Fifth Third Bank Overdraft Lawsuit Settlement

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Fifth Third BankA few years ago, banks did some crafty things to juice up their fee revenue. One of those things was the re-ordering of debit card and ATM transactions to maximize insufficient funds and overdraft fees. Instead of posting the transactions in chronological order, which one would expect, transactions at Fifth Third Bank were not posted in chronological order. Fifth Third Bank was sued in a class action lawsuit and settled for $9.5 million.

If you are or were a Fifth Third bank customer between October 21st, 2004 and July 1st, 2010 and were assessed at least one overdraft fee with a debit card transaction, you can submit a claim form. Your settlement is amount is is up to three times the amount you claim on the form. If you can’t remember whether or not you paid an overdraft fee, you can submit a request with Fifth Third Bank and they will provide that data free of charge (according to the claim website).

The deadline to submit a claim is May 2nd, 2011.

Here is the official settlement website.

(Photo: valkyrieh116)

{ 194 comments, please add your thoughts now! }

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194 Responses to “Fifth Third Bank Overdraft Lawsuit Settlement”

  1. Angela says:

    Received my letter today from the settlement. I paid $1,143.00 over a 45 day statement cycle with fifth third. However, my letter states….. “as contemplated by the settlement agreement, the total validated amount of Overdraft Fees claimed in the Schulte v. Fifth Third Bank settlement excess the funds available for distribution to eligible claimants. As a result, eligible Settlement Class Members will not receive 100% of their validated claim amount, but rather will receive a lesser percentage.” At this time, the claims administrator calculates that your payment will be between $171.45 & $251.46. Your payment is scheduled to be mailed on February 29, 2012. SO! NO 3x the amount and no where close to what they took in a 45 statement cycle. However, the class counsel is being paid $3.167 million and I’m sure that comes out of the $9.5 million that was supposed to be paid to all of us! So maybe this is why we get so little back. Better something than nothing I suppose!

  2. mike says:

    WOW! I just got my letter from fifth third. I am supposed to receive between 4 and 7 dollars. THATS IT!!!!! I hate fifth third. I am going to call and scream at everyone i speak with. This is terrible. my total overdraft fees were 120 over a 45 day period… multiply that by 3 and I shouldve got $360! This is absolutely horrible

    • Jim says:

      Sadly, you’ll be screaming at the front line tellers who have no control over it. I’d try executives instead.

      • James M says:

        The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants. It is it’s natural manure.

        Thomas Jefferson

        tyrants= executives

    • Jason says:

      The settlement NEVER said you would get back 3 times your fees. It said UP TO 3 times your fees depending on the number of valid claims.
      I think the bigger gripe is that the lawyers are allowing those who filed invalid claims to correct them after the fact. We were supposed to be paid by the 29th of January, but due to the large number of morons who couldn’t fill out the form properly, they are letting them ammend their claim during January.
      My feeling is they should have been given NOTHING back.
      Calling the bank at any level will get you nowhere. The case is settled and over. Also, how much would you have gotten back without this lawsuit? Go enjoy a happy meal and get over it.

    • Nicole Atherton says:

      I haven’t gotten my letter yet, I was really hoping for at least what I lost. But, Fifth Third didn’t decide how much you get (and the joe schmos you will get ahold of when you call Fifth Third certainly didn’t). They agreed to give 9.5 million to everyone who jumped on the class action, the lawyers took 3 million, and the rest was split up between those of us who claimed based on how much our fees were. Up to 3 times, but less if more people filed claims. By being a part of the class action, that means that we’re not able to ask Fifth Third for anything else.

      • Jason says:

        I am assuming that the letters sent in January were to those who made mistakes or had to clarify some information. I haven’t received a letter either, but have been told by the lawyers through e-mail that my claim is valid and good to go.

  3. Matt says:

    Walt: You paid $1200 in overdraft fees in 45 days?

  4. Angela says:

    I had $1,143 in a 45 day period over the course of those years! Multiply by 3x the amount that you could receive back and that’s over $3,000 back to me! However, according to my letter I will only receive between $171.00-$251.00.

