Fifth Third Bank: What You Need to Know

Fifth Third Bank is one of the Midwest’s largest consumer banks with 1,100 branches in 10 states. It holds more than $150 billion in total assets, and offers products and services such as checking accounts, savings accounts, credit cards, online banking and lines of credit.

In March of 2020, The Consumer Financial Protection Bureau (CFPB) filed a lawsuit alleging that Fifth Third has been looking the other way while employees open unauthorized accounts for the purpose of meeting Fifth Third’s aggressive sales targets. Fifth Third’s alleged deception resulted from its “cross-sell” strategy, which was intended to increase the total number of products and services it provided to existing customers. It is alleged that Fifth Third demanded that its managers and employees hit unrealistic sales targets or face negative performance reviews, and even the termination of their employment. Additionally, Fifth Third is alleged to have offered additional cash compensation as a reward to employees for selling new products and services to existing customers. Because Fifth Third’s tactics created all the wrong incentives, the CFPB claims it has already uncovered over 1,000 false and unauthorized accounts.

What Can Affected Account Owners Do?

Although McCune Law Group is not accepting new cases at this time, you still have legal options. If you have experienced issues with Fifth Third Bank, you can:  

• Check the CFPB Website: Check the CFPB website for more information regarding this matter and more information on legal avenues you may be able to take.
• Explore Other Legal Avenues: If you have experienced financial hardship due to this issue, you may still qualify for legal action. Explore our financial services case page for more details.

Related Cases and Legal Areas

Though we are not currently taking cases related to this matter, we may be able to assist you with a similar case. We recommend exploring the following practice areas:   

• Financial Services: Concerns related to borrowing, lending, or otherwise transacting are best addressed by a financial services attorney.
• Commercial Litigation: Business owners looking for legal strategies pertaining to anti-trust violations fraud, breach of fiduciary duty and other matters may be best served by an attorney specializing in commercial law.
• Class Action: When multiple parties have been harmed by the same issue, they may form a class to pursue justice as a collective.

Need Legal Assistance?

If you are dealing with another financial issue or class action related matter, our experienced attorneys are here to help. Get in touch with our team to explore your legal options. 

For general inquiries, you can reach us at (909) 345-8110 or via our online form.

Final Note

This page is no longer accepting new clients for the matter of Fifth Third Bank opening accounts but remains active as an informational resource to serve affected account owners.

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