Bank On Louisville Celebrates Fifth Third Bank's National Certification of the Express Banking Account
National certification indicates banking account meets over 25 features for safe and affordable consumer transaction accounts
Bank On Louisville is proud to announce that Fifth Third Bank’s Express Banking account was officially certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021 - 2022). The National Safe Account Standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions that ensure 25 standards have been met for low cost, high functionality, and consumer safety.
Bank On Louisville works with financial institutions, community organizations, local government leaders, and federal regulators to connect Louisville residents to safe, affordable, and productive banking accounts. With the addition of Fifth Third, there are now seven financial institutions, offering eight certified accounts, in the Louisville area.
“Fifth Third Bank is a legacy partner of our Bank On effort and has been at the table advocating for financial inclusion since day one of Bank On Louisville,” said Erin Waddell, Co-Chair of Bank On Louisville. “We sincerely applaud Fifth Third’s commitment to banking access and we look forward to connecting our Louisville residents to affordable banking products and opportunities.”
Key features of the Express Banking account include no monthly service fee, no overdraft or nonsufficient fund fees, the ability to pay bills and make purchases, and federal deposit insurance. Express Banking is available in Fifth Third‘s branches across the region, including in Louisville.
“We designed Express Banking in 2015 as a responsible, transactional, limited fee account that would enable more individuals access to the benefits of a traditional bank,” said Tim Spence, president of Fifth Third Bancorp. “More than 191,000 account holders have taken advantage of its benefits since that time. Now, Bank On certification affirms the account’s benefits and its status as safe and affordable. We are thrilled that our Express Banking account is Bank On certified and that Fifth Third can help boost awareness of Bank On certified products to the unbanked and underbanked.”
“Bank On Louisville is doing critical work to help Louisville residents enter the financial mainstream – this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely,” said David Rothstein, Senior Principal at the Cities for Financial Empowerment Fund. “Express Banking offers Louisville residents an affordable, no-surprise-fee account that allows people to get direct deposit of income and benefits (like stimulus or unemployment), and then be able to spend their money on bills and other expenses safely. Fifth Third‘s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
With the addition of Fifth Third’s Express Banking account, accounts that meet Bank On National Account Standards are now available at over 37,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 45% of the national deposit market share. In addition to Express Banking, more than 140 other Bank On certified accounts are available across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs. Since their offering, millions of consumers have opened Bank On certified accounts, with approximately three quarters of them opened by consumers new to the financial institutions.
The CFE Fund leads the national Bank On movement, supporting almost 80 local and state coalitions across the country working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.
About Bank On Louisville
Launched in 2010, Bank On Louisville is a collaborative partnership between local government, financial institutions and community organizations that work to improve the financial stability of unbanked and underbanked residents in our Louisville community. To date, Bank On Louisville has helped connect more than 43,000 residents to safe and affordable bank accounts and connected more than 25,500 residents to quality financial education. Visit www.bankonlouisville.org for more information.
About Fifth Third Bank
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 June 30, 2021, the Company had $205 billion in assets and operates 1,096 full-service Banking Centers, and 2,369 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South 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 June 30, 2021, had $483 billion in assets under care, of which it managed $61 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.”
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $43 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.
About Bank On
Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of over 80 coalitions in communities across the country, offering National Account Standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.