Aeron RuparFifth Third (53) is a regional bank with 1,100 branches primarily located in the eastern US, with 267 in Ohio. If you’re seeking a traditional bank and reside within their service area, 53 Business Banking might be the ideal fit.
In this article, you’ll find everything you need about their business banking solutions to determine if they suit your needs. If they don’t, I’ll also point you toward some other options that could be just what you’re looking for.
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If you live within the branch footprint of Fifth Third Bank and prefer in-person banking, it could be a good choice for you. Plus, you get 24/7 account access via their highly-rated mobile app. They offer accounts with low minimum deposit requirements and a large network of fee-free ATMs.
However, you might need to look elsewhere if you’re after competitive rates. Fifth Third Bank shines for businesses wanting a solid banking relationship, offering three scalable business checking accounts:
The higher-tier accounts’ monthly service fees can be waived by combining balances with other business bank accounts, using a credit card for monthly spending, or having business loans. You can enjoy a relationship interest rate when you link a Business Premium or Business Elite checking account with a Business Relationship Savings account.
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Fifth Third Bank provides three checking accounts, four savings accounts, a money market account (MMA), and certificates of deposit (CDs). However, the APYs for these accounts aren’t clearly disclosed, making it difficult to determine if they’re suitable for your needs in your specific area.
Fifth Third Bank has experienced data breaches in the past. In 2010, a third-party vendor’s data leak required the company to issue new cards to some customers. More recently, a group of Fifth Third employees were involved in a fraud ring that compromised the data of approximately 100 customers.
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While personal banking accounts can be opened online, business checking accounts at Fifth Third Bank need to be opened either at a branch location or over the phone.
To do this, you can call to make an appointment or schedule one online. Just like with any bank, you’ll need to know which type of business checking account you want to open. Have basic information about your business (name, address, etc.) and social security numbers for everyone who will have access to the account.
Lastly, you’ll need to make an initial deposit into the account and sign the necessary paperwork. Don’t forget to bring at least two pieces of identification!
The Fifth Third mobile app allows you to check your balance, pay bills, and send money. You can also make mobile check deposits and access 24 months of account history, plus peer-to-peer (P2P) transactions via Zelle.
You have several ways to contact Fifth Third Bank. Their 24/7 virtual assistant, Jeanie, can answer many questions. If you need to speak with a real person, you can call from 8 a.m. to 6 p.m. Eastern time Monday through Friday, and from 10 a.m. to 4 p.m. Eastern time on Saturdays.
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On Trustpilot, Fifth Third Bank holds a rating of 1.3 out of 5 from roughly 115 reviews. Some users appreciated the friendly and professional customer service at the branches.
However, several reviewers mentioned issues such as being charged overdraft fees without a grace period. Others noted long wait times on hold and dropped calls from offshore customer service agents. Additionally, some customers reported that resolving fraud disputes took an extended period.
As of the first quarter of 2024, Fifth Third Bank is outperforming revenue estimates. Management has also reduced adjusted expenses by 1%, demonstrating efforts to increase efficiency.
Fifth Third Bank originated from the merger of Fifth National Bank and Third National Bank in 1908.
Fifth Third Bank is ideal for customers within its 12-state geographical footprint, mostly concentrated in the Midwest.
Fifth Third Bank most recently merged with MB Financial in 2020.
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Fifth Third Bank excels in relationship banking by offering additional interest if you link specific business checking and savings accounts. You can also get monthly service fee waivers by using the bank’s credit card, having business loans, or combining balances with other savings products.
We recommend Fifth Third Bank to business owners who want to build a strong banking relationship, save on monthly service fees, and earn higher interest rates from their linked savings accounts.
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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
