Orlando Harmon
Fifth Third Bank offers a range of financial products and services to its customers, including various types of bank accounts, such as checking, savings, and money market accounts, as well as certificates of deposit (CDs). One of the concerns for individuals when depositing money in a bank is the safety of their funds. In this regard, Fifth Third Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to a standard amount of $250,000 per depositor, per insured bank, for each account ownership category. This means that Fifth Third Bank customers can have peace of mind knowing that their deposits are protected by the FDIC.
| Characteristics | Values |
|---|---|
| Insured by | Federal Deposit Insurance Corporation (FDIC) |
| Maximum insured amount | $250,000 per depositor, per insured bank, for each account ownership category |
| Account ownership | Joint deposit accounts are covered up to $250,000 each |
| Insurance coverage determination | Ownership information is required for individual monies held |
| Insurance coverage for trustees | Information regarding grantors and beneficiaries is required |
| Bank assurance | Deposit protection is backed by the full faith and credit of the US government |
| Insurance coverage estimation | Electronic Deposit Insurance Estimator (EDIE) |
| Insurance coverage for multiple accounts | Accurate insurance amount depends on up-to-date account ownership information |
| Account confirmation | Confirmation of account ownership information may be requested |
| Overdraft protection | Overdraft fees are waived if the account balance is restored before midnight the following business day |
| Overdraft fees | $37 per occurrence, up to three per day |
| Monthly service fee | $5, can be waived if the account holder is under 18, has a monthly balance of $500 or more, or has a Fifth Third checking account |
| Monthly service fee for Relationship Money Market account | $10, can be waived if the total balance across business checking, savings and CDs is $1,000 or more |
| Interest rates | Low for savings accounts and Relationship Money Market account |
| Number of ATMs | Over 40,000-50,000 |
| Identity theft insurance | Up to $25,000 |
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What You'll Learn
Fifth Third Bank is FDIC insured
Fifth Third Bank is FDIC-insured, meaning that your savings and checking deposits are covered by the government's Federal Deposit Insurance Corporation. The FDIC is a U.S. federal agency that insures deposits against losses when a bank fails. Since the FDIC was established in 1933, no depositor has ever lost money on their insured deposits.
The standard FDIC coverage amount is up to $250,000 per depositor, per insured bank, for each account ownership category. If you have joint deposit accounts, you and the other account co-owner(s) are covered up to $250,000 each. Your share of each joint account on which you are an owner will be added together to determine this coverage.
If you are a fiduciary account holder of individual monies owned by other persons, you are responsible for providing Fifth Third Bank with ownership information so that the bank and the FDIC can determine insurance coverage. If you are a trustee of an account, you are responsible for providing information regarding grantors and beneficiaries.
The FDIC also offers complimentary brochures in English and Spanish, and you can call them at 1-877-ASK-FDIC (1-877-275-3342) with any questions.
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Checking and savings deposits are covered
Fifth Third Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This means that your savings and checking deposits are covered by the government. The FDIC was established in 1933, and since then, no depositor has ever lost money on their FDIC-insured deposits.
FDIC coverage protects your financial deposits and banking activity in both consumer and business accounts. The standard coverage amount is up to $250,000 per depositor, per insured bank, for each account ownership category. For joint deposit accounts, each account co-owner is covered up to $250,000 each. It is your responsibility to know your current coverage amount to ensure you receive the full FDIC coverage you are entitled to. You can estimate your coverage using the Electronic Deposit Insurance Estimator (EDIE).
Fifth Third Bank offers various checking and savings accounts, including the Fifth Third Momentum Checking Account, which has no monthly maintenance fees, and the Fifth Third Momentum Savings Account, which allows you to set savings goals and track your progress. There are also specialized accounts for students, military members, and people with disabilities, which often come with low or waivable monthly fees.
Additionally, Fifth Third Bank provides overdraft protection options, such as linking your checking account to a savings account or obtaining a line of credit. The bank also offers CDs with terms ranging from seven days to 84 months, and you can open a 529 CD to save for education expenses tax-free.
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Standard FDIC coverage is $250,000 per depositor
Fifth Third Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This means that your savings and checking deposits are covered by the government. FDIC insurance coverage is automatic when you open a deposit account at an FDIC-insured bank. The standard FDIC coverage amount is $250,000 per depositor, per insured bank, for each account ownership category.
