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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 too received a big fat check for $135 with $600 substaniated charges…not sure who ripped off who. I guess getting something was better than getting nothing.
I just closed my business savings(finally) They have been charging me for this free account for a few years now. Never can get a straight answer as to why.
Done forever with them now:)
At this point any and everyone needs to close their 5/3 accounts. They are about done anyways. Stock is like 10 bux a share, they are chargin lifelong customers now for their checking accounts, and are even payday lending now. LoL. Phuk u fifth third . . . it’s been real. Real shiEtty that is. Credit union here I come. I also recommend going credit union and not banking. The richest man in america just predicted the downfall of major american banks. He also predicted the housing bubble before it happened. People are listening.
I did not receive a settlement check and instead I am being sued for my fees. Got the paperwork today.
5/3 is still doing this practice. It just happened to me today and they told me flat out on the phone. Now they are doing it for debit card payments. The “highest” payment on a given day is processed first, which results in maximization of overdraft fees. How is this any different from this lawsuit? Well, whoever is ready to start another class action suit can contact me anytime. I’d be glad to provide the evidence as well as the names of 5/3 leadership who have quoted this being the process. It was one thing for people to get robbed for years and then get a check cut for like $30, but to continue the practice is downright illegal in the utmost manner.
I was involved in this. Filed the paperwork on time-they LOST it!!!! Got paperwork a second time and the way it was worded was extremely confusing. I feel this was deliberate on their part. My claim pertained
kaz74 to BOTH boxes, so I checked both of them. Because of that, I was told I was not eligible. They were very tricky in their wording and I think a class action suit should be filed against the firm representing 5th 3rd bank.
5/3 back at the very same overdraft practices!!!!!!!!
I just called the attorney’s listed on the class action suit.
I had to leave a message. I like some of you who have stated that you filed for money from the suit and got just a drop in the bucket from years of their illegal practice have never seen a dime of the funds. I started my account in 1998 and went paperless. So, guess what you can’t go back that far in online transactions. Then if you want anything further than 2 statements there is a fee. Also, when you get them you can’t tell what was the fee’s charged for and what wasn’t!! So, how can you sit down and prove anything? The statement online or paperwise does not show the time any transaction goes through. Only the dates. But today, when this happened for the 1st time in 2 years, I wrote notes and names of who I spoke with and the time and date. I wrote what they told me went through first on my print out of my online statement. Hopefully some attorney will go for them again and I will be ready this go round. Even if they get interest piled up for the time they hold the money they stole and the attorney’s take out major dollars for all their time and expenses while I go uncompensated for all my documentation and time, I at least will see some justice.
They are doing this again! TODAY!
They stated this to me,” We put through the charges by highest to lowest, 5/3 bank thinks you’d want your mortgage to go through if your account was short on funds instead of a couple of small things. That’s why you got a fee of $74 and not just $37! I said that’s just what you were in trouble for before under the class action lawsuit. Of course both CSR at the local and the 800 number said they were hired after that and don’t know about the details! I said you overcharged me fees! I had 2 deposits go in that yesterday and 8 items from $5.38 to $150 in charges go through. You applied the deposits but put the largest charge through which meant a $5.38 and a $1.20 item went through last so you could charge me $74. I know if it’s over $1.00 you charge $37 so I miscalculated by 1.20 and figured I’d pay $37 for it not $74! Can’t someone do anything about them starting this practice up? I’ve not seen it hit my account like this until today!
Amazing isn’t it….If you or I stole money from other people, we would be in JAIL!!! But banks do this and they settle and pay from a small portion of their profit from their FRAUD. It is high time that the Regulatory Commissions that oversee these banks prosecute them Crimminally!!
If You think Fifth Third is wrong you should check Charter One, just as bad if not worse!!!
It’s not fair that their is A time limit to the claim! I didn’t know anything
About the lawsuit & missed out on filing A claim!!!
If A 5/3 customer during that time period has the paperwork
To prove their claim they should be able to file anytime!