Fifth Third Bank extends early pay to gig workers and beyond
CINCINNATI–(BUSINESS WIRE)–Fifth Third Bank, National Association, is committed to ensuring our customers have quick access to their money, regardless of payment method. Today the Bank announced that it has extended its Early Pay® program1 to include income from gig work as well as some forms of government and retirement benefits, allowing customers to access their paychecks up to two days earlier.
“We want to ensure that all of our customers have quick access to their cash, regardless of where they work,” said Tim Spence, president of Fifth Third Bank. “You should have the same banking services whether you file a 1099, W2 or are retired. It is Fifth Third’s latest offering in a comprehensive suite of products and services focused on continuous innovative solutions.
Customers with a Fifth Third Momentum® checking account can automatically receive their paycheck faster; up to two days in advance (after direct deposit). Since the launch of Early Pay in 2021, hundreds of thousands of accounts have received payment up to two days early. Fifth Third continually evaluates and improves the Momentum Banking Suite so its customers can live better and bank more easily.
This expansion is another way the Bank is enabling its Fifth Third Momentum Banking customers to access their money faster and address liquidity issues. Fifth Third also offers Immediate Funds for faster access to check deposits, as well as MyAdvance™2.
MyAdvance – Ability to advance funds of $50 or more against future eligible direct deposits, beginning with the customer’s first direct deposit.
Immediate Funds – Ability to receive instant availability for check deposits (a small fee is incurred).
Extra Time® – Extra time to make a deposit and avoid paying overdraft fees. You can make a deposit any time before midnight Eastern Time (ET) the next business day after your account is overdrawn to bring your balance to at least $0.
About the fifth third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2022, the company had $211 billion in assets and operated 1,079 full-service banking centers and 2,201 Fifth Third-branded ATMs in Ohio, Kentucky, Indiana, Michigan, Florida. Illinois, Florida, Tennessee, West Virginia, Georgia, the North. Carolina and South Carolina. In total, Fifth Third offers its customers access to approximately 54,000 free ATMs across the United States. Fifth Third operates four primary businesses: commercial banking, branch banking, consumer lending, and wealth and asset management. Fifth Third is one of the largest fund managers in the Midwest and, as of March 31, 2022, had $549 billion in assets under management, including $61 billion for individuals, corporations and nonprofits. through its trusts and registered companies. Investment advisory firms. Investor information and press releases can be viewed at www.53.com. The common stock of Fifth Third trades on the NASDAQ® Global Select Market under the symbol “FITB”.
1 Prepayment: Access to funds for prepayment is dependent on the direct deposit being submitted by the payer and can be up to two days before the scheduled payment date. Standard fraud prevention restrictions apply.
2 MyAdvance: Fifth Third MyAdvance is an expensive form of credit. We may be able to offer other options that are less expensive and more suited to customer needs. MyAdvance is a form of short-term credit that allows eligible Fifth Third Personal Checking customers to take an advance on their next qualifying direct deposit. Additional terms apply.