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TheStreet Open House

Fifth Third Bank And TSYS Address Credit Reporting Error

Stocks in this article: FITBTSS

Fifth Third Bank and its credit card processing provider, TSYS, today provided additional details on a credit reporting error that was shared with Bank customers earlier this month.

The error stemmed from a TSYS coding issue during implementation of a software change on Oct. 17, 2013. Upon notification of the error, TSYS promptly sent fully corrected information to the credit bureaus for 21,221 impacted customers.

“We apologize to Fifth Third and its customers for the concern and inconvenience this situation has caused. As Fifth Third’s service provider, we take responsibility for this error, and we have worked with Fifth Third and the credit bureaus to correct inaccurate reporting of the bank’s customers,” said Phil Tomlinson, chairman and CEO, TSYS.

“To our customers, we say ‘thank you’ for your patience and your loyalty. The safety and accuracy of your personal information is our top priority, and I want to reassure you that there is, and will be, no history of this error reflected in your credit report,” said Greg Carmichael, president and COO, Fifth Third Bank.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $130 billion in assets and operates 17 affiliates with 1,320 full-service Banking Centers, including 104 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,586 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 December 31, 2013, had $302 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.

About TSYS

At TSYS ®, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered Payments ®." By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend ®, a TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.

TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of the Civic 50 and has been named one of the 2013 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit us at www.tsys.com.

Copyright Business Wire 2010

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