CINCINNATI—Fifth Third Bank, National Association, today provided additional detail on immediate steps it is taking to help customers impacted by the coronavirus, augmenting its prior announcement last week to include new customer-centric provisions.
Fifth Third Bank’s Response to COVID-19
"Fifth Third's focus on helping customers improve their lives and building stronger communities is more relevant than ever during these times of uncertainty," said Greg D. Carmichael, Fifth Third chairman, president and CEO. "We take our role and responsibility seriously to understand and put our customers' needs first. We are continually evaluating our programs to assist our customers. Last week, we announced several proactive measures that we are taking across our business and consumer products to help lessen the financial strain on our customers, and we are providing additional details on these programs today. Our goal is to stand with our customers to help them and our communities get back on their feet. We are here to help our customers when they need us most."
Hardship Relief Programs
Fifth Third is offering the following programs for our consumer and business customers facing financial hardship related to COVID-19. To participate in the programs, customers will need to contact Fifth Third.
- Vehicle Payment Deferral Program: Payment deferred for up to 90 days and no late fees during the deferral period.
- Consumer Credit Card Payment Waiver: We are offering to waive the monthly payment requirement on Consumer Credit Cards (Trio, Truly Simple, Platinum, Secured, World Elite) for up to 90 days with no late fees.
- Mortgage and Home Equity Program: 90-day payment forbearance with no late fees.
- Small Business Payment Deferral Program: We are offering a payment program for up to 90 days, no late fees and a range of loan modification options. We are waiving all note processing fees for new Fifth Third Fast Capital loans for six months.
- Fee Waiver Program: Fee waivers for up to 90 days for a range of consumer and small business deposit products and services.
- Vehicle loans: Suspension of initiating any new repossession actions on vehicles for the next 60 days.
- Foreclosures: Suspension of all foreclosure activity on homes for the next 60 days.
Customers should call Fifth Third to participate in these relief efforts. In addition, customers are reminded that interest will accrue during the 90-day no-payment period for each of the waiver programs.
Fifth Third recommends that customers continue to leverage all of the digital banking tools and resources for self-service banking and account access through mobile, online and voice banking services, as well as the Bank’s network of approximately 53,000 fee-free ATMs across the United States.
Fifth Third is prepared to assist customers with their questions or concerns and has a dedicated support page available at 53.com as the first point of contact for all customers. Representatives are available at 800-972-3030 Monday through Saturday. For Business Banking service, please call 877-534-2264. Due to high demand, call wait times may be longer than normal and Fifth Third thanks customers for their patience as we navigate this situation together.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2019, Fifth Third had $169 billion in assets and operated 1,149 full-service banking centers and 2,481 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2019, had $413 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. 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. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.