Fifth Third Express Banking Earns National Bank On Certification; Bank to Support Initiative to Boost Awareness of Bank On Accounts
21 Settembre 2021 - 2:58PM
Business Wire
Fifth Third Bank, National Association, today announced that its
Express Banking account has received Bank On national certification
for safe and affordable accounts. The certification was conferred
by the Cities for Financial Empowerment Fund, a national nonprofit
organization dedicated to expanding access to traditional banking
and other financial empowerment services.
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Fifth Third Bank's Express Banking
account is Bank On certified.
Additionally, Fifth Third’s Community Development and Social
Responsibility group is donating $150,000 in support of regional
Bank On coalitions in key markets to boost awareness about the
availability of Bank On-certified accounts in the communities the
Bank serves.
Fifth Third’s Express Banking account meets or exceeds the Bank
On National Account Standards developed to ensure expanded access
to safe and appropriate financial products and services to the
nearly 36 million people in the United States who are outside of
the mainstream financial system. Bank On’s 2021-22 Standards
require low cost and no overdraft features.
“We designed Express Banking in 2015 as a responsible,
transactional, limited fee account that would enable more
individuals to gain access to the benefits of a traditional bank,”
said Tim Spence, president of Fifth Third Bancorp. “More than
191,000 account holders have taken advantage of its benefits since
that time. Now, Bank On certification affirms the account’s
benefits and its status as safe and affordable. We are thrilled
that our Express Banking account is Bank On certified and that
Fifth Third can help boost awareness of Bank On certified products
to the unbanked and underbanked.”
Fifth Third’s Express Banking account offers the following
features, all of which meet or exceed Bank On national standards.
Features which exceed Bank On national standards are denoted by an
asterisk.
- Debit card.
- $0 required to open*.
- No monthly maintenance fee* and no minimum balance.
- No overdraft or non-sufficient fund fees.
- Free access to network of more than 50,000 ATMs
- Free deposits in branch and direct deposit.
- Free money orders.
- No activation, dormancy or inactivity fees.
- Free and unrestricted branch access and telephone banking.
- Free online and mobile banking, and banking alerts.
- Free electronic and mailed paper statements*.
- FDIC insured.
“Empowering people financially at every age and stage of life is
among our highest priorities at Fifth Third Bank,” said Stefanie
Steward-Young, senior vice president and chief corporate social
responsibility officer. “Earning Bank On certification for our
Express Banking product is an important differentiator for us and
complements our financial empowerment efforts designed to provide
access and help people achieve their financial goals.”
“The Cities for Financial Empowerment Fund is delighted to award
its national Bank On account certification to Fifth Third’s Express
Banking account,” said Jonathan Mintz, president and chief
executive officer of the Cities for Financial Empowerment Fund.
“Express Banking offers consumers who are looking to improve their
finances a safe, affordable and truly useful mainstream banking
product, which is especially important during the COVID-19
pandemic. This certification brings Fifth Third into the forefront
of national banking access efforts. We thank them for their
commitment to financial access and capability.”
Fifth Third is a leader in financial education programming. In
addition to its financial empowerment mobile strategy, Fifth
Third’s L.I.F.E. (Lives Improved through Financial Empowerment®)
programs have helped educate 2.6 million people in personal finance
over the past 17 years. Programs include the Bank’s newly updated
Young Bankers Club® and Fifth Third Finance Academy, which teaches
teens financial foundations and entrepreneurship. More about the
Bank’s commitment to financial empowerment programs and services
can be found in the Social section of the Bank’s 2020
Environmental, Social and Governance Report.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of June 30, 2021, the Company had $205 billion in
assets and operates 1,096 full-service Banking Centers, and 2,369
Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Georgia, North
Carolina and South Carolina. In total, Fifth Third provides its
customers with access to approximately 53,000 fee-free ATMs across
the United States. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending, and Wealth
& Asset Management. Fifth Third is among the largest money
managers in the Midwest and, as of June 30, 2021, had $483 billion
in assets under care, of which it managed $61 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses. Investor
information and news releases can be viewed at www.53.com. Fifth
Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.”
*Denotes the Fifth Third Express Banking account exceeds
standards. Bank On National Account Standards require $25 or lower
deposit to open, monthly maintenance fees of $5 or less or $10 but
waivable with activity, and $2 maximum fee for mailed
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210921005690/en/
Stacie Haas (Media Relations) Stacie.Haas@53.com |
513-534-5113
Mike Faillo (Investor Relations) Michael.Faillo@53.com |
513-534-0478
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