  5. brad t says:

    we have not recieved anything from 5/3…..that is another reason why we will be switching banks…..if enough smart people leave 5/3 bank ,,,, they go out of business…..its only common sense people, just switch banks, i know its a hassle, but, again, use your head,,,,,leave them, eventually yhey will feel OUR pain……

  6. Marilyn D. Anderson says:

    This was a settlement, which means that Fifth Third was not found guilty of anything. They voluntarily agreed to settle. They chose a 45 days period because the thought was that a consumer would receive their statement and see what was happening and then could change their banking practices. Only debit card overdrafts were included, it did not cover other checking account overdrafts or fees. You could get up to 3X your fees back if fewer people claimed, but if more people claimed, the fund would be allocated based on amount of fees paid. Again, it was a voluntary agreement. You can change banks any time you want. I think Fifth Third was very reasonable and I am still banking there. I like the stadium.

  7. brad says:

    Pretty obvious Maralyn works for 5/3…..or you just like getting screwed by your bank…

    • Mike says:

      It’s people like you that we need less of in this world! 5/3 made a settlement, take it or leave! I bet you won’t forgo any amount that they decide to give. On the other hand, I’m sure you’ll complain about it. You can switch banks if you feel the necessity but there are plenty of responsible people in the country that have banked with 5/3 and haven’t had issues. I’m sorry but if you accrue “Thousands” of dollars as some of you are complaining about, you’re simply too stupid to even own and bank account. Learn to pay attention to your finances. 5/3 may have done business in a shady manor but let’s be honest, you don’t accrue that much in fees too fast. “Fool me once, shame on you. Fool me twice shame on me”!

  8. 5/3 bank has over the last 6/7 years, has charged me thousands of dollars in overdraft fee’s and have offered me a settlement of between $59.00/$75.oo which is a slap in the face. If I do not get satisfaction I will not be calling my lawyer, I will be calling the police to charge them with felony theft.

    • Jason says:

      Good luck with that. Again, the case is CLOSED. No amount of yelling, threatening or arguing will do you any good. If they were really stealing from you, why have you waitied 6 or seven years to go to the police or banking regulators? You can only go back 3 years anyway with the statute of limitations. I’m sure a lawyer will see you, make a $300 phone call (that you will pay for), and tell you since you were part of the class-action, you are out of luck.
      And before the flaming begins, I am NOT afilliated with 5/turd, and hate the way they conducted their business. But the amount of half-cocked, ill-informed posters here is maddening.

    • Jason says:

      and the $59-$75 is NOT an offer, it’s what you agreed to by being part of the class-action. Something a lot of people here probably don’t realize: When you agree to be part of a class-action lawsuit (and you agree by not opting out of the class)you have given up your rights to seek remedy by any other means. So the posts that say they are going to call a lawyer, the cops, or 5/3 executives can stop.

  9. Tamz! says:

    Expect nothing… appreciate everything.

  10. Marvin says:

    I paid $660 in fees, getting back $100 and they are suing me for the fees I refused to pay when I left them! And…I caught their bank robber and didn’t receive a dime!! How’s that for gratitude? The bank is located in Wadesville Indiana!!!!!

  11. Marilyn D. Anderson says:

    Jason, you are amazing. You are so right about everything. I love your comments.

    • Jason says:

      Thanks Marilyn! Just trying to be a buoy of reason in a sea of rumor and innuendo. At least this case is getting paid off soon, I’m also a member of the DeBeer’s diamonds class action suit and the claim cut-off date was May 2008!

  12. James M says:

    Yep, just got my letter as most should have received 1,114. But it’s 171 or 251, looks like as normal the “sharks” are top feeding and we are the “carp”…

  13. Kate says:

    I find some of the comments condescending the outrage of “financially” abused people interesting.

    I filed a claim for this class action lawsuit as I received numerous overdraft fees while banking with fifth third. NOT because I was a moron who didnt deserve to own a bank account (as some have stated) but because like many people…I lived on a tight budget as a college student working my way through college and paying for my own living expenses. EVERY CENT OF MY HARD EARNED MONEY COUNTED. And was there many times in paying my bills and living I dwindled my account to the last $2? yes. BUT despite my close eye on my balance, FIFTH THIRD would hold my checks for an extended period of time and rearrange my debits causing excessiv overdraft fees. The day I left fifth third was the day I deposited CASH into my account to cover a check I had sent for a bill. And they held my CASH deposit until the next day and allowed the check to post first. Causing overdraft fees, bounced check fees, etc. Considering my tight budget I wasn’t able to deposit any funds to bring my account positive so just stood by and watched them hit my account for daily overdraft fees. Once I was able to pay the fees. I paid them off and moved my business to a small bank where this kind of dihonest, corrupt, disrespectful behavior does not happen. I havent received an overdraft fee since.

