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. amber says:

    I have a total of $1953 in overdrafts for 2010 and 2011 total. Are you telling me I will only get a possibility of $60 back… at most $1000?? What happened to the 3X???!!!!

    • amber says:

      I don’t even need the 3x…I just want my $1953 back in total!!!!

      • Jake says:

        No, the overdraft fees have to be in a 45 day period, not over the course of 2-3 years. If, within a 45 day period you incurred overdraft fees AND can prove this via documentation will you be awarded the settlement check. As far as 3x the amount I am not sure about. I had a bad span and incurred over $300 in overdraft fees over a 2 week period. Does this mean I am going to get $900 back, I cant answer that question, but 5/3 did break the law and do have to pay at least what you lost.

    • Robert says:

      The lawery take it i saw a class action lawery given some F&G FUND left over money from the settlement and the FUND had nothing to do with the class action suitThe lawerys are get all the money and the class member get $60

      • kristi says:

        And, may I ask,…How do you know this? Please leave only facts, not hype. And, YOU are right, lawyers do take all, so do the banks…But only give facts, not your feelings, I certainly dont think Ill get rich out of this, even though they stole over $1000 from me in a week…And, I have documentation.

        • Joe says:

          I agree with you Kristi on this point and also on keeping records. I just happen to save account statements so I had everything I needed. There has been a lot of mis-information out there. Some of the things I’ve read are way out there. Always take personal responsibity though. There is a guy on another blog now calling people names; really nasty stuff. I’m surprised they publish it.

    • ally says:

      The 3x was always “UP TO 3x” What happened is that their high end lawyers successfully settled for significantly less, and then you have to divide that amount by the number of people who claimed. So yup look for 50 bucks. If.

    • Former Fifth Third Customer says:

      I hear you, Amber.

      This has been a total load of BS from the beginning. Now, there’s hundreds of thousands of claimants and the lawsuit has dragged for over three years! Fifth Third has recovered more than their share, just in interest, based upon the illegal fees they harvested. Whereas, we… the “little” people… will get bubkis. Thanks attorneys… thanks court. Thanks for all the BS and the false hopes that this would… in any way… give Fifth Third the signal that this is morally, ethically, and professionally wrong.

  2. Joe says:

    Only the two original persons who filed the suit receive 1,000.00.

  3. leela says:

    Are u serious my overdrafts from Jan2008 to June of 2010 were at least 1,500.00.In which i know a lot were just repeated over and over as overdrafts.So i will never see that money back not fair because they make you pay up!Or else they would place a hold on your account or send several letters charging you per day or a date of when they were going to close your account. NOT FAIR PAY BACK THE MONEY TO THE ONES THAT WERE OVERCHARGED!

    • Jake says:

      “Your settlement is amount is is up to three times the amount you claim on the form. ”

      Where are you people getting this $60 from? Go to the settlement site and read the documentation.

      • ally says:

        “UP TO”
        That can mean 1$ to UP TO three times. And the 60 is probably somewhat accurate: Take the settlement number divided by the number of valid claims, which equals ABOUT 60 bucks. That’s where.

        Yes, it’s a guess. But it’s a good guess.

  4. Charles says:

    I like to know how to verify this information.
    I too am own several hundreds of dollars.
    60 dollars !! well I quest they call it Justice !!! Just us are getting the Shaft.

  5. KRoushWV says:

    The lawyers are getting over $3 million and we are only getting $60 (if we are lucky)!! Absolutely outrageous!!

  6. KRoushWV says:

    @Charles….The total settlement amount (after lawyer fees) is just over $6 million and the paperwork states that they received over 100,000 claims. That comes out to about $60 per claim!!

  7. kjdjbru says:

    why don`t you give the american hard working people there money back.BOA????????????BS.

  8. C says:

    I’m so mad right now about this settlement!! All of us claimants are due much more than $60 each. Most of us we ripped off for $500.00-1,500.00 from 5th 3rd. I’ve tried getting in contact with the attorneys to tell them that per the blogs we don’t thnk that $60 each is right. Although, 1 person said that some of the 100,000 claims will be thrown out, not eligible, etc. But still, the amount due to us is much more than what this settlement is suggesting to pay. If they said $90 million instead of $9 million that would sound more like it. No one can enter or exit this settlement now!! Time has almost elapsed for an appeal, reach out to whomever you can to get this rectified. We are the ones who got screwed here, and look at all of the money these banks made over the last 7yrs or however long. And we’re only getting a fraction of what we lost in a 45 day period, I was with this friggin bank for 5 yrs!!!!!! This is BS!

  9. lana says:

    i just called the attorneys office in chicago asking about this lawsuit she said someone filed an appeal yesterday so its going to be sometime before we get anything… this sucks

    • Jake says:

      If you see anything at all..sadly thats American Justice. Not right having the Banks run this country.

  10. Salvador says:

    Everyone who follows this suit is evidently very ill-informed. There are a few basic pieces of information that everyone involved in this should have easily known.

