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Fifth Third Bank Launches Three New Business Checking Accounts

Stocks in this article: FITB

Fifth Third Bank today announced the launch of a redesigned suite of business checking products, which includes three new accounts. These new products were developed based on direct customer feedback and to address the changing needs of today’s business customers.

“Our business customers have told us what they most value and care about – accounts that are simple, transparent and easy to use,” said John Bultema, executive vice president and head of Business Banking for Fifth Third. “They want valuable services built into our product lineup to help them manage cash flow, payroll, credit and financing, with technology tools that can help improve financial security.”

Fifth Third Bank designed a new suite of business checking accounts to accommodate a full range of banking needs. The new checking options include:

  • Fifth Third Business Standard Checking: This account is most suited for businesses with basic transaction and credit needs. This account offers up to 250 transactions and up to $5,000 in cash deposits per month, preferential pricing on payroll services, no charge for non-Fifth Third ATM transactions in the U.S., free mobile card reader and a discounted Merchant Services mobile app, which allows customers to swipe credit or debit cards and process payments through their iPhone® or Android™ phone. The $11 standard monthly service charge is waived based on balance requirements across business checking, savings and CDs, through monthly spending on a Fifth Third business credit card, having a personal Fifth Third Private Bank or Fifth Third Preferred Checking account or if the business is a charitable non-profit organization.
  • Fifth Third Business Premium Checking: This account serves businesses with moderate transaction activity or a need for Merchant Services to expand customers’ payment options. This account offers up to 450 transactions and up to $10,000 in cash deposits per month, preferential pricing on payroll services, no charge for non-Fifth Third ATM transactions in the U.S., reduced pricing on new Merchant Services, waived monthly service charge for a Personal Fifth Third Established Checking account and interest bonus on a Business Relationship Savings Account. The $25 standard monthly service charge is waived based on balance requirements across business checking, savings and CDs, through monthly spending on a Fifth Third business credit card or having a Fifth Third business loan, line of credit or Merchant Services.
  • Fifth Third Business Elite Checking: This account is most suited for businesses with high transaction volume and which require more advanced cash management solutions, such as remote transaction support, online stop payments and wire transfer capabilities. This account offers up to 650 transactions and up to $25,000 in cash deposits per month, preferential pricing on payroll services, a discount on the first check order, no charge for non-Fifth Third ATM transactions in the U.S., reduced pricing on new Merchant Services, waived monthly service charge for a Personal Fifth Third Established Checking account and interest bonus on a Business Relationship Savings Account. The $35 standard monthly service charge is waived based on balance requirements across business checking, savings and CDs, or having a Fifth Third business loan, line of credit, Electronic Deposit Manager or Cash Management Essentials.

“We are committed to listening to our customers and responding with better solutions to meet their needs,” said Chad Borton, senior vice president and head of Retail Banking for Fifth Third. “These new accounts provide customers with greater value as they deepen their relationship with us including multiple ways to waive any monthly service charge.”

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