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Fifth Third Bank Overdraft Lawsuit Settlement

Posted By Jim On 04/26/2011 @ 2:19 pm In Banking | 194 Comments

A 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 [3].

(Photo: valkyrieh116 [4])


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[3] official settlement website: https://www.overdraftsettlement.com//Default.aspx

[4] valkyrieh116: http://www.flickr.com/photos/valkyrieh116/2836376633/sizes/s/

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