    I didn’t expect all the money “stolen” from to be paid back when I submitted this claim. I even realized that perhaps I might not “receive” more then a few dollars or cents. So I am not shocked by the amount that individuals will get from this settlement.

    HOWEVER that does not help the sting that is felt knowing that this greedy corporation not only took advantage of my small pennies but my “neighbors” as well. THEY DID DO SOMETHING WRONG…and PROBABLY STILL ARE. THEY ARE GUILTY. AND THEY SHOULD BE ASHAMED for what they have done as an establishment that should be “protecting” our money not stealing it. And it does not stop me from wanting them to pay for their disservices.

    These commenters are not idiotic or dumb. They are hurt and angry…and had hoped that in an injust world perhaps THIS time they would have received justice.

    Unfortunately, this settlement obviously will not do that and that is disappointing.

    • Jason says:

      The holding of cash until the next business day is inexcusable, and would be much better grounds for a lawsuit than this class-action. I can’t remember if I ever ran into this problem with them, but currently at Chase, 100% of cash deposits are available immediately, every time.

      Everyone runs into trouble at some point, and has to make decisions based on what is best for them at that time. If you HAVE to get gas to get home and know it’s going to cost you a $35 fee, that’s one thing. But the people who are claiming $1500-$2000 just in overdraft fees for a 45-day period on their claim form either can’t read simple instructions, or are habitual check bouncers whom 5/3 COULD have gone after criminally. Kate, obviously that wasn’t your case and no inferrence to idiocy could be placed on you in the circumstance you outlined.

      The fact that people were still threatening to sue, call, and harass 5/3 over this matter shows they are ignorant of the class-action process. Maybe the phrases idiotic and moronic were a little harsh, but since those types of comments have stopped, they were effective.

      Here’s to all of us expecting a check in the next week and a half! Go out and enjoy a good meal on 5/3’s dime and be glad you’re (hopefully) at a better place.

  14. Jason says:

    Question asked and answered:

    (My e-mail)
    I’m assuming that no update on your website is good news and the Fifth Third settlement checks have been mailed?

    (Response 15 minutes later)
    Your claim was approved and you will be receiving an award from the settlement. Checks are set to be mailed today, Feb. 29th.


    Office of the Settlement Administrator

  15. Jennifer packwood says:

    I had put in for the settlement as well and have not heard anything back. Im I still getting anything back from the hassle of losing a lot of money? They took all my paychecks for back fees and I would like to know if I will be compensated for any of this?
    Was my claim even approved?

  16. Jennifer packwood says:

    Thanks for your help Jason.

  17. Jason says:

    Received a check in the mail today! About one-third what I claimed. So, a nice dinner and night out!

  18. JD says:

    Check came today. Like Jason; received about a third of the claim put in. Just happy it’s done.

  19. SR6 says:

    Received check today as well. I’m betting the lawyer’s check has more zeros!

  20. John Kinney says:

    What a load of CRAP ! I received a big $ 26.00 when I had over $ 400 in bullshit resequenced transactions that took one overdraft from $ 17 to $ 400. I’m planning on leaving town anyway, so just for fun I’m leaving some frozen fish and a bunch of ants in my safe deposit boxes. Sure will have that much fun. Hope others will follow suit.

  21. Brenda says:

    I recieved a check for $20.00 and Im not pleased with this whole issue.I will not leave any rude comments however,I will be closing my accounts and that speaks for itself. I suggest YOU do the same and let the word out about this bank to friends and family that will show them your dissatifaction with Fifth Third and people will be discourage and think twice before giving them their business.

  22. Jason says:

    It was fun conversing with you all over the past year! Hopefully informative, definitely entertaining.

    Jason – signing off…

  23. Anna says:

    I never recived anything from fifth third i had a lot of overdrafts i can’t recall what years, but there was no notice from fifth third about this class action lawsuit

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