Fifth Third Bank Expands Early Pay to Gig Workers and Beyond
No matter how customers make their money, Fifth Third helps them get it faster
(Graphic: Business Wire)
“We want to make sure all of our customers have fast access to their liquidity, regardless of where they work,” said
Customers with a Fifth Third Momentum® Checking account can automatically get their paycheck faster; up to two days early (after one direct deposit). Since Early Pay launched in 2021, hundreds of thousands of accounts have received their pay up to two days early. Fifth Third is continuously evaluating and improving the Momentum Banking suite so its customers can live better and bank easier.
This expansion is another way the Bank is enabling its Fifth Third Momentum Banking customers faster access to their money and addressing liquidity issues. Fifth Third also offers Immediate Funds for faster access to check deposits, as well as MyAdvance™2.
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MyAdvance – Ability to advance funds of
or more against future qualified direct deposits, starting after the customer’s first direct deposit.$50 - Immediate Funds – Ability to receive instant availability for check deposits (a small fee is incurred).
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Extra Time® – Additional time to make a deposit and avoid paying overdraft fees. You can make a deposit any time before
midnight Eastern Time (ET) on the business day after your account was overdrawn—to bring your balance up to at least .$0
About Fifth Third
1 Early Pay: Access to funds for Early Pay are dependent on submission of direct deposit by payer and can be up to two days prior to date of scheduled payment. 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 appropriate for customer needs. MyAdvance is a short-term form of credit that allows eligible Fifth Third personal checking customers to take an advance on their next qualified direct deposit. Additional terms and conditions apply.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220518006065/en/
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