Orlando Harmon
Fifth Third Bank is a financial institution headquartered in Cincinnati, Ohio, with services in 11 states, mostly in the Midwest and South. It is one of the largest banks in the United States, ranked 321st on the Fortune 500. The bank offers a range of services, including checking accounts and savings accounts, money market accounts, and CDs. Fifth Third Bank is also an FDIC-insured bank, meaning that its customers' savings and checking deposits are protected by the Federal Deposit Insurance Corporation, with each depositor covered for up to $250,000 per insured bank.
| Characteristics | Values |
|---|---|
| Is Fifth Third Bank Federally Insured? | Yes, insured by the Federal Deposit Insurance Corporation (FDIC) |
| FDIC Coverage | Up to $250,000 per depositor, per insured bank, for each account ownership category |
| Joint Deposit Accounts | Each co-owner is covered up to $250,000 each |
| Fiduciary Account Holder Responsibility | Provide ownership information for individual monies held so that Fifth Third Bank and the FDIC can determine insurance coverage |
| Trustee Account Responsibility | Provide information regarding grantors and beneficiaries |
| Headquarters | Cincinnati, Ohio |
| Number of Branches | 1,100 |
| Number of ATMs | 2,400 |
| Number of States Served | 11 |
| States Served | Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia |
| Services Offered | Checking accounts, savings accounts, money market accounts, CDs, wealth management insurance solutions, long-term care insurance, business insurance, and more |
| Notable Acquisitions | MB Financial, Dividend Finance, Rize Money, Big Data Healthcare, Emerald Financial |
| Partnerships | Trust & Will, Tampa Bay Buccaneers, Chicago Blackhawks, Los Angeles Lakers, Columbus Zoo, and more |
Explore related products
What You'll Learn
Fifth Third Bank is FDIC-insured
Fifth Third Bank is a regional financial institution headquartered in Cincinnati, Ohio, with services in 11 states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia. It has over 1,000 branches and 2,400 automated teller machines. The bank offers multiple checking and savings accounts, a money market account, and a wide range of CD terms.
Fifth Third Bank provides a range of insurance solutions, including personal insurance options and wealth management insurance solutions for high-net-worth individuals with complex insurance needs. The bank also assists with wealth transfer and charitable giving strategies as part of estate planning.
As a member of the FDIC, Fifth Third Bank assures its customers that their deposits are protected and backed by the full faith and credit of the United States government. This deposit protection is a significant advantage for customers, providing an added layer of security and peace of mind.
It is important to note that while Fifth Third Bank is FDIC-insured, customers are responsible for knowing their current coverage amount to ensure they receive the full FDIC coverage they are entitled to.
Chase Bank: Is Your Money Federally Insured?
You may want to see also
Explore related products
FDIC insurance covers savings and checking deposits
Fifth Third Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means that its customers' savings and checking deposits are covered by the US government. The FDIC was established in 1933, and since then, no depositor has lost any money from their FDIC-insured deposits. FDIC insurance covers savings and checking deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This means that if you have a joint deposit account, each account co-owner is covered up to $250,000 each.
Fifth Third Bank is a regional financial institution headquartered in Cincinnati, Ohio, with services available to customers in 11 states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia. The bank has over 1,000 branches and 2,400 ATMs across these states.
As a member of the FDIC, Fifth Third Bank provides its customers with the added assurance that their deposits are protected by the full faith and credit of the US government. This deposit protection is a crucial safety net for individuals and businesses alike, ensuring that their hard-earned money is secure.
The FDIC coverage extends to various account types offered by Fifth Third Bank, including checking and savings accounts. The bank stands out by offering checking accounts with no minimum balance requirements and no monthly service fees, making it an attractive option for many customers. Additionally, Fifth Third Bank provides a range of savings accounts, such as the Relationship Money Market Savings Account, which offers check-writing privileges.
It is important to note that while the FDIC protects covered accounts, it is the responsibility of the account holder to know their current coverage amount to ensure they receive the full FDIC coverage they are entitled to. This proactive approach empowers individuals to make the most of the FDIC insurance coverage and safeguard their financial assets effectively.
Annuities: Are They Safe and Federally Insured?
