Fifth Third Bank’s Express Banking Reaches the Underbanked
March 22 2017 - 8:00AM
Business Wire
More than 125,000 Households Now Manage Their
Money with No Monthly Service Charge, Balance Requirement or
Overdraft Fees
After only 18 months, Fifth Third Bank has enrolled nearly
125,000 households in its Express Banking product, which is
designed to serve the unbanked and underbanked. More than half of
Fifth Third’s Express households are categorized as underbanked,
meaning that instead of utilizing traditional bank services such as
debit cards and checks, they rely on alternative services such as
check cashing and payday lending.
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After only 18 months, Fifth Third Bank
has enrolled nearly 125,000 households in its Express Banking
product, which is designed to serve the unbanked and underbanked.
(Photo: Business Wire)
“Express Banking has been tremendously successful,” said Mike
Butera, executive vice president and head of the retail bank for
Fifth Third. “We are helping to improve the financial health of our
customers, getting them into the traditional banking system and
helping them build savings. This creates stronger communities.”
Express Banking accounts provide a solution for individuals to
manage their money with no monthly service charge or balance
requirement. Furthermore, the accounts do not allow overdrafts. 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.
“Express Banking customers also have access to money management
tools and financial literacy resources,” said Chad Borton,
executive vice president and head of the Consumer Bank for Fifth
Third. “Delivering financial education to people of all ages and
stages of life is another way Fifth Third is committed to improving
lives in its communities.”
The number of households opening Express accounts continues to
grow: the number of new Express Banking households in January and
February 2017 exceeded the number of new Express households in
January and February 2016.
For more information, visit 53.com/express.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Dec. 31, 2016, the Company
had $142 billion in assets and operated 1,191 full-service Banking
Centers, including 94 Bank Mart® locations, most open seven days a
week, inside select grocery stores and 2,495 ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and North Carolina. Fifth Third operates four
main businesses: Commercial Banking, Branch Banking, Consumer
Lending, and Wealth & Asset Management. As of Dec. 31, 2016,
Fifth Third also had a 17.9 percent interest in Vantiv Holding,
LLC. Fifth Third is among the largest money managers in the Midwest
and, as of Dec. 31, 2016, had $315 billion in assets under care, of
which it managed $31 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, Equal
Housing Lender
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Fifth Third BankLaura Trujillo,
513-534-4361Laura.trujillo@53.com
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