Fifth Third Bank Class Action Settlement Of Overdraft Fee Class Action Lawsuit

If you paid overdraft fees related to a Fifth Third debit card, check card and/or bank card, you could receive a cash payment from a class action settlement.

A class action settlement has been reached in a class action lawsuit pending against Fifth Third Bank (“Fifth Third Bank” or “Fifth Third” or “Defendant”) in the United States District Court for the Northern District of Illinois (styled Shannon Schulte, et al. v. Fifth Third Bank, Class Action Case No. 1:09-CV-06655) alleging, among other things, that Fifth Third Bank improperly assessed overdraft fees for insufficient funds on debit card purchases and/or ATM withdrawals by “re-sequencing” transactions in order to maximize the number of overdraft fees, according to the Fifth Third Bank overdraft fee class action settlement notice.

Fifth Third Bank overdraft fee class action lawsuit settlement class members reportedly include the following persons, unless otherwise excluded:

All persons in the United States who hold or held a Fifth Third Account and who at any time during the Class Period (i.e., from October 21, 2004, through July 1, 2010) incurred at least one Overdraft Fee (i.e., an insufficient funds fee, overdraft fee, returned item fee, daily overdraft fee, overlimit fee, or other similar fee, incurred as a result of the “re-sequencing” of a Fifth Third Debit Card Transaction in non-chronological order that was not previously reversed, refunded or returned) associated with at least one Fifth Third Debit Card Transaction (i.e., a transaction done with or relating to a Fifth Third Debit Card, e.g., a debit card, check card or any other bank card used for debit purchases bearing the Fifth Third logo or brand.)

The proposed Fifth Third Bank overdraft fee class action settlement reportedly provides that Fifth Third will pay $9,500,000 to a Settlement Fund to make payments to eligible Settlement Class Members as well as to pay: (a) attorneys’ fees, costs, and expenses; (b) incentive payments; and (c) third party costs to provide notice and to administer the settlement. Payments will reportedly be made to Fifth Third Bank Settlement Class Members who submit valid Claim Forms no later than May 2, 2011.

Under the Fifth Third Bank overdraft fee class action settlement, Fifth Third Bank will also reportedly implement the following modifications to its business practices:

(1) Fifth Third Debit Card Transactions will not be charged to a customer’s Fifth Third Account from highest amount to lowest amount. Rather, Fifth Third has agreed that it will process all such charges in chronological order. This means that Fifth Third Debit Card Transactions will be processed in the order that they are presented to Fifth Third for payment, regardless of amount.
(2) All customer service representatives in Fifth Third’s call centers will be trained on issues related to Overdraft Fees and other overdraft issues. These customer service representatives will have the ability and authority to waive any overdraft fee for good cause (“good cause” may include an automatic waiver of one (1) overdraft fee per year, plus those resulting from errors in account reporting and other hardship situations such as hospitalization or illness causing an inability to examine account balances (medical documentation may be required for such claims)).

Fifth Third Bank overdraft fee settlement class members who wish to exclude themselves or opt out of the Fifth Third Bank overdraft fee settlement must reportedly submit a request for exclusion by February 23, 2011.

The Court is scheduled to hold a settlement Fairness Hearing at 10:30 a.m. on March 16, 2011, at the United States District Court for the Northern District of Illinois, Court Room No. 1919, 219 South Dearborn Street, Chicago, Illinois, 60604 to consider whether the proposed Fifth Third Bank overdraft fee class action settlement is fair, reasonable, and adequate.

For more information on the Fifth Third Bank overdraft fee class action lawsuit settlement and/or for updates on the class action settlement, visit the Fifth Third Bank overdraft fee class action fsettlement website:

www.overdraftsettlement.com

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