Fifth Third has agreed to a $5.2 million settlement agreement over claims it charged customers extraneous ATM fees just for checking balances.
The $5.2 million will cover refunds to customers for those fees, according to the motion filed Wednesday seeking approval on the settlement from the court.ย
One of the lead plaintiffs, Carnell Smith, took action in 2018 after being hit with fees twice on the same out-of-network ATM visit.ย
His complaint was later consolidated with a similar lawsuit.
Both customers reported Fifth Bank was charging not only for balance inquiries but also if they withdrew cash on the same ATM visit.ย
Upon approval, the settlement covers class members who paid these extra ATM fees from Jan. 1, 2010 to Oct. 31, 2018. Any extra money left over would go to the Jump$tart Coalition for Personal Financial Literacy, according to the motion.ย
A key part of this deal means potential class members wonโt have to file claims to receive payouts. Fifth Third Bank will be reviewing bank records to find eligible customers. None of the remaining funds from the settlement will be returned to Fifth Bank.ย
Fifth Third Bank isnโt the only financial institution facing legal action over extra ATM fees.ย
Capital One just settled similar claims for $13 million in January, where customers were being charged an extra $2 on top of the out-of-network fee for checking account balances.ย
Washington state banks and credit unions are currently being accused of charging ATM fees in a lawsuit alleging violations of the Electronic Funds Transfer Act, a relevant federal law.ย
ย Do you hold an account with Fifth Third Bank? Were you charged ATM fees for checking your balance at an ATM that was out of the bankโs network? Let us know in the comments below.
Counsel representing the plaintiffs in this class action lawsuit are Jeffrey M. Ostrow, Jonathan M. Streisfeld of
Kopelowitz Ostrow Ferguson Weiselberg Gilbert; Hassan A. Zavareei, Andrea R. Gold of Tycko & ZavareeiLLP; Stuart E. Scott of
Spangenberg Shibley & Liber LLP; Jeffrey D. Kaliel, Sophia G. Gold of Kaliel PLLC and Robb S. Stokar of Minnillo Law Group Co. LPA.
The Fifth Third Bank ATM Fees Class Action Lawsuit is Carnell Smith, et al. v. Third Fifth Bank, Case No. 1:18-cv-00464, in the U.S. DistrictCourt for the Southern District of Ohio.
Read About More Class Action Lawsuits & Class Action Settlements:
39 thoughts onFifth Third Bank OKs $5.2 Million Deal Over Double ATM Fees
I had an account with 5th Third in 2007โ-they took close to $2,000. I am certain every time I cashed a check someone wrote me-and I had an account with them-I was charged $15. My niece paid me $20 for something and I got $5.