SOURCE: Fifth Third BancorpDESCRIPTION:
CINCINNATI, September 21, 2021 /3BL Media/ – 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.
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.
Tweet me: .@FifthThird has received Bank On national certification for safe & affordable accounts. The certification was conferred by @CFEFUND, a nonprofit organization dedicated to expanding access to traditional banking and other financial empowerment services: https://bit.ly/3Clo9aJ
KEYWORDS: NASDAQ:FITB, Fifth Third Bank, bank on