Are Fifth Third Bank accounts protected from fraud?

Fifth Third Bank is one of a handful of banks that is under investigation for opening fraudulent accounts in the names of existing customers, without their permission. A lawsuit has been filed by the Consumer Financial Protection Bureau in 2020 accusing them of opening lines of credit and checking accounts in the names of their consumers without their permission.

Why? To boost their sales figures so that stockholders think the company is growing. This is the same thing that other major banks like Wells Fargo have been fined for doing in the past.

If a fraudulent Fifth Third Bank account was opened in your name, it might have been a scammer or it might have been internal bank activity. Either way, what should you do when Fifth Third Bank won’t act?

Tired of talking in circles with customer service? File an official claim instead:

 Are checking accounts protected from fraud?

Checking accounts all come with fraud protection thanks to Federal Reserve Regulation E. However, this doesn’t mean that banks will automatically check for fraud and just give you reimbursement when they see it. It is up to you to contact your bank as soon as you see any fraudulent charges, otherwise you might be liable.

Does Fifth Third Bank reimburse stolen money?

If the money is stolen from your checking account or savings account then they will reimburse the stolen money. You get zero liability protection on any unauthorized purchases from your account. If the money is stolen by way of ATM purchases or the debit card associated with your account, it’s up to you to report it immediately and the sooner you report it, the lower your liability and the more likely it is that the stolen money will be reimbursed.

Lost funds to scammers? Get Fifth Third Bank to act:

Contact Fifth Third Bank about fraud on your account

It is up to you to reach out and contact your bank directly as soon as you see any fraudulent activity.

Unfortunately Fifth Third Bank doesn’t offer 24-hour fraud contact information like other major Banks so you are only able to contact them Monday through Friday, 7 a.m. eastern standard time through 8 p.m. Eastern Standard Time, or on Saturdays from 8:30 a.m. eastern standard time through 5 p.m. Eastern Standard Time at 800‑972‑3030.

If you can’t carve out the time during these hours, or something takes place Saturday afternoon, it can be very frustrating to try and report it in a timely fashion.

In addition to reporting the information to your financial institution you should also report any fraud to the Federal Trade Commission.

Do banks really investigate fraud?

Yes, banks will really investigate fraud. As soon as you submit a claim for a fraudulent charge or dispute, they will try to find evidence to prove that it really happened. They might ask you for additional documentation about the transaction or to provide details that might prove you weren’t in that area when the transaction was made.

Related: How to Spot and Report Illegal and Unfair Banking

What can a scammer do with my bank account number?

When scammers get a hold of your bank account number and your routing number, they can order checks from your bank the same way you would and then use those checks to make a bunch of purchases using your money. Sure, the checks might bounce if you don’t actually have enough money, and if you do have enough money, you will suddenly be wiped clean, but either way it causes a huge mess.

Scammers can also use that information to simply transfer money to or from your account as a way to illegally move money for money laundering. Worse still, they might open a fraudulent Fifth Third Bank account in your name and use that for all manner of illegal things like trying to open new credit cards that they can use for more fraud, getting loan approval, and more.

What to do if Fifth Third Bank won’t act

If you have tried this but the bank still won’t resolve your fraud issue, there are other options. Don’t let your money disappear forever. Start a claim now to get your dispute resolved fairly: