Fifth Third Bank Launches Express BankingSM to Serve the Unbanked and Underbanked
February 03 2016 - 3:17PM
Business Wire
New Service Provides a Way for People to Manage
Their Money with No Monthly Service Charge, Balance Requirement or
Overdraft Fees
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.
This Smart News Release features multimedia.
View the full release here:
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Greg Carmichael is President and CEO of
Fifth Third Bancorp. (Photo: Business Wire)
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 don’t have.
"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 your banking.”
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. Member FDIC
Copyright © 2016. Fifth Third Bank, Member
FDIC, Equal Housing Lender, All Rights Reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20160203006552/en/
Fifth Third BankLaura Trujillo,
513-534-4361Laura.trujillo@53.com
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