To ensure its customers have access to their own money as soon as possible, Fifth Third Bank, National Association, announced that it will have the ability to provide customers with their federