Fifth Third Bank Launches Online Overdraft Coverage Tutorial
New Government Regulation Changes Overdraft Coverage Options
Fifth Third Bank announced the launch of its new Account Management Services Web site and online tutorial at www.53.com/accountmanagementservices, detailing government changes to consumer overdraft options as well as Fifth Third Bank tools and services to help customers monitor and manage their account balances.
In November 2009, the Federal Reserve amended Regulation E (Electronic Fund Transfer Act), changing the way banks provide overdraft coverage services for ATM withdrawals and everyday debit card transactions. By the mandatory deadline of July 1 for new accounts, banks cannot charge overdraft fees for ATM transactions and everyday debit card purchases that overdraw a customer's account unless the customer has accepted the terms, conditions and fees associated with the Overdraft Coverage service.
Fifth Third Bank introduced the Account Management Services Web site to help customers understand how the regulatory changes will impact them, the actions they need to take, as well as the services that can assist them in managing their accounts. All customers will need to choose whether to enroll or decline Overdraft Coverage, and may do so for their Fifth Third Bank accounts beginning in early June, ahead of the mandatory deadline.
"Every customer's financial needs are different which is why we are committed to providing the information and tools our customers need to make an informed decision about whether to continue with Overdraft Coverage," said Terry Zink, executive vice president, Retail Banking. "Additionally, our education materials go beyond explanation of the new rule by providing information about our Account Management Services such as Overdraft Protection, monitoring tools such as Mobile and Internet Banking, and text and email balance alerts."
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $113 billion in assets, operates 16 affiliates with 1,309 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,366 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 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2010, had $190 billion in assets under care, of which it managed $25 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® National Global Select Market under the symbol "FITB." Fifth Third Bank, Member FDIC.