    You select the 45-day period for which you incurred the most overdrafts. The arbitrary nature of this 45-day period is strange and seemingly beyond logic, but that was a stipulation of the settlement.

    I do not understand people talking about the thousands of dollars they lost over multiple years’ time.

    If you claimed amounts outside of a single 45 day period, you will most likely be excluded from the suit, or a smaller amount will be determined.

    I am so utterly shocked at the lack of understanding that people have about this settlement; all the information needed is there, plain as day. There are guidelines and numbers which can answer all questions, so nothing should be confusing about this. The only thing worth questioning is the rationale BEHIND the amounts and guidelines — those are a bit ridiculous, if you ask me. But everything else is terribly clear.

    • kristi says:

      It WAS plain as day. And, it wouldnt even allow you to claim anything after those dates…I lost over $1000. I keep all my banking transactions, and, if you do banking online, when this notice went out, you could print off up to 6mos of your banking….I had proof of both, my kept files…paper statements, and also my online. I knew EXACTLY HOW MUCH THEY RIPPID ME OFF. I feel bad that people are being taking advantage of, but people have to be accountable also…be smart….if you dont have records, or keep track of your monies…that it just bad management on your part also…it’s like keeping your purse open with a newly cashed check, full of money on the sidewalk…after you went shopping, got gas, treated a friend to dinner…and you discovered your open purse on the sidewalk, but a few cents in change was what was left…YOU dont know who stole it, you cant remember what you had left, and you have no receipts… You did get your purse back…but who, what, how much…do you charge for this crime? And, is some of it YOUR fault for leaving it on the sidewalk???

  11. Joe says:

    I don’t consider myself ill-informed at all. I agree; if you can read; the info was very clear at least as pertaining to the process of joining the lawsuit. I’ve been commenting for months. The last comment I left about the 1,000.00 incentive award for the origional plaintiffs was to clarify to those who misunderstood that to mean everyone was getting 1,000.00. Not the case. I’ve even seen folks commenting and asking how they can still get in on this. So I have to agree with Salvador that maybe people need to take the time to read carefully. It is very clear if you read through it. Maybe that’s why it was so easy for them to take advantage of so many. It only happened to me once and amounted to 284.00 during a 30 day period. I made sure to NEVER be short again no matter what. In the end; I knew it was up to ME to keep my account up.

    • Jake says:

      True, it is our responsibility to keep track of our own bank accounts, but its up to the bank to operate legally and not try to manipulate their own system for gain at our expense.

  12. RUTH says:

    so we all get 60 dollars shows how the rich robbing the poor again we still lose you all get rich were did you all lose money what is 60.00 when i lost 1,000 of dollars life is a joke rich gets richer do you ever think about how you guys are no better than 5/3 bank you are taking our money too.

  13. Charles says:

    I just recoeved an e-mail from class settlement and it said that we will be getting
    $10.00 based on 250,000 claims if there is over 500,00 people we will get $5.00. I say to You What kind of shit is this.

  14. joe says:

    Nobody ever gets much back from a class action lawsuit. Never. Many of you people are putting out a lot of mis-information.

  15. Dave says:

    We should file an appeal, that is simply ridiculous they can throw us less than five percent of what we paid them, we should all file an appeal

    • Venetta says:

      Dave I agree but in the end the (banks and lawyers) count on you getting too tired to bother to fight!!!! That is how they win. I have fought a lot of cases and you have to be up to the fight. I no longer care : ( If I get $1.00 back it is not going to change the fact that the bank repeated charged the larger payments first no matter what order the item was charged to make sure people without lots of money in the bank ran into overdraft charges. The fact that it had to happen for 45 days consecutively if that is correct is totally as illegal as what the bank did. I think they should have taken into account what the bank did over the years. I once paid $37.00 in overdraft fees for a pack of gum!!!! I more than had $1.00 when I made the charge. Everyone can’t keep a full bank account and the bank counts on that.

  16. joe says:

    If you joined the class action lawsuit you CANNOT appeal. I lost 284.00 and I don’t expect much back.

  17. Ed says:

    I had moved to another state and was overdrafted on my account in the amount of $.75 the bank hit me so hard with fees that the amount totaled $900.00 before I only use the account to pay bills once a month.I didnt know it was overdrafted until the end of the next month.By that time they took my whole paycheck and i couldnt pay my bills. then they sent my name to the list of people who have bad standings with banks which last for 5years. i cant even open an account with any other bank.

    • Venetta says:

      Ed, I feel for you. I am ready to resort to hiding money in the mattress again. At least I would sleep comfortably. These banks will put you on the street and to them we are not people but just money. The lawsuits obviously don’t work in our favor either.

  18. Jake says:

    Everyone has access to overdraft protection and early access if they have a 5/3 checking account. Paying the $10 fee to transfer $100 is well worth it. I have used it many times to keep my account in the black, but Joe is right I am responsible for keeping track of my account balances and spending. Still, the banks suck and Karma is a bitch….they will get or in the next life. Thats enough for me. Im switching banks as soon as I get my raise and thats one more chump they wont be able to screw over.

