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Fifth Third Bank Will Eliminate Non-Sufficient Fund Fees for Consumer Accounts, Continues Fee Reductions
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Fifth Third Bank announced it will eliminate non-sufficient fund (NSF) fees on June 23, aiming to enhance customers' financial accessibility. This move is part of ongoing efforts to reduce punitive fees, following policy changes that began last December. Currently, the bank's Extra Time feature allows customers to avoid overdraft fees by depositing funds by midnight the following business day. The bank prides itself on having the lowest overdraft fees relative to peers, with a commitment to responsible banking practices.
Positive
Elimination of NSF fees expected to improve customer satisfaction.
Extra Time feature launched in 2018 has already helped customers save over $22 million.
Fifth Third's Express Banking account received Bank On certification, indicating a commitment to accessible banking.
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Extra Time has helped customers avoid more than $22 million in fees
CINCINNATI--(BUSINESS WIRE)--
Fifth Third Bank, National Association, announced that effective June 23 it will eliminate non-sufficient fund (NSF) fees for all consumer accounts. Fifth Third’s elimination of all NSF fees is the Bank’s most recent step to reduce punitive fees and focus on the best outcomes for customers.
“Our goal is to help customers access their own money and save for the future,” said Howard Hammond, head of Consumer Banking at Fifth Third. “When a customer does not have the funds to cover a transaction or purchase, we don’t want to penalize them further. We want to elevate our customers’ financial strength. That’s why we continue to innovate and provide customers the widest possible range of options to gain access to their money faster and avoid fees to cover a cash-flow shortfall.”
As previously announced on Fifth Third’s January earnings call, the Bank’s elimination of all NSF fees on June 23 is the latest action to consistently make fee reductions. Last December, the Bank enacted several additional policy changes to further reduce punitive fees, including ensuring that customers are not charged overdraft fees on small dollar transactions. And, the Bank has been offering a feature called Extra Time since 2018 that provides additional time to make a deposit to avoid overdraft fees.
When the Bank launched Fifth Third Momentum Banking in April 2021, it did so to provide customer solutions that focused on avoiding fees and having access to additional liquidity options. Fifth Third takes pride in having the lowest concentration of overdrafts as a percentage of deposit fees among peers who have significant consumer banking operations.
“Our customers cannot predict or plan for every life event, so it is important that we make their banking experience and accessing their money straightforward while limiting – or eliminating – fees,” said Hammond. “Options like Extra Time are ideal for customers to get their finances in order and avoid charges.”
Extra Time gives customers additional time to make a deposit and avoid paying overdraft fees. They can make a deposit any time before midnight Eastern Time on the business day after their account was overdrawn to bring their balance up to at least $0. This feature initially launched in 2018 and expanded to Fifth Third’s entire footprint in 2021.
In September, Fifth Third’s Express Banking account received Bank On certification for safe and affordable accounts from the Cities for Financial Empowerment Fund, a national nonprofit organization dedicated to expanding access to traditional banking and other financial empowerment services. Express Banking was launched in 2015 and designed to be a responsible, transactional, limited-fee account that would enable more individuals to gain access to the benefits of a traditional bank. More than 195,000 account holders have taken advantage of its benefits since that time. Fifth Third is hopeful that Bank On-certified products like this account can contribute to expanding access to safe and appropriate financial products and services to the unbanked and underbanked.
Increasing customer access and control of their money
Fifth Third is proud of its many products that put the control in the hands of the customer, combining the features and innovation of a digital-first bank with the security, reliability and local presence of a 164-year-old institution committed to the communities it serves. With Fifth Third Momentum Banking, customers have one of the broadest range of options among all banks to get fast access to their money and address liquidity issues through:
Early Pay1 – Free access to paychecks up to two days early with direct deposit.
MyAdvance™2 – 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 Dec. 31, 2021, the Company had $211 billion in assets and operates 1,117 full-service Banking Centers, and 2,322 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 Dec. 31, 2021, had $554 billion in assets under care, of which it managed $65 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.
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 your 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.
