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 be made to Settlement Class Members who submit valid Claim Forms (see FAQ 10 "How do I calculate the Overdraft Fees to complete my Claim Form?" below). Claimants may be paid up to three times the amount of their claim, depending on the total amount of valid claims submitted. If the total amount needed to pay valid claims exceeds funds available in the Settlement Fund, each Settlement Class Member’s payment will be reduced and paid in proportion to all Settlement Class Members’ payments.
If there are funds remaining in the Settlement Fund after payments are made to Settlement Class Members, all remaining funds shall be distributed to one (1) nonprofit credit counseling organization, which shall be agreed to by Settling Parties and subject to the approval of the Court, in each of the twelve (12) states that Defendant has branches (Ohio, Illinois, Georgia, Florida, Tennessee, Kentucky, Indiana, West Virginia, North Carolina, Missouri, Michigan, and Pennsylvania).
Details on all of the Settlement benefits are in the Settlement Agreement, which may be accessed on the Documents page of this website.
If you believe you were charged Overdraft Fees between October 21, 2004 and July 1, 2010, you should complete and submit a claim (see FAQ 14 "How can I get a payment?"). Prepare your claim carefully after reviewing any bank statements or other records you may have (see FAQ 12 "What if I do not remember if I paid an Overdraft Fee?"). On the Claim Form provide the number and dollar amount of Overdraft Fees you believe you were charged in any continuous 45 day period between October 21, 2004 and July 1, 2010. In the Claim Information section select either Option 1 or Option 2. If you do not have all of your records and your claim is based only on your best knowledge and belief, select Option 1. If your claim is based on a review of your records, select Option 2. You can submit only one Claim Form regardless of the Overdraft Fees you may have been charged by Fifth Third.
Relying on its business records, Fifth Third may take steps to verify the information you provided on your Claim Form. Fifth Third may contest the validity of your claim by notifying you, the Claims Administrator and Settlement Class Counsel. In this case, Fifth Third will attempt to reach agreement with you regarding the validity of your Claim Form. If your claim is contested, Fifth Third may be required to provide documentation to the Claims Administrator. You may also be asked by the Claims Administrator to provide additional information to document your claim. If Fifth Third is not able to reach agreement with you, the Claims Administrator will make a final determination.
The Settlement Agreement, available on the Documents page of this website, provides further details.
In order to assist you with properly and accurately completing a Claim Form, Fifth Third will make available on its website (www.53.com) all Settlement Class Member account statements for a period going back 16 months from the date of request by the Settlement Class Member. Directions for securely accessing your statements are provided on the (www.53.com) website. These statements may be reviewed free of charge.