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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
Fifth Third Bank Overdraft Fee Settlement
Has anyone found out new information regrading how long the wait is going to be?
Fifth Third Bank Overdraft Fee Settlement
Bob quit brown nosing a company that cares more about robbing people in the daylight and less about keeping shit off your nose.
I made a paycheck deposit on a a Thurs morning at 10am, asked the teller when it would be available for use with my debit card, they said the ” next business day ”
This was not a holiday weekend and I didn’t use my card until the following Tuesday night past 11pm.
So why did I get charged overdraft fees for this? I still have the receipts of deposit for this and the very teller who told me “it would be available the next business day” told me “If you paid attention to the terms of agreement of your statement, that every person is required to read and sign, then you would not have been in this situation”
How professional is that?
Fifth Third Bank Overdraft Fee Settlement
would really b nice to hear one thing or another about the suit. i know that when they want there money its right there for the taking but when we need our money they can take all the time they want. not very fair!!:-(
Fifth Third Bank Overdraft Fee Settlement
Does anyone have any further information related to the payouts for the class action suit or other related information to the case?
Fifth Third Bank Overdraft Fee Settlement
I think that they should take a median average of what all claimants paid in over drafts and divide the settlement equally among all claimants. Maybe a little more per person for time, penalty to Fifth Third, anxiety (cause most of us per the blogs are living payck to payck), and to keep them from doing this again. This over draft re-sequencing was the reason why I left Fifth Third, how can you bounce something when you have direct deposit?? I need my money sooner than later, though. And I’m sure all the other claimants as well, this should have been resolved in May.
Fifth Third Bank Overdraft Fee Settlement
Continued from previous post:
Look my mom died 4 years ago, and I have over $5000 in medical bills because of our $3000 family deductible.
This is not my fault, it is the medical bill people, and fifth third. The medical bill people are first to blame by putting it through too early. I even told them that I was not and I repeat am not paying it now that I was going to call on that certain date to make the payment, and they didnt listen. They wouldnt correct their mistake, and fifth third didnt care to take it off either. I was telling the truth, and for telling the truth I get hurt, and made to suffer…
Fifth Third Bank Overdraft Fee Settlement
My dam hospital bill. I called to let them know I will make a payment on a certain date. They put it through without my knowledge 2 weeks before I called to make the payment. My account was overdrawn by $50 only, but then I get hit with over $180 in fees. This happened previously also with another smaller bill place lying to me. What stinks with this, is that we were only able to submit a claim with the certain dates. The dates they said was in regards to my smaller overdraft, not the larger overdraft. Now I am out that larger amount. I wish they had looked at both amounts.
Continued on other post
Fifth Third Bank Overdraft Fee Settlement
Fith 3rd Bank charge $287 dollars for a suppose 29 cents overdraft on an ATM cash in a foreign country. When, I came back 15 days after it was $100n already in fees. Try to talk to them that $100 dollars for a 29 cents was unreasonable. Was it possible to resolve this issue. . They said no and it would continue to accumulate should not pay immediatly. I did not pay and from $100 it went yp to $297 that’s 1000 times the 29 cent overdraft as per their currency conversion. They kept calling at least 5 and sometimes more time a day to collect the money, they reposrted to check-mas and they refuse to stop calling over the phone. The Fith3rd bank manager’s response was pay up or the calls will continue.
They are an abusive organization and 9.5 million is a fraction of the damage and rip-off they have done to consumers.
Fifth Third Bank Overdraft Fee Settlement
It doesn’t look like this is going to be settled anytime soon. I just went to the US District Court-Northern District of Illinois and it’s not scheduled to for Judge Robert M Dow to offer his final judgement on this case. I also called one of the attorneys, Barnow and Assoc, and they secretary said that they judge hasn’t ruled on the case and that they will update the website as soon as he does. http://www.overdraftsettlement.com. I don’t like that website cause the last update was May 2nd. WTF??
Fifth Third Bank Overdraft Fee Settlement
Hey Bob,
Just because I live paycheck to paycheck does not mean that I don’t balance my books. The agreement I have with 5/3 is that $100 is available as soon as a deposit is made. Well I made my deposit and then used my debit card 5 times, the total being $89. However, instead of crediting my deposit first and then deducting the purchases, they deducted the purchases before the credit and then charged me overdraft fees that completely wiped out my account. Do you seriously think that the court system would go through the time and trouble of a class action lawsuit if they thought 5/3 were not engaging in unfair business practices?