Overdraft fees at Fifth Third Bank have become a concern for customers, as the bank recently entered a settlement agreement to resolve a class action lawsuit.
Fifth Third Bank is one of several financial institutions facing allegations over its overdraft protection services, with customers claiming the bank improperly charged them overdraft fees.
According to the Fifth Third class action lawsuit, the bank improperly indexed debit card transactions by amount rather than chronological order.
The bank allegedly did this to maximize profits from overdraft fees, from customers having difficulties from insufficient funds.
Fifth Third Bank agreed to pay the amount of $9.5 million to settle the allegations. Even with the settlement in place, customers are still concerned over their overdraft fees at Fifth Third Bank.
Overdraft fees are implemented by banks or other financial institutions, when money needs to be transferred from a secondary account to the primary account after becoming insufficient.
The overdraft fees are small loans meant to be paid back shortly after the transfer, but can quickly escalate for financially strained customers.
Overdraft Fees at Fifth Third Bank
Overdraft fees at Fifth Third Bank can vary depending on how many times overdraft protection is implemented during a certain time period.
According to the bank’s website, one overdraft fee in 12 months is $25 per item while two in 12 months is $37 per item.
However the bank specifically states that customers do not have to worry about extended overdraft fees at Fifth Third Bank, and requires customers’ permission before enrolling them in overdraft protection.
It is important to note that as of Aug. 15, 2010, financial institutions became prohibited from enrolling consumers in overdraft protection without their permission. Even with federal regulations in place, customers often worry about overdraft fees at Fifth Third Bank and other financial institutions due to the temptation of maximizing profits.
Banks and other financial institutions allegedly started signing up customers for overdraft protection and processing transactions out of order, due to the effect of economic pressure and customers being careful not to overdraw their account.
Customers who believe they were unfairly charged overdraft fees, may be eligible to file legal action to seek compensation and should talk to a specialized lawyer.
Do YOU have a legal claim? Fill out the form on this page now for a free, immediate, and confidential case evaluation. Some of the banks and credit unions being investigated include, but are not limited to:
- HSBC Bank
- UMB Bank
- State Employees Credit Union
- Pentagon Federal Credit Union
- Boeing Employees Credit Union
- Alliant Credit Union
- Star One Credit Union
- First Technology Federal Credit Union
- America First Credit Union
- American Airlines Federal Credit Union
- Alaska USA Federal Credit Union
- Vystar Credit Union
- Citizens Equity First Credit Union
- Teachers Federal Credit Union
- ESL Federal Credit Union
- Patelco Credit Union
- DFCU Financial Credit Union
The attorneys who work with Top Class Actions will contact you if you qualify to let you know if an individual lawsuit or class action lawsuit is best for you. Hurry — statutes of limitations may apply.
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If your bank and credit union has engaged in deceptive overdraft fee practices, you may have a legal claim. Fill out the form on this page now to find out if you qualify!
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In order to properly investigate overdraft fee claims, you may be required to disclose bank statements to overdraft fee attorneys. Please note that any such information will be kept private and confidential.
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