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Understanding Hidden Fees in Your Fifth Third Bank Statement

If you’ve been charged hidden fees by Fifth Third Bank, you may be able to claim compensation.

Fifth Third Bank is a banking company headquartered in Ohio. They offer personal banking services. 

There might be situations where you need a refund from Fifth Third Bank, but it isn’t showing up on your statement for some reason. Whether something is on your statement that shouldn’t be there or isn’t on your statement that should be there, start by contacting Fifth Third Bank customer service. If you are hesitant about this and don’t know exactly how to go about it, you can read customer service tips

Fifth Third Bank Checking Accounts

Fifth Third Bank offers a handful of different checking accounts:

Fifth Third Momentum Checking Account

This account doesn’t have any monthly service charge whatsoever. It gives you extra time to avoid overdraft fees, although if you don’t deposit to cover a negative balance within one business day of the charge, you still get charged with an overdraft fee.

Fifth Third Preferred Checking account

With this checking account, your monthly fee is $25. You can expect fees in the form of transfers, international fees if you use an ATM or your debit card overseas, as well as non-Fifth Third Bank ATM fees.

Fifth Third Student banking

Student banking doesn’t have a monthly service charge, but you might find unexpected fees for overdraft fees or using a non-Fifth Third Bank ATM.

Fifth Third Military Banking

You still have to pay a monthly service fee with the military banking account, but they give you a $5 discount. They waive the corresponding service fee if you get a savings account too. Look out for ATM fees. They give you ten free non-Fifth Third ATM fees per month, but they will charge you beyond that. You also get the Fifth Third extra time feature, where are you have an additional business day to make deposits and avoid overdraft fees, but if you don’t make a deposit in a timely fashion, you might still face that overdraft fee. 

Fifth Third Express Banking

Fifth Third Bank has an identity alert premium service where they monitor your records on a daily basis and check for any fraudulent information on your account. This account has no monthly service fee, no balance requirements, and no overdraft fees, but you also have to look out for withdrawal fees from ATMs that Fifth Third Bank does not own. However, this doesn’t mean you won’t find hidden fees on your statement that shouldn’t be there. 

Fifth Third ABLE Checking

With this account, you get unlimited check writing and no overdraft fees. There is a monthly service charge of $2 per month unless you maintain a balance of $250 or simply sign up for paperless statements. If you use your debit card, add an ATM that Fifth Third Bank does not own, they will charge you $2.75 per transaction or 3% of the transaction amount if you use an international ATM. You also get charged a $5 fee for international withdrawals and a 0.2% fee for currency conversion based on the transaction amount. Earnings on your withdrawals that are not used for qualified expenses might come with a 10% federal tax penalty as well. 

Fifth Third Bank Savings Accounts

Fifth Third Bank offers a couple of savings accounts as well as some specialized investment accounts like a health savings account or CD.

Fifth Third Momentum Savings

With this particular account, you are charged $5 per month. Unexpected or hidden fees in your Fifth Third bank statement for this type of savings account might include overdraft fees, check fees, account research fees, or wire transfer fees. 

Fifth third Relationship Money Market

You are charged $5 per month unless you have a military banking account with this account. Some of the unexpected fees on your statement might include situations where you use your savings account more than six times in a given month. If you need to make a wire transfer for International or domestic purposes, this also comes with another fee depending on the type of account you have.

Fifth Third Bank Credit Cards

Fifth Third Bank offers a few different types of credit cards. With their credit cards, you might have an annual fee. This annual fee is usually no more than $24. This is something you see on your statement once per year. In addition to the interest charges that can change after your introductory rate, you might see a missed payment penalty or a return payment penalty.

What Can I Do If I Was Incorrectly Charged a Fee by Fifth Third Bank?

If Fifth Third Bank incorrectly charged you a fee, allow them to resolve the issue by contacting Fifth Third Bank customer service. If you have a dispute with fraudulent accounts or hidden fees, they should be able to solve the problem right away. However, if they don’t, there are still legal options you can pursue. 

The first is suing in small claims court. Your user agreement probably prevents you from joining existing Fifth Third Bank lawsuits, but you can still sue them in small claims court if your case qualifies. Every state has different limitations, so it’s up to you to check before you sue.

The second is using consumer arbitration. Consumer arbitration is a legally-binding alternative that often results in a faster resolution. It’s a potentially easier process with fewer restrictions. 

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