Fifth Third Bank Charges Customer $300 in Overdraft Fees Without Notifying Him: Report

Huffington Post
May 3, 2012
Kavoussi, Bonnie

According to the Consumerist, Fifth Third Bank charged a customer $300 in overdraft fees without his knowledge -- even though he was enrolled in a program that was supposed to alert him if he was overdrawn on his account. Despite being signed up for overdraft notifications, the consumer blog reports that the account holder received none. He said he was surprised to find out that he had about $300 in overdraft fees -- a daily penalty as well as a fee for each purchase -- leaving his bank account in a $700 deficit. The bank has had similar complaints recently after a man claimed the bank charged overdraft fees on an account that he had previously closed. Fifth Third settled an overdraft fee lawsuit in 2010 after allegations of high-to-low transaction ordering, which results in a higher number of fees. Additionally, according to the National Consumer Law Center, the bank is now dabbling in payday lending, charging $10 for every $100 borrowed.
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