Real-time payments have seen an increase as of late, with Bridgit Chayt, Fifth Third Bank’s senior vice president and director of commercial payments and treasury management, telling PYMNTS last year that the real-time payments have gotten off the ground with the rise of a newfound need for speed, but that there would be other things needed. “When our customers are financially stronger, so are we as a bank," he said, according to the release.įifth Third Momentum Banking is the bank's program to help customers work with new payment styles, avoiding money shortfalls, getting paid and paying others and hitting savings goals, the release says. Spence said customers in the test markets "loved seeing their paychecks arrive early." “With Early Pay and Momentum Checking’s other features, we’re giving customers the widest range of options to access their money faster and avoid fees.” “Fifth Third Momentum Checking’s Early Pay gives our customers access to their paycheck closer to when they earn it, giving them more time to focus more on their financial well-being,” said Tim Spence, president of Fifth Third Bancorp. Also, it did away with the need for some of those people to turn to payday lenders. Fifth Third Bank has announced a feature giving customers of the bank's Momentum Checking platform access to early paychecks, a press release says.Ĭalled Early Pay, the feature rolled out in some markets earlier in 2021 and had the effect of helping customers fend off overdraft fees.
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