In the past few weeks we have noticed some added attention to one of our articles, “Fifth Third Bank Owes $9.5 Million in Settlement”, published almost exactly a year ago. There are a lot of unhappy customers who have yet to see any of the $9.5 Million owed from a settlement regarding overdraft fees. Fifth Third never admitted to any wrongdoing but did agree to pay the fine.
November 30, 2010, marked the day the class action lawsuit lead by Shannon Schulte and Marlene Willard was settled in the U.S. District Court for the Northern District of Illinois. The case accused Fifth Third Bank of “re-sequencing” transactions, or posting debit card transaction in order of size as opposed to date-of-purchase, making it more difficult for customers to see when their balance was low.
Pew Research recently released an interactive tool highlighting the problems with ordering debit card transactions by size as opposed to date. Check out the tool below:
Who Does Fifth Third Owe?
The settlement involves all Fifth Third customers who incurred an overdraft fee using their fifth third debit card between the dates of October 21, 2004, and July 1, 2o1o.
Unfortunately if you missed the deadline for submitting a claim, May 2, 2011, then you will not be receiving your payment.
When Do I Get My Settlement Money?
If you were one of the lucky ones to get your claim in before May 2, then you may be eligible to receive up to three times the amount of your claim — this figure is contingent on the number of valid claims submitted.
As of July 29, 2011 the settlement received final approval meaning all valid claimants would receive their money in the mail. The bank has vowed to send out all payments by January 26, 2012, so you’ll have to wait until after the holidays to see if you get your cash or not.
Fifth Third has created a special site to answer people’s questions regarding the settlement, but you can also call 1-888-235-7491 for questions and answers. If you have not received your claim by the end of February 2012 send an email to info@OverdraftSettlement.com.
Fifth Third customers are not the only ones have money owed to them by large banks. In November of 2011, Bank of America (NYSE: PNC) reached a settlement over 40 times the amount Fifth Third Bank owes. This $410 Million settlement involves any customers who have had cards over the past 10 years.
Another similar suit, also has an expired claim deadline, involves National City Bank which was purchased by PNC Financial Services for $5.2 billion in stock. The courts reached a $12 Million settlement with the bank covering overdraft fees charged to consumer deposit accounts.