If you have a single ownership account at an FDIC-insured bank, and you also have a joint ownership account with one or more people at the same bank, you will be insured for up to $250,000 for your single ownership account deposits and also insured separately for your ownership interest up to $250,000 for all of your joint ownership account deposits. If you have accounts at different FDIC-insured banks, the limit applies at each bank: $250,000 per depositor for each account ownership category.
FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's failure. Since the FDIC was founded in 1933, no depositor has ever lost a penny of FDIC-insured funds. The FDIC helps maintain stability and public confidence in the U.S. financial system.
You can calculate your specific insurance coverage amount using the Electronic Deposit Insurance Estimator (EDIE), a calculator that is available on the FDIC’s website.
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Fifth Third offers a range of accounts
Fifth Third Bank offers a range of accounts to cater to different customer needs. The bank provides both consumer and business accounts, with a focus on security and stability.
One of the key features of Fifth Third Bank is its FDIC membership, which ensures that savings and checking deposits are covered by the Federal Deposit Insurance Corporation (FDIC). This means that your deposits are protected by the full faith and credit of the United States government, providing peace of mind for customers.
For those looking for a checking account, Fifth Third Bank offers the Fifth Third Momentum® Checking Account, which provides benefits such as early access to paychecks, direct deposit, mobile deposit, and no monthly service charge. The bank also offers a Fifth Third Express Banking® Account, which allows for early paychecks and convenient mobile banking options.
In terms of savings accounts, Fifth Third Bank provides the Fifth Third Momentum® Savings Account, which can be easily opened online or through their branches. This account has no minimum balance requirement and can be accessed through the Fifth Third mobile app or online banking. The bank also offers Certificate of Deposit (CD) accounts, which are low-risk, high-rate savings options with fixed rates and term lengths.
Additionally, Fifth Third Bank caters to specific groups, such as military families, with specialized checking accounts like the Fifth Third Momentum® Checking account, which has no monthly service charge and offers special VA home loan rates.
The bank also encourages financial literacy and planning, especially for children and students, by offering personal checking and savings accounts for those under 18. These accounts help young people take control of their financial journeys and provide an excellent opportunity to learn about money management.
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The bank has over 1,000 branches in 11 states
Fifth Third Bank is a large bank with over 1,000 branches in 11 states in the Southeast and Midwest. The bank has a wide network of over 40,000-50,000 ATMs, which can be found in retailers such as Kroger, Costco, and Walgreens.
The bank offers a range of financial products, including checking and savings accounts, money market accounts, and certificates of deposit (CDs). Fifth Third Bank also provides insurance for its customers' deposits through the Federal Deposit Insurance Corporation (FDIC). As a member of the FDIC, Fifth Third Bank can provide its customers with deposit protection backed by the full faith and credit of the United States government. The standard FDIC coverage amount is up to $250,000 per depositor, per insured bank, and per account ownership category. This means that Fifth Third Bank customers can feel assured that their deposits are protected and insured by the government.
In addition to deposit insurance, Fifth Third Bank also offers other insurance products. For example, the bank provides identity theft insurance of up to $25,000 with its checking accounts. The bank also emphasizes the importance of insurance in financial planning, recommending term life insurance as an affordable way to obtain coverage.
With its extensive branch and ATM network, Fifth Third Bank provides convenient access to banking services for its customers in the Southeast and Midwest regions of the United States. The bank's membership in the FDIC ensures that customers' deposits are protected, contributing to the overall financial security that the bank offers.
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Frequently asked questions
Yes, Fifth Third Bank is FDIC insured, meaning your savings and checking deposits are covered by the government's Federal Deposit Insurance Corporation. The standard coverage amount is up to $250,000 per depositor, per insured bank, for each account ownership category.
While Fifth Third Bank protects your covered accounts, it is your responsibility to know your current coverage amount. You can estimate your FDIC coverage with the Electronic Deposit Insurance Estimator (EDIE).
If you have a joint deposit account, you and the other account co-owner(s) are covered up to $250,000 each. Your share of each joint account on which you are an owner will be added together to determine this coverage.
