Fifth Third Bank Expands Early Pay to Gig Workers and Beyond

Rhea-AI Summary

Fifth Third Bank has expanded its Early Pay service, now allowing customers to access their income from gig work, government, and retirement benefits up to two days early. This enhancement aims to provide all customers faster access to liquidity, regardless of employment type. Customers with the Fifth Third Momentum Checking account can benefit from this service following their first direct deposit. In addition, the bank continues to improve its Momentum Banking suite, which includes offerings like Immediate Funds and MyAdvance.

Positive

• Expansion of Early Pay service to include gig work and government benefits, enhancing customer liquidity.
• Hundreds of thousands of accounts have benefited since Early Pay's launch in 2021, improving customer satisfaction.

Negative

• None.

No matter how customers make their money, Fifth Third helps them get it faster

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association, is focused on making sure its customers have fast access to their money, regardless of how they get paid. Today, the Bank announced it has expanded its Early Pay®¹ to include income received from gig work as well as some forms of government and retirement benefits, allowing customers access to their paychecks up to two days early.

(Graphic: Business Wire)

“We want to make sure all of our customers have fast access to their liquidity, regardless of where they work,” said Tim Spence, president of Fifth Third Bank. “You should have the same banking services regardless of whether you file a 1099, a W2 or are retired. This is Fifth Third’s latest offering in a comprehensive suite of products and services focused on continued innovative solutions.”

Customers with a Fifth Third Momentum® Checking account can automatically get their paycheck faster; up to two days early (after one direct deposit). Since Early Pay launched in 2021, hundreds of thousands of accounts have received their pay up to two days early. Fifth Third is continuously evaluating and improving the Momentum Banking suite so its customers can live better and bank easier.

This expansion is another way the Bank is enabling its Fifth Third Momentum Banking customers faster access to their money and addressing liquidity issues. 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).
• Extra Time® – Additional time to make a deposit and avoid paying overdraft fees. You can make a deposit any time before midnight Eastern Time (ET) on the business day after your account was overdrawn—to bring your balance up to at least $0.

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 March 31, 2022, the Company had $211 billion in assets and operates 1,079 full-service Banking Centers, and 2,201 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 54,000 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 March 31, 2022, had $549 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 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.”

¹ Early Pay: Access to funds for Early Pay are dependent on submission of direct deposit by payer and can be up to two days prior to date of scheduled payment. Standard fraud prevention restrictions apply.

² MyAdvance: 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/20220518006065/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 the new Early Pay feature from Fifth Third Bank?

Fifth Third Bank expanded its Early Pay feature to allow customers access to income from gig work and some government benefits up to two days early.

When did Fifth Third Bank launch the Early Pay service?

The Early Pay service was launched in 2021.

How does Early Pay work for Fifth Third customers?

Customers with a Momentum Checking account receive their paycheck up to two days early after their first direct deposit.

What are the additional services offered by Fifth Third Bank?

Fifth Third Bank offers services like Immediate Funds for check deposits and MyAdvance for advances on future direct deposits.

What is the stock symbol for Fifth Third Bancorp?

The stock symbol for Fifth Third Bancorp is FITB.