Contact: Stephanie Honan, APR - (513) 534-6957
Fifth Third Bank Introduces Simplified Disclosure Form
Cincinnati – Fifth Third Bank recently unveiled a new simplified disclosure form detailing pricing and key terms associated with Fifth Third checking accounts. The new easy-to-read form is available at www.53.com and Fifth Third's more than 1,300 banking center locations.
"We spend a lot of time listening to our customers to understand what they want from their banking relationship," said Steven Alonso, executive vice president and head of Fifth Third's Consumer Bank. "Customers have asked for accounts that are easy to use and transparent. We've made a significant number of changes based on this feedback and are pleased to offer this new simple and straightforward disclosure form in addition."
Fifth Third Bank previously announced changes to its fee structure, including elimination of the early account closure fee and the daily overdraft fee. Additionally, Fifth Third Bank streamlined its pricing tiers for overdraft coverage, which is waived if a customer's account is overdrawn by $5 or less at the end of its business day.
"We applaud banks for providing their checking account holders with information in an easy-to-understand format, and we encourage other financial institutions to adopt our simple form so that consumers can better understand their account," said Susan Weinstock, director of Pew's Safe Checking in the Electronic Age Project. "While checking accounts serve as the cornerstone of household financial management, a lack of transparency of key terms and fees can often expose customers to high, unexpected costs."
Fifth Third Bank's new disclosure form allows customers to quickly identify key account terms including the monthly service charge and ways to waive that charge. Additionally, the form provides clear and concise summary information about Fifth Third's overdraft calculation and funds availability policy.
Alonso added that while this does not replace the Bank's complete brochure of Rules and Regulations, Fifth Third understands that customers want an at-a-glance option for choosing and comparing accounts. "We've seen a lot of positive momentum in the industry toward more transparency, and we are committed to listening to our customers and responding with better solutions like this to meet their needs."
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $118 billion in assets and operates 15 affiliates with 1,322 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,409 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 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2012, had $291 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