Investigation and potential class action lawsuit against Fifth Third Bank for allegedly wrongfully charging overdraft fees.
Many Fifth Third customers have complained about being charged overdraft fees. In one scenario, it is alleged that Fifth Third re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: Fifth Third reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. Fifth Third then posts the $20.00 debit, and then charges a second overdraft fee. Fifth Third then posts the $5.00 debit, and charges a third overdraft fee. If the bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that Fifth Third debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be Fifth Third practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by Fifth Third, please contact us to explain your experience.
Name (Stock Symbol)
Fifth Third Bancorp (FITC)
Fifth Third Bancorp is a diversified financial services company. As of December 31, 2008, it operated 18 affiliates with 1,307 full-service banking centers, including 92 Bank Mart locations open seven days a week inside select grocery stores and 2,341 Jeanie automated teller machines (ATMs) in the midwestern and southeastern regions of the United States. Fifth Third Bancorp operates through five business segments: Commercial Banking, Branch Banking, Consumer Lending, Fifth Third Processing Solutions (FTPS) and Investment Advisors.
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