Fifth Third Bancorp Unauthorized Accounts Lawsuit Investigation
CFPB sues Fifth Third Bank over allegedly opening fake accounts
On March 9, 2020, the Consumer CFPB filed suit against Fifth Third Bancorp, alleging the bank had opened unauthorized accounts between 2008 and 2016. The complaint also alleges that Fifth Third knew this was happening but didn’t do enough to stop it or to compensate consumers who were harmed.
According to the CFPB, the unauthorized activity included:
- opening new deposit and credit card accounts
- transferring funds from existing accounts to the new unauthorized accounts
- enrollment in online banking services
- activating new lines of credit
If you’ve ever banked with Fifth Third Bank, you may be affected.
Unauthorized Fifth Third Bank Accounts In Your Name?
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Fifth Third Reveals Intended Enforcement Action by CFPB
Fifth Third Bancorp first revealed in its filing with the Securities and Exchange Commission on March 2, 2020 that the Consumer Financial Protection Bureau intended to file an enforcement action regarding alleged unauthorized account openings.
When the CFPB filed suit on March 9, Fifth Third said the suit was “unnecessary and unwarranted.” Our firm is investigating the extent to which consumers may have been harmed by Fifth Third.
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|H&R Block||$19.4 million for consumers who were misled about the benefits and fees associated with Express IRAs|
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|Chase Bank||$100 million for Chase Bank customers after unilateral modifications to loans more than doubled their monthly payments|
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