Fifth Third Express Banking

What it is

Fifth Third's checkless account costs $5 a month with no listed waiver, and has no balance requirement or overdraft fees. It's built around check cashing and instant-funds mobile deposits, which carry per-check fees. Fifth Third pitches it to people rebuilding credit, and when it launched the account in 2016 it said it was for people shut out of banking, including over past banking problems.^2,4

Fifth Third's product page says Express Banking offers convenient banking for those rebuilding credit. Its 2016 launch release said the account was created for people who typically don't have bank accounts, including those who can't open one because of past banking problems.²

Does Fifth Third use ChexSystems?

Fifth Third doesn't say whether it checks ChexSystems for this account. Neither the Express Banking page nor the readable part of Fifth Third's Deposit Account Rules & Regulations mentions ChexSystems or pulling reports to open an account. The Rules say Fifth Third may report you to consumer reporting agencies over overdrafts, and the attached privacy notice says the bank collects information from credit bureaus in general terms.¹

We couldn't find where Fifth Third says what it checks for this account. If you've been denied elsewhere, ask the bank before you apply whether a ChexSystems or Early Warning report affects this account.

Fees and overdraft

Monthly fee

$5 a month. No waiver is listed; Fifth Third describes a flat $5 monthly fee covering basic account services.^1,2,4

Minimum to open

Not stated

Overdraft

Fifth Third advertises no overdraft fees, no balance requirement and no overdraft risk on the debit card.

ATMs

Fee-free at Fifth Third network ATMs; $3 per transaction at non-Fifth Third ATMs; $5 for international ATM withdrawals plus a 3% international transaction fee.

Early direct deposit

Yes

Who can open it

The product page has an 'Open An Account' button linking to an application, but doesn't say the account can be opened fully online or where it's offered. Fifth Third says only that it has branches in 12 states.

Deposit insurance: Fifth Third Bank, National Association, Member FDIC

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^6,7
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^8,9
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^8,9,10
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹¹

ChexSystems, explained