A nonprofit publication of the Kentucky Center for Public Service Journalism

Fifth Third’s Express Banking provides basic services to those without traditional accounts


One in four households in the United States is either unbanked or underbanked and the reasons are varied.

Some people think they don’t have enough money for a bank account of won’t be able to open an account due to past banking problems.

The underbanked are growing at a faster rate than the overall population, especially among younger consumers, according to KPMG’s 2014 Banking Industry Outlook Survey (Creative Commons Photo)

The underbanked are growing at a faster rate than the overall population, especially among younger consumers, according to KPMG’s 2014 Banking Industry Outlook Survey (Creative Commons Photo)

Last fall, Fifth Third Bank launched Express Banking, a product designed to meet the biggest needs of the underbanked: a solution that is simple, transparent, convenient and affordable.

Fifth Third created Express Banking for people who typically don’t have bank accounts, but who use banks and non-bank alternatives such as check cashing centers to cash checks, make payments and get cashier’s checks.

Express Banking provides a way for people to manage their money with no monthly service charge or balance requirement. The service does not allow overdrafts, which protects customers from spending money they don’t have.

The underbanked are growing at a faster rate than the overall population, especially among younger consumers, according to KPMG’s 2014 Banking Industry Outlook Survey. Fifth Third Bank’s footprint includes some of the highest underbanked markets in the country, including Kentucky, Florida and North Carolina.

“We believe Express Banking will represent a more affordable option than is widely available today from providers outside the traditional banking system,” said Chad Borton, executive vice president and head of the Consumer Bank for Fifth Third. “It shouldn’t cost a lot of money to do your banking.”

The program, which launched last fall, quickly attracted customers and exceeded the Bank’s expectations.

Today, the Consumer Financial Protection Bureau announced a plan to improve checking account access. The CFPB sent letters to the 25 largest retail banks encouraging them to make available and widely market lower-risk deposit accounts.

The bureau emphasized designing services that prevent customers from overdrafting their accounts to avoid spending money they don’t have, and avoid accumulating fees.

“This is exactly why we created Express Banking,” said Greg Carmichael, President and CEO of Fifth Third Bancorp. “We want to provide a simple and safe way for families to manage their finances and build their assets. It will benefit families, but also our communities.”

Express Banking features check cashing and direct deposit, money orders and cashier’s checks, among other services. The more consumers use qualifying Express Banking services, the more discounts they earn on these services.

Express Banking features a lifetime tier system, so once consumers earn discounts, they keep them for the life of the account. The highest level gives customers a 50 percent discount on money orders and check cashing fees among other services.

Express Banking features:

· No monthly fee.

· No minimum deposit to open.

· No monthly balance requirement.

· No overdrafts, thus no overdraft fees.

· No non-sufficient funds fees.

· Optional debit card with unlimited use at Fifth Third ATMs and in-store and online purchases. Provides protection against unauthorized purchases if your card is lost or stolen.

· Check deposit through consumers’ mobile devices with funds available in minutes. (There is a fee, depending on the customer’s level of use.)

Express Banking customers also have access to money management tools and financial literacy resources. Delivering financial education to people of all ages and stages of life is another way Fifth Third is committed to improving lives in our communities.

For more information, click on this link.

From Fifth Third Bank Communications


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3 Comments

  1. Tracy Carr says:

    I have a fifth third express checking account why was I charged 4.00 for cashing a checking mailed to me and I deposited it in my account?

  2. Kay McWain says:

    how do I open an express banking

  3. Jamie Carr says:

    Tracy, it clearly states in the agreement that wou will be charged 2% of a check, and 50% of a check less than $5. If you’re tier 3, only a 1% fee is charged.

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