Today Fifth Third Bank announced that it will no longer enroll customers in its Early Access deposit advance service after January 31. To help ease customer transition and provide lead time for development of alternatives, Fifth Third will phase out the service to existing customers by year end.
The Bank has been monitoring industry developments and has proactively engaged with stakeholders as it has looked at the clear and continued need for small dollar, short-term credit solutions for its customers. Fifth Third has conducted extensive research with its customers which indicates that this is an important service to them. Because of that, the Bank is committed to the thoughtful development of alternative solutions and offering services to customers that provide them choices, while ensuring consistency with regulatory viewpoints.
A primary objective is to serve customers within the traditional banking system, rather than pushing them into less-regulated providers outside the banking system, where services are more costly.
Fifth Third Bank is working to develop and implement alternative solutions by year end or early 2015 in order to address the needs of consumers that currently choose to use the Early Access service and that will be inconvenienced by its discontinuation.About Fifth Third Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $126 billion in assets and operates 18 affiliates with 1,320 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,592 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 a 25% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2013, had $318 billion in assets under care, of which it managed $27 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.