You may want to see also
Explore related products
FDIC insurance covers up to $250,000 per depositor
Fifth Third Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and has been since 1933. This means that the savings and checking deposits of its customers are insured by the FDIC. The standard FDIC coverage amount is $250,000 per depositor, per insured bank, for each account ownership category. So, if you have a single account with Fifth Third Bank, your deposits are insured up to $250,000.
If you have multiple accounts with Fifth Third Bank, each with a different account ownership category, your deposits may be insured for up to $250,000 in each category. For example, if you have a personal checking account and a joint savings account with the bank, your deposits in each account would be insured up to $250,000.
It's important to note that the FDIC insurance coverage is per depositor, per insured bank. So, if you have accounts at multiple insured banks, including Fifth Third Bank, your deposits at each bank would be insured up to $250,000.
Additionally, if you have a joint account with another person at Fifth Third Bank, each of you is covered up to $250,000 for your share of the joint account. For example, if you and your spouse have a joint savings account with a balance of $500,000, each of you would be covered for your $250,000 share of the account.
The FDIC insurance coverage is backed by the full faith and credit of the United States government. This means that the government guarantees that your insured deposits will be protected, even in the event of a bank failure. Since the FDIC was established in 1933, no depositor has ever lost money in an FDIC-insured account.
Is BECU Federally Insured? What You Need to Know
You may want to see also
Explore related products
$50.85 $63.99
FDIC was established in 1933
Fifth Third Bank is federally insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is a United States government corporation that was established in 1933 to provide deposit insurance to depositors in American commercial banks and savings banks.
The FDIC was founded after the stock market crash of 1929, which led to the Great Depression. By March 1933, over 9,000 banks had failed, and the financial system was in chaos. The FDIC was created to restore trust and provide economic stability to the failing banking system.
The initial deposit insurance coverage provided by the FDIC was set at $2,500 in 1933, which is equivalent to $58,762 today. This amount has been increased several times over the years, and the FDIC currently provides insurance coverage of up to $250,000 per depositor, per insured bank, and per account ownership category. The FDIC guarantees that depositors will receive the full amount of their insured deposits in the event of a bank failure.
Since its establishment in 1933, the FDIC has ensured that "no depositor has ever lost a penny of their FDIC-insured deposits." This provides assurance to customers of Fifth Third Bank that their insured deposits are protected and backed by the full faith and credit of the United States government.
M&T Bank: Is Your Money Safe and Federally Insured?
You may want to see also
Explore related products
FDIC insurance covers joint deposit accounts
Fifth Third Bank is a member of the Federal Deposit Insurance Corporation (FDIC), meaning that the savings and checking deposits of its customers are covered by the US government. The FDIC was established in 1933, and since then, no depositor has ever lost money on their insured deposits.
The FDIC combines each co-owner's shares of all joint accounts at the bank and insures each co-owner's total up to $250,000. For example, if a joint account has a balance of $500,000, each co-owner is insured for their half, $250,000. The balance of a joint account can exceed $250,000 and still be fully insured. For instance, if two co-owners jointly own a $350,000 CD and a $150,000 savings account at the same insured bank, the two accounts would be added together and insured up to $500,000, providing up to $250,000 in insurance coverage for each co-owner.
It's important to note that insurance coverage of joint accounts is not increased by rearranging the owners' names, changing the styling of their names, or alternating the use of "or," "and," or "and/or" to separate the names of co-owners. Additionally, in the event of a co-owner's death, the FDIC continues to insure the decedent's accounts for up to six months as though they were still alive, after which deposits are insured based on the actual ownership of the funds.
Insurance Fraud: Federal Crime or State Jurisdiction?
You may want to see also
Frequently asked questions
Yes, Fifth Third Bank is a member of the Federal Deposit Insurance Corporation (FDIC), meaning that your savings and checking deposits are covered by the government.
The FDIC is the government's Federal Deposit Insurance Corporation, which was established in 1933. Since then, no depositor has ever lost money on their FDIC-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 a joint deposit account, you and the other account co-owner(s) are covered up to $250,000 each.
You can determine whether your Fifth Third account is covered by FDIC insurance by using the list provided on the Fifth Third Bank website. You can also contact your local branch for more information.
