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. As part of its marketing strategy, Fifth Third claims to put “166.7% into everything we do.”
Unfortunately, Fifth Third appears to have taken its marketing far too literally. The Consumer Financial Protection Bureau (CFPB) recently 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.
If Fifth Third Bank opened an unauthorized account in your name, you may be eligible to become a class member. Call us today at (909) 345-8110.
Unrealistic Goals, Unethical Acts
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.
Unfortunately, Fifth Third is just the latest financial institution to get caught up in this deception. Its competitor bank, Wells Fargo, recently emerged from a similar scandal, in which it was fined $185 million for opening approximately 1.5 million false accounts. Since then, it has paid more than $5 billion in penalties and fines.
Protecting and Serving Consumers Throughout the U.S.
McCune Wright Arevalo, LLP has a history of aggressive class action representation that spans over 30 years. Serving throughout the United States, we have represented consumers in financial services class action litigation involving overbilling, mortgage fraud, and more. One of our most notable cases involved a $203 million verdict in a class action against Wells Fargo for unfair overdraft fees imposed on its California customers. We have recovered over a billion dollars in verdicts and settlements in financial services settlements and verdicts.
If Fifth Third Bank opened an unauthorized account in your name our class action lawyers want to help. Call our firm at (909) 345-8110 today to help us investigate this matter.