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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
How much has everybody been getting lately
I remember being so mad at the bank rep that I literally told him I hoped he lost his job and found himself homeless and unable to feed his kids because by stealing from me that was exactly what was happening to me. It feels so good to get something back. I remember his smug face telling me that he couldn’t refund any fees because it wasn’t the first time I had overdrafted. You can literally make a $1 mistake and they would steal hundreds of dollars out of your account. Everytime I would make a deposit which I thought covered my charges, I would still be negative because it would just snowball. I never realized what they were doing when I overdrafted one thing that led to multiple charges and now I know how they did it. But I doubt that smug rep is homeless and hungry. Too bad!
I have not banked with them since 2007-2008 and I luckily received a check today to refund me for all the fees they charged. I was maybe 20 at the time and I can remember calling them over and over wondering how in the world it over drafted my account. It was like you could never get ahead with them. It was a nice surprise to get that check in the mail today!!
I received a check today, not near the fee’s they charged but at least I no longer bank with them!
I got my check today!
May I ask how much compared to the overdraft fees?
they would hit you with a $30 charge than 9 or 10 dollars every 24 hrs till you got your balance corrected.
I as well received a letter for a refund this coming this week, do not know the amount. Like above if 3 times the amount yes it will be like a tax return for all the money they have taken over the years. Keeping fingers crossed maybe pay off a credit card or two, think. I never know about the lawsuit maybe we were not notified properly when it occurred.
Me too. Got this letter today. No amt mentioned. ‘Refund’ will be mailed the week of May 12th.
Received a letter from the overdraft refund administration from Fifth Third letting me know that I am eligible for overdraft fees I paid and that a direct deposit of the refund will be made next week. No amount mentioned. I opted out of the class action so that I may sue at a later time. Anyone else receive such a
Letter?
Me too. Also no amout mentioned. Just that I will get a refund back the week of may 12th. Hopefully it will be 3 times the amount. If so, it will be like a tax refund. Lol
I had this issue with 5/3 bank. I closed the account and we didn’t get anything back from the lawsuit. However, we changed banks and guess what Regions Bank does the exact same thing except worse. The will back date a debit for it to go before a credit on the account. They are great at reordering the debits and credits. BE AWARE!!!
Today I closed my Fifth Third account and opened an account at the local credit union. Best day of my life. The credit union checking is FREE, no fees, and they PAY YOU 4% interest on checking. Auto loans for 1.5%. Fifth Third is at best an unorganized criminal enterprise, and they will soon go out of business. How about everyone help speed up their last day of business by closing their accounts and going elsewhere as well. They have robbed and stuck it to us all from behind with no reach around.