New Service Provides a Way for People to Manage Their Money with No
Monthly Service Charge, Balance Requirement or Overdraft Fees
CINCINNATI–(BUSINESS WIRE)–One in four households in the United States is either unbanked or
underbanked.* The reasons are varied — from people not feeling that
they have enough money for a bank account to not being able to open an
account due to past banking problems.
The underbanked are growing at a faster rate than the overall
population, especially among younger consumers.** Fifth Third Bank’s
footprint includes some of the highest underbanked markets in the
country, including Kentucky, Florida and North Carolina.
Last fall, Fifth Third Bank launched Express Banking, a product designed
to meet the biggest needs of the underbanked: a solution that is simple,
transparent, convenient and affordable.
Fifth Third created Express Banking for people who typically don’t have
bank accounts, but who use banks and non-bank alternatives such as check
cashing centers to cash checks, make payments and get cashier’s checks.
Express Banking provides a way for people to manage their money with no
monthly service charge or balance requirement. The service does not
allow overdrafts, which protects customers from spending money they
“We believe Express Banking will represent a more affordable option than
is widely available today from providers outside the traditional banking
system,” said Chad Borton, executive vice president and head of the
Consumer Bank for Fifth Third. “It shouldn’t cost a lot of money to do
The program, which launched last fall, quickly attracted customers and
exceeded the Bank’s expectations.
Today the Consumer Financial Protection Bureau announced a plan to
improve checking account access. The CFPB sent letters to the 25 largest
retail banks encouraging them to make available and widely market
lower-risk deposit accounts. The bureau emphasized designing services
that prevent customers from overdrafting their accounts to avoid
spending money they don’t have, and avoid accumulating fees.
“This is exactly why we created Express Banking,” said Greg Carmichael,
President and CEO of Fifth Third Bancorp. “We want to provide a simple
and safe way for families to manage their finances and build their
assets. It will benefit families, but also our communities.”
Express Banking features check cashing and direct deposit, money orders
and cashier’s checks, among other services. The more consumers use
qualifying Express Banking services, the more discounts they earn on
these services. Express Banking features a lifetime tier system, so once
consumers earn discounts, they keep them for the life of the account.
The highest level gives customers a 50 percent discount on money orders
and check cashing fees among other services.
Express Banking features:
- No monthly fee.
No minimum deposit to open.
- No monthly balance requirement.
- No overdrafts, thus no overdraft fees.
- No non-sufficient funds fees.
Optional debit card with unlimited use at Fifth Third ATMs and
in-store and online purchases. Provides protection against
unauthorized purchases if your card is lost or stolen.
Check deposit through consumers’ mobile devices with funds available
in minutes. (There is a fee, depending on the customer’s level of use.)
Express Banking customers also have access to money management tools and
financial literacy resources. Delivering financial education to people
of all ages and stages of life is another way Fifth Third is committed
to improving lives in our communities.
For more information, check 53.com/express.
*2013 Federal Deposit Insurance Corporation National Survey of Unbanked
and Underbanked Households
**KPMG’s 2014 Banking Industry Outlook Survey
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $141 billion in
assets and operates 1,254 full-service Banking Centers, including 95
Bank Mart® locations, most open seven days a week, inside
select grocery stores and 2,593 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania,
Missouri, Georgia and North Carolina. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending, and
Investment Advisors. Fifth Third also has an 18.3% interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of December 31, 2015, had $297 billion in assets under
care, of which it managed $26 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.
Copyright © 2016. Fifth Third Bank, Member FDIC, Equal Housing Lender,
All Rights Reserved.
Fifth Third Bank
Laura Trujillo, 513-534-4361