Fifth Third Takes the Stress Out of Banking

Rhea-AI Summary

Fifth Third Bank introduces new features in its Fifth Third Momentum Banking products and mobile app to simplify banking and enhance customer experience. Key updates include a Direct Deposit Switch, enabling easy switching of direct deposits, and a Free Overdraft Window, offering no overdraft fees for the first 90 days. The bank also launched SmartShield, a suite of security tools to protect customers' financial assets. These enhancements aim to reduce stress for customers by providing faster access to funds and stronger security measures.

Positive

• Enhanced customer experience with the new Direct Deposit Switch feature.
• Free Overdraft Window offers no fees for the first 90 days, aiding new customers.
• SmartShield provides comprehensive security tools, benefiting over 1 million users.
• Early Pay feature allows customers to receive paychecks up to two days earlier.

Negative

• No significant negative aspects are highlighted in this press release.

New Fifth Third Momentum® Banking features help customers avoid “oops” moments, get faster access to their money and bank safer

CINCINNATI--(BUSINESS WIRE)-- Customers want their banks to work for them to enable their goals, not to create new sources of complexity and potential challenges in their financial lives. This year, Fifth Third accepted the challenge of delivering new solutions that take the worry out of some of customers’ biggest banking stressors. Switching banks has historically been stressful – scheduling an appointment at a bank to fill out applications, figuring out HR processes to set up direct deposit for a new account, waiting for money to be available, and ensuring bills get paid on time.

Fifth Third has made those processes as simple and easy as possible with the addition of direct deposit switch and a Free Overdraft Window within its Fifth Third Momentum Banking® products and mobile app. The Bank also launched SmartShield^TM – a suite of security tools that helps bring peace of mind to customers.

“With Fifth Third Momentum Banking, we challenge ourselves every day to improve the value we deliver to customers and to make it easier for them to get the full benefits of our product and mobile app,” said Ben Hoffman, head of consumer product at Fifth Third. “In addition to consistently improving our product, we set out to remove barriers potential customers might have to gaining those benefits.”

Direct Deposit Switch

Now, with a few simple steps in the mobile app, Fifth Third Momentum customers can easily switch their direct deposit. The Bank can provide direct deposit switch to more than 1,000 of the largest employers. Fifth Third also supports dozens of payroll providers and over 25 government agencies.

Enabling digital direct deposit switch helps customers get faster access to Early Pay, bill pay, Zelle, and MyAdvance® among other benefits of Fifth Third Momentum Banking. Fifth Third is proud to be one of the first banks to enable this customer experience.

Direct deposit switch builds on Fifth Third’s track record of innovation in helping customers access their pay as soon as possible. The bank has offered Early Pay since 2021, allowing customers to receive their paychecks up to two days early¹. Currently, 45% of Fifth Third Momentum customers benefit from Early Pay. Fifth Third was also one of the first banks to enable Early Pay for gig workers and many government and retirement benefits recipients in 2022 and added tax refunds in 2023, enabling Fifth Third customers to receive more than $500 million in refunds up to five days earlier.

Free Overdraft Window

Free Overdraft Window protection for new customers provides no overdraft fees for the first 90 days².

“Free Overdraft Window gives customers peace of mind, especially as they navigate the bank switching process,” added Hoffman. “We understand that coordinating the timing of transferring existing deposits, setting up direct deposit and moving recurring payments to a new bank is a source of stress and may prevent some customers from seeking out the best bank for them. Free Overdraft Window gives customers the ability to focus on what really matters.”

Once the free overdraft window has passed, Fifth Third customers will have access to Extra Time®, which gives them additional time to make a deposit and avoid paying fees when they overdraw their accounts.

As of May 2023, Free Overdraft Window provided peace of mind to about 13 percent of new customers, helping them avoid $2 million in overdraft fees during their first 90 days.

SmartShield^TM

When Fifth Third asks consumers about their banking priorities, a common reply is: “protect me, protect my money.” The SmartShield portal within the mobile app engages directly with customers to offer options to keep them safe by providing alerts, login security, awareness of scams and controls to prevent theft.

“In addition to sharing what we do every day to safeguard our customers, SmartShield guides customers seamlessly and efficiently through the steps they can take to help best secure their identity and financial assets,” Hoffman said. “While security is top of mind for all in the digital era, addressing it can be intimidating and overwhelming. SmartShield provides a comprehensive toolkit to help our customers build good security habits.”

Some SmartShield security features include:

• Automated threat blocking, multi-factor authentication and data encryption.
• Smart alerts to notify customers of potential risks.
• Live support with experts to help with questions and resolving issues.
• An automated delivery tracker for new and replacement cards.

Over 1 million Fifth Third customers have already used SmartShield and benefited from the broad range of free services since launch. To encourage engagement with the platform, the SmartShield dashboard includes a protection meter that rates a customer’s security measures. More than 1 in 10 customers have achieved the top tier “Exceptional” status. Achieving this status requires, in addition to things like use of biometrics and alerts, completion of a three-question monthly security quiz that educates customers on the latest security trends and threats.

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.

¹Early Pay is available for Fifth Third Momentum® Checking and Fifth Third Express Banking® accounts. Early Pay grants you access to your eligible direct deposit payments up to two days prior to the scheduled payment date. Early access to funds is dependent on submission of direct deposit by payer and standard fraud prevention restrictions.
²New Fifth Third Momentum® Checking and Fifth Third Preferred Checking® accounts will not be assessed overdraft fees for transactions posted in the first 90 days after account opening. Please note that overdraft payments are discretionary, and we reserve the right not to pay.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240711715372/en/

Beth Oates (Media Relations) July 11, 2024

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

Matt Curoe (Investor Relations)

Matthew.Curoe@53.com | 513-534-2345

Source: Fifth Third Bank

FAQ

What new features has Fifth Third Bank introduced in their Momentum Banking products?

Fifth Third Bank introduced Direct Deposit Switch, a Free Overdraft Window, and SmartShield security tools in their Momentum Banking products.

How does the Direct Deposit Switch feature benefit Fifth Third Bank customers?

The Direct Deposit Switch feature allows customers to easily switch their direct deposits to Fifth Third Bank, providing faster access to funds and various benefits.

What is the Free Overdraft Window offered by Fifth Third Bank?

The Free Overdraft Window provides new customers with no overdraft fees for the first 90 days, helping them avoid fees during the bank switching process.

What are the benefits of SmartShield in Fifth Third Momentum Banking?

SmartShield offers comprehensive security tools like automated threat blocking, multi-factor authentication, data encryption, and smart alerts to protect customers' financial assets.

How many customers have benefited from Fifth Third Bank's SmartShield?

Over 1 million Fifth Third Bank customers have benefited from the SmartShield security tools since its launch.

What is the Early Pay feature in Fifth Third Bank's Momentum Banking?

The Early Pay feature allows customers to receive their paychecks up to two days earlier, enhancing financial flexibility.