Fifth Third Bank Announces Early Pay for Federal Tax Refunds, up to 5 Days Early

Rhea-AI Summary

Fifth Third Bank has announced the launch of Early Pay, allowing customers to access their federal tax refund up to five days earlier than usual. This feature is available to Fifth Third Momentum Checking customers and aims to enhance cash flow management. With Early Pay, customers can expect their refunds in 16 days or less, building on the bank's existing momentum banking services, which include options for earlier paycheck access. This initiative marks a significant step in improving customer convenience and financial agility.

Positive

• Launch of Early Pay for federal tax refunds enables customers to receive funds up to five days earlier.
• Fifth Third Momentum Banking now has over 1 million customers, indicating strong adoption of innovative banking solutions.
• Building on existing features, such as receiving paychecks up to two days early, enhances overall customer experience.

Negative

• None.

CINCINNATI--(BUSINESS WIRE)-- To ensure its customers have access to their own money as soon as possible, Fifth Third Bank, National Association, today announced that it will have the ability to provide customers with their federal tax refund up to five days earlier. According to the IRS, 9 out of 10 consumers who file electronically and who choose to receive their refund by direct deposit get their money in less than 21 days. That means Fifth Third Momentum^® Checking Customers can use Fifth Third’s Early Pay¹ to receive their tax refund in 16 or less days. This free feature will be available in late January.

Fifth Third Bank Announces Early Pay for Federal Tax Refunds, up to 5 Days Early (Graphic: Business Wire)

“We continue to look for ways to help our customers quickly access their cash,” said Howard Hammond, head of the Consumer Bank for Fifth Third Bank. “Early Pay has made a huge difference in the lives of our customers. Receiving a tax refund up to five days earlier will also make an impactful difference for our customers, and we are thrilled to be the first traditional bank to roll this out."

The addition of Early Pay for federal tax refunds is another way the Bank is enhancing its Fifth Third Momentum Banking, a comprehensive suite of products focused on solving customers' everyday banking needs that combines digital features and innovations with the security, reliability and local presence of a 160+-year-old institution. Since Fifth Third Momentum Banking launched in 2021 it now has more than 1 million customers with access to Early Pay and the ability to receive their paycheck up to two days early.

What else you need to know about Fifth Third’s Early Pay for tax refunds

• If customers plan on filing with an online tax preparation service, they will still be eligible to receive the refund up to five days earlier.
• When filing taxes, customers should select that they would like their refund direct deposited to their Fifth Third Momentum Checking account and enter their account and routing numbers.
• Once a customer’s federal refund has been processed by the IRS and Fifth Third receives the funds, the money will be posted to the account and customers who are enrolled in Early Pay alerts will be notified.

Other ways to manage cash flow

Fifth Third also offers Immediate Funds for faster access to check deposits, as well as MyAdvance®²

• MyAdvance – Ability to advance funds of $50 or more against future qualified direct deposits, starting after the customer’s first direct deposit.
• Immediate Funds – Ability to receive instant availability for check deposits (a small fee is incurred).

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Member FDIC.

¹ Early Pay is available for Momentum Checking accounts only. Early Pay grants you access to your eligible direct deposit payments up to two days prior to the scheduled payment date. Federal tax refunds may be received from the Internal Revenue Service up to five days before the scheduled payment date. Early access to funds is dependent on submission of direct deposit by payer and standard fraud prevention restrictions.

² Fifth Third MyAdvance is an expensive form of credit. We may be able to offer other options that are less expensive and more appropriate for customer needs. MyAdvance is a short-term form of credit that allows eligible Fifth Third personal checking customers to take an advance on their next qualified direct deposit. Additional terms and conditions apply.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230109005223/en/

Beth Oates (Media Relations)

Beth.Oates@53.com | 313-230-9002

Chris Doll (Investor Relations)

Christopher.Doll@53.com | 513-534-2345

Source: Fifth Third Bank

FAQ

What is Fifth Third Bank's Early Pay feature?

Early Pay allows Fifth Third Momentum Checking customers to access their federal tax refunds up to five days earlier than usual.

When will Early Pay for tax refunds be available?

The Early Pay feature will be available in late January.

How long does it take to receive a tax refund with Early Pay?

Customers can expect to receive their federal tax refund in 16 days or less with Early Pay.

How many customers are using Fifth Third's Momentum Banking?

Fifth Third's Momentum Banking has over 1 million customers utilizing its features.