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                                                                       EXHIBIT 5

                [LETTERHEAD OF SILVER, FREEDMAN & TAFF, L.L.P.]

                          August 11, 1999

Board of Directors
Charter One Financial, Inc.
1215 Superior Avenue
Cleveland, Ohio  44114

Members of the Board of Directors:

      We have examined (i) the Registration Statement on Form S-4 (the
"Registration Statement") filed by Charter One Financial, Inc. (the "Company")
with the Securities and Exchange Commission (the "Commission") under the
Securities Act of 1933, as amended (the "Securities Act"), and the public
offering prospectus (the "Prospectus"), relating to the issuance by the Company
of up to 43,973,909 shares of common stock, par value $.01 per share (the
"Common Stock"), in the manner set forth in the Registration Statement and the
Prospectus, (ii) the Company's Second Restated Certificate of Incorporation and
Bylaws (as amended) and (iii) records of the Company's corporate proceedings
relative to the issuance of the Common Stock.

      In our examination, we have assumed and have not verified (i) the
genuineness of all signatures, (ii) the authenticity of all documents submitted
to us as originals, (iii) the conformity with the originals of all documents
supplied to us as copies, and (iv) the accuracy and completeness of all
corporate records and documents and all certificates and statements of fact, in
each case given or made available to us by the Company. We have relied upon
certificates and other written documents from public officials and government
agencies and departments and we have assumed the accuracy and authenticity of
such certificates and documents.

      Based upon the foregoing, and having a regard for such legal
considerations as we deem relevant, we are of the opinion that the Common Stock
will be, upon issuance by Charter One in the manner set forth in the
Registration Statement and Prospectus, legally issued, fully paid and
non-assessable.


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Board of Directors
Charter One Financial, Inc.
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      We consent to the use of this opinion and of our opinion regarding federal
income tax consequences, to the incorporation by reference of such opinions as
exhibits to the Registration Statement and to the reference to our firm and our
opinions under the heading "Legal Matters" in the Registration Statement filed
by the Company, and all amendments thereto. In giving this consent, we do not
admit that we are within the category of persons whose consent is required under
Section 7 of the Securities Act or the rules and regulations of the Commission
thereunder.

                                          Very truly yours,

                                          /S/ Silver, Freedman & Taff, L.L.P.
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                                          Silver, Freedman & Taff, L.L.P.