    Instead of pissing and moaning about not getting your money back, think ramifications. You wanna hit them where it counts, start a website, boycott the f%ck out of them and persuade millions to leave 5/3 and go to another bank, or better yet credit union. Until people realize that you are never going to win by trying to GET something from a GIANT bank like 5/3, but from TAKING from them (and I dont mean robbing them, thats illegal) no one will ever get anything more than a shit stain in their under pants and a pissy day…at best.

    • joe says:

      There you go Jake. Now that makes sense. Hit them where it will actually HURT them. Good comments.

    • Venetta says:

      I like the way Jake thinks. As soon as I get another job I will be thinking CREDIT UNION. I just read where lot’s of people did that with their banks recently and the Credit Unions made more money than they would in 10 years with new accounts.

      • joe says:

        Absolutely a great idea on the credit unions. I had one open just down the street from me and already took my money there. Highly recommend it.

  19. M&K says:

    WHEN r we suppose to get the money that is owed us??? I haven’t heard anything on that.

  20. Doreen says:

    When I had this issue with 5/3 I even mentioned to them what I thought they were doing. BUT I didn’t file a lawsuit of any kind against them… nor did any of the people that did nothing and want money to fall in their lap, and might I add you had a long time to do so. And I totally agree with Joe, many of you are ill informed.

    • Venetta says:

      I also told them what they were doing was illegal. What I notice now is when I put money into the bank to pay a bill the show your balance with the money taken out. A few days later the money I paid say to a cable company will show back up in my account as available. HOW??? Today I paid it an printed the copy of the bank showing my balance. I guess it won’t make a difference unless they do this to me for 45 days straight

  21. Justin says:

    Has anyone heard any updates regarding the lawsuit and if or when persons will be receiving fees back?

  22. joe says:

    The case is being appealed. No date set for the appeal. Probably six months to a year. Also; because it is being appealed; that’s more money down the tubes. Forget it folks; it isn’t happening. It’s not fair; but that’s the way it goes.

  23. Larry says:

    I am part of this thing. When I was hit for over $400 in overdrafts at one time I immediately stopped using the bank. We had to pay them $290 just to get the account even. After that we never used them again and will never use them again. We informed the bank that what they did was totally illegal, they switch our deposits and debits around. the deposits were made days before any debits but they were switched them to show the opposite. This is what they did that caused the trouble. The announcement about the lawsuit was made a couple of years ago and there was a deadline. From what I understand, you had to agree or disagree with joining the lawsuit with in a certain time frame to benefit from the lawsuit. That date was clearly post in the documentation and on the website.

  24. Sarah says:

    Very few people actually qualify for this. I currently bank with them and you get what you pay for. That is why I also bank with Chase. You don’t get ALL of your overdraft money back and you shouldn’t! The original fee and ANY fees up to the overdraft limit should stand. It is ONLY the fees that were reorganized. Bottom line: I’m not rich, pay the twelve bucks a month at Chase and get real service. They are entitled to make money like anyone else. Quit the whining and living beyond your means….”The rich get richer…” Oh boo hoo. I bet if they were handing out free money, you would take it and ask no questions about where it came from. Give me a break and act like adults and don’t overdraft in the first place.

    • joe says:

      I agree with you basically Sarah. It only happened to me once and I was damn sure it wouldn’t happen again. In my case; it truly was the reshuffling of charges that caused me to have the overdraft. The banks have a right to make money; and they make billions. In the end everyone has a resonsiblity to take care of themselves.

    • BMac says:

      are you friggin kidding me Sarah! You must work for them, I was overdrawn due to staggering of debits from 5/3rd Bank! But I was smart, filed a complaint with the comptroller of the currency, got every FRIGGIN penny back. You see, Banks don’t like complaints filed with the Fed’s, it affects their rating. Based on that, closed the account, went somewhere else. I’m not expecting to get anything back, they re-imbursed me ove 600 when the complaint was filed. I even got a call from their local VP! I’m sure all these people had the same thing happen to them, do I agree with what they will be getting, absolutely not! The lawyers get everything and 9 mil for 5/3rd is just another slap on the wrist!!!

    • Venetta says:

      Sarah, you are probably right but some people don’t have $12.00 a month. In the economy the way it is today you may also end up BOO HOO HOOING too. It happens to the best of us and then some lesser. Be more considerate or have a heart rich lady most people are lucky to have one account but as you said “The rich get richer” maybe in money but in heart so people will ALWAYS BE POOR! You seem to fit into that category : ( I feel sorry for you with all your riches

  25. scott says:

    sarah you must work for the bank cause you sound just like them a lil bit$h

    • Venetta says:

      Scott, you are so correct in you accessment of Sarah. She sounds so empty inside. You can be rich in pockets but that does not account for what runs through your blood. Sarah sounds like she intentionally intended to be mean and heartless. She reminds me of someone from one of the old CHAT ROOMS!!! I only feel sorry for people like that now.

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