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.
View all: Class Action Lawsuit and Settlement News