Fifth Third Bank Accused of Consumer Fraud

Has Fifth Third Bank been charging illegally high interest rates on loans?

A class action consumer fraud lawsuit has been filed in Cleveland against the bank, accusing the organization of illegal activity. The issue, as the Business Courier describes, questions whether Fifth Third charges “fees” or “interest” on its Early Access loans. The loans are essentially cash advances on the borrower’s paycheck.

Several large banks nationwide offer similar services.

According to the lawsuit filed in U.S. District Court, the plaintiffs claim Fifth Third’s fees amounted to interest with annual percentage rates topping 1,000 percent.

Ohio law limits banks to a maximum 25 percent annual interest rate on loans. Fifth Third considers associated charges as transaction fees, not interest.

Fifth Third has not commented on the litigation.

If you or a loved one has been wronged by consumer fraud, there may be legal action worth pursuing. Call Sokolove Law today for a free legal consultation regarding a product liability lawsuit.

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