfied I got anything at all!
they took me for $950.80 + 3 od fees by debiting my acct. for another acct. not linked to mine. I am done with 5/3 and prob. going to Peoples Bank>>>>
I just got a check. It says deposit only on the front though and I don’t currently have a bank account. How am I supposed to cash it?
Payback, ya right, you go get em…just dont bank there anymore
As of yesterday, 3/5, I haven’t received a letter, a check, even flyer from this settlement!!! No info at all, except what you guys post here. I still think a CIVIL LAW SUIT would make a difference on the outcome……fraud, misappropriation of funds, and maybe even some tax evasion on 5/3rds part……investigations bring this too a head most times!!! PAYBACK TIME!!!! Let’s get ’em!!!
I also received my check today for 85.00 for 400 in claims…..and yeah if you can get away charging people for years – hold that money – then only have to pay back 10% in claims and get away free and clear why not keep doing it – good business really – they get $85 million profit – pretty good deal…..you would think they would face some criminal charges instead of just civil…..but the banks can do just about whatever they want really…..on the other hand at least we got something back – probably the best class action suit I have been a part of – usually you get like a $5.00 gift card or 3 months of credit monitoring or some crap….at least this one paid back a small amount anyway….still doesn’t make it right but good luck everyone! :)
We banked at our local hometown bank, First Charter for more than 15years, and never was charged one overdraft fee. Then Fifth Third took them over. At the beginning of March 2010, Fifth Third fraudulently charged us $460 in overdraft fees. When I confronted them, they so “generously” refunded us $33. So that left $427 dollars of which I claimed in this suit.(We promptly took our business to a credit union). Well we received a check this saturday(March 3rd) for $89.67. Exactly 21% of our claim. I have no doubt they are still conducting business in the same manner. Why wouldn’t they if they made $95 million doing so, and was only penalized by paying 10% back? This is beyond disgusting, considering how many people’s lives they negatively affected.
Got my BIG check Fri. 34.53, had over 500 in claims, don’t know how they figure.