Fifth Third Bank illegally seized people's cars after overcharging them, feds say
What total penalty must Fifth Third Bank pay for fake accounts?
Fifth Third Bank must pay a total penalty of $15 million for opening fake accounts. This is part of a larger settlement with the Consumer Financial Protection Bureau, which also includes a $5 million penalty for forcing customers to purchase unnecessary auto insurance policies.
How many customers were affected by unauthorized accounts?
Around 35,000 customers were affected by unauthorized accounts opened by Fifth Third Bank. The bank was fined $20 million by the Consumer Financial Protection Bureau (CFPB) for allegedly forcing auto loan customers to buy unnecessary car insurance policies and illegally opening fake bank accounts for thousands of customers without their knowledge or consent6.
What did Fifth Third Bank allegedly force customers to buy?
Fifth Third Bank allegedly forced auto loan customers to buy unnecessary car insurance policies, which led to the Consumer Financial Protection Bureau (CFPB) fining the bank $20 million2. In some cases, the bank repossessed customers' vehicles when they defaulted on these unnecessary insurance payments.