If you have been a customer of Fifth Third Bank and incurred any overdraft fees related to a debit card transaction, the following may interest you. According to a 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. Without admitting wrongdoing, Fifth Third ended up settling for $9.5 million. The official website is OverdraftSettlement.com. Taken from the claim form:
Eligibility: If you hold or held a Fifth Third Account any time between October 21, 2004 and July 1, 2010 and incurred at least one Overdraft Fee associated with at least one Fifth Third Debit Card Transaction, you are eligible to submit a Claim Form.
Settlement Benefits: Settlement Class Members who submit a valid Claim Form may receive a payment of up to three times the amount claimed on this Claim Form, depending on the total amount of valid claims submitted. The Court in charge of this case still has to decide whether to approve the settlement. Payments will not be made until the Court grants final approval and after any appeals are resolved. Please be patient.
The applicable period is pretty long, nearly six years. You could get up to triple your overdraft fees back. Supposedly final approval was supposed to be given on March 16, 2011, but I can’t find any updates. Claim deadline is coming up soon on May 2, 2011.
By Jonathan Ping | Banking | 4/4/11, 5:00am