Fifth Third Pioneers Early Payment Technology to Deliver Tax Refunds Faster
Fifth Third (NASDAQ:FITB) customers can receive tax refunds via direct deposit up to five days early, for free, with a Fifth Third Momentum® Banking account.1 Fifth Third is one of the only banks in the country to offer this service to customers. Getting customers tax refunds up to five days early is just one way Fifth Third challenges what is possible, making banking a Fifth Third Better®.
According to the IRS, nine out of ten consumers who file electronically and who choose to receive their refund by direct deposit get their money in less than 21 days. Fifth Third cuts that wait time by five days for Fifth Third Momentum Banking customers.
"Tax refunds are a meaningful source of money for many Americans," said Ben Mendelsohn, SVP, Director of Product Management at Fifth Third. "By automatically delivering tax refunds up to five days early, we help our customers accomplish their goals faster, like paying off debts or saving for a big purchase. Getting tax refunds to our customers up to five days early is just one more way we take the stress out of banking."
Fifth Third pioneered early payments in 2021 to allow customers to receive their paychecks up to two days early. In 2022, Fifth Third was one of the first banks to enable early payments for gig workers and many government and retirement benefits recipients; and in 2023, Fifth Third was one of the first banks to offer tax refunds up to five days early. Early payments come at no extra cost to Fifth Third customers as part of Fifth Third's Momentum Checking product offering. Interested customers can visit Fifth Third's tax resource center for more information on filing taxes and Fifth Third Momentum Banking.
Fifth Third Momentum Banking is an innovative banking solution that utilizes the best financial technology available to deliver customers faster, easier, and more secure access to their money. More than two million customers use Fifth Third Momentum Banking to accomplish everyday banking tasks and enhance their financial wellness and security.
About Fifth Third
Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
1 Early Pay is available for Fifth Third Momentum® Checking and Fifth Third Express Banking® accounts. Early Pay grants you access to your eligible direct deposit payments up to two days prior to the scheduled payment date. Federal tax refunds may be received from the Internal Revenue Service up to five days before the scheduled payment date. Early access to funds is dependent on submission of direct deposit by payer and standard fraud prevention restrictions. Free Early Pay only available with Fifth Third Momentum Checking.
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Sophie Isherwood (Media Relations)
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Matt Curoe (Investor Relations)
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