Due to the Herman Legal Group’s recent experiences with Fifth Third Bank, an Ohio-based bank, the law firm has filed complaints with federal and state regulatory agencies overseeing the bank, for a pattern and practice of refusing to protect and reimburse Ohio victims of fraud.
The firm has had a checking account at Fifth Third Bank in downtown Cleveland for over 20 years.
From June, 2023 until December 2023, the firm’s checking account was repeatedly breached by an unauthorized account takeover. After the firm reported the fraud to Fifth Third, the bank failed to secure the account from on-going theft and refused to reimburse the law firm for its losses.
The law firm believes that the bank misleads victims of fraud and illegally denies reimbursements.
If the bank is not deterred by pushback from an attorney-customer, who is generally considered more sophisticated and better equipped than the average consumer to manage the nuances of attempts at predatory business practices. the firm believes that the average Ohio consumer is left unprotected and vulnerable to their aggressive and over-reaching tactics.
Richard Herman, the law firm’s founder and president, states: “The bank’s intransigence is indicative of its belief that it is immune from the normal constraints upon business, even when it jeopardizes Ohio consumers.”
In addition to filing Complaints filed with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Federal Deposit Insurance Company, Federal Reserve Bank of Cleveland, Federal Trade Commission. the Ohio Attorney General. and the Better Business Bureau, Mr. Herman has also contacted U.S. Senator Sherrod Brown, the Chairman of the Senate Committee on Banking, Housing and Urban Affairs, seeking a Congressional investigation into Fifth Third Bank.
Fifth Third’s actions in this case, as well as investigations into similar practices by other banks, also suggest an industry-wide problem.
In his letter to Senator Brown, Mr. Herman states:
“I applaud your recent efforts, as Chairman of the Senate Committee on Bank, Housing and Urbans Affairs, in conducting the February 1, 2024 hearing: “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.”
I also applaud New York Attorney General Letitia James for filing the January 30, 2024 lawsuit to hold Citibank accountable for failing to protect its customers and require the company to pay back defrauded New Yorkers with interest, pay penalties, and adopt enhanced anti-fraud defenses to prevent scammers from stealing consumer funds. A copy of that complaint is attached.
Fifth Third is failing in their most basic duty. It appears that other financial institutions are failing in this respect as well.”
