CINCINNATI—Fifth Third Bank, National Association, today announced the launch of Early Pay1 for all Fifth Third Momentum® Checking2 customers. The new free feature gives Fifth Third Momentum Checking customers access to their paychecks up to two days early.
“Fifth Third Momentum Checking’s Early Pay gives our customers access to their paycheck closer to when they earn it, giving them more time to focus more on their financial well-being,” said Tim Spence, president of Fifth Third Bancorp. “With Early Pay and Momentum Checking’s other features, we’re giving customers the widest range of options to access their money faster and avoid fees.”
Early Pay launched in certain markets earlier this year, helping customers avoid overdraft fees and the need to turn to payday lenders or other forms of borrowing.
“Customers in our pilot markets told us they loved seeing their paychecks arrive early,” Spence said. “When our customers are financially stronger, so are we as a bank.”
Fifth Third Momentum Banking combines the features and innovation of a digital-first bank with the security, reliability and local presence of a 163-year-old institution committed to the communities it serves. Fifth Third Momentum Banking2 is the industry-leading solution to help customers avoid and manage cash shortfalls, get paid and pay others, and reach savings goals, all while knowing their bank helps to protect their identity and finances. In addition, customers have thousands of professionals ready to help them achieve financial well-being.
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:
- Extra Time® – Additional time to make a deposit and avoid overdraft fees.3
- MyAdvance™ – Ability to advance funds with credit limits of $50 or more against future qualified direct deposits, available now, starting the month after direct deposit is established.4
- Immediate Funds5 – Ability to receive instant availability for check deposits.5
- Early Pay – Free access to payroll up to two days early with direct deposit.1
Fifth Third Momentum Banking2 also provides a seamless digital experience and set of tools to help customers save for a vacation, a rainy-day fund or whatever goals they set for themselves. Fifth Third Momentum Savings allows customers to set a goal and schedule money to move from checking to savings to meet their goal.6
Fifth Third Momentum Banking has $0 monthly maintenance fee2 and thousands of experienced local bankers and customer service representatives ready to help. Customers can easily reach Fifth Third by messaging, phone, scheduling an in-person or phone meeting via the app, or simply by walking into one of approximately 1,100 local banking centers.
Fifth Third Momentum Banking comes in addition to all of the Fifth Third Better offerings: a newly enhanced mobile app, one of the largest U.S. bank networks of fee-free ATMs (more than 50,000),7 digital messaging, and the ability for customers to add products and features such as additional fraud protection services8 and 1.67% cash back on every purchase with our new Cash/Back rewards credit card.9
“Fifth Third Momentum Checking’s Early Pay gives us one more way to help customers,” said Melissa Stevens, chief digital officer for Fifth Third Bank. “Who says that payday has to be on Friday?”
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, 2021, Fifth Third had $207 billion in assets and operated 1,098 full-service banking centers and 2,383 ATMs with Fifth Third branding 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 53,000 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, 2021, had $464 billion in assets under care, of which it managed $58 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.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.