Fifth Third Bank Announces Launch of ABLE Checking Option in 11 States as Part of National ABLE Alliance

Bank is First to Offer ABLE Checking Option

CINCINNATI–(BUSINESS WIRE)–Fifth Third Bank today announced that the checking account it designed
for the Achieving a Better Life Experience program known as ABLE will be
available in Illinois, North Carolina and several other states by March
30, and in Indiana and others by this summer.*

The special checking accounts are part of Fifth Third’s work with the
National ABLE Alliance, a consortium of states dedicated to providing
those living with disabilities and their families with low-cost
investment products.

“We’re proud to help make it easier for people living with disabilities
to save and manage their money,” said Fifth Third Bancorp President and
CEO Greg Carmichael. “The ABLE plans give families the peace of mind
that comes from setting money aside for their own or their loved ones’
future.”

Under the 2014 federal ABLE law, people with disabilities and their
families can set aside up to $14,000 a year in special accounts without
affecting their eligibility for Supplemental Security Income, Medicaid
or government programs. These ABLE accounts are modeled loosely after
the popular 529 state-sponsored college savings accounts.
State-sponsored ABLE accounts and plans vary, with some enrolling
eligible people across the country and others limiting participation to
those who reside in the state in which it was launched. The plans offer
a mix of traditional banking and investment options.

Fifth Third’s ABLE Checking Option offers all the features of a
traditional checking account such as a debit card, checks, access to
more than 45,000 fee-free ATMs nationwide and more, making it easier for
people with disabilities to manage their accounts and pay for their
expenses. This is the first checking option available in an ABLE plan in
the country.

“You want to raise your child to be independent, to work, and to do as
much as they can,” said Dave Kremer of Cincinnati, whose 33-year-old
son, Teddy, has Down syndrome. “And the ABLE accounts help encourage
these skills in people with disabilities. Before ABLE, some families
discouraged a person with a disability from working because they didn’t
want to lose their benefits.”

ABLE accounts can be life changing for participating families, who often
say they haven’t been able to build significant savings for everything
from emergencies to routine medical expenses – without putting some
government benefits in jeopardy. Before the ABLE account, a person
living with a disability could not have more than $2,000 in their name
at any time to remain eligible for government benefits. The accounts
allow the money to be used for a broad range of services such as
housing, transportation and equipment and technology that assist the
person living with the disability.

“This will help me save money for my future,” said Teddy, who works
part-time for Fifth Third Bank and part-time for the Cincinnati Reds.
“Then one day I can go to live with my brother.”

Dave and his wife Cheryl have planned for Teddy to live with his older
brother when they no longer can have him live with them.

“A big worry for parents of children with a disability is who will help
care for them when we are gone,” Cheryl said. “The ABLE account helps us
plan for Teddy’s future beyond us.”

In June 2016, Ohio became the first state to launch with STABLE (www.stableaccount.com),
which Fifth Third proudly supports through a savings option and
custodianship of plan assets. In January of 2017, Fifth Third launched
the first ABLE checking option in the Enable Savings Plan in Nebraska.

Fifth Third partnered with Ascensus and state treasurers to create these
innovative ways to serve our communities. Ascensus manages and
administers all National ABLE Alliance plans.

“For many people, tools like Special Needs Trusts are not within reach
because they don’t have a lot to invest, they are deterred from
investing,” said Ben Mendelsohn, vice president of deposit products and
services for Fifth Third. “ABLE was created to be more accessible and
simpler than other financial tools.”

For more information about Fifth Third’s ABLE accounts, go to
53.com/able.

*States with active plans in the National ABLE Alliance currently are
Alaska, Illinois, Nevada, Iowa, Kansas, Minnesota, Rhode Island, and
North Carolina. New Jersey, Pennsylvania, Missouri, Arizona, Montana,
and Indiana will launch their plans throughout the coming months.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Dec. 31, 2016, the Company had
$142 billion in assets and operated 1,191 full-service Banking Centers,
including 94 Bank Mart® locations, most open seven days a week, inside
select grocery stores and 2,495 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North
Carolina. Fifth Third operates four main businesses: Commercial Banking,
Branch Banking, Consumer Lending, and Wealth & Asset Management. As of
Dec. 31, 2016, Fifth Third also had a 17.9 percent interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of Dec. 31, 2016, had $315 billion in assets under care,
of which it managed $27 billion for individuals, corporations and
not-for-profit organizations. Investor
information and press
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.” Fifth Third Bank was established in 1858.
Member FDIC, Equal Housing Lender

Contacts

Fifth Third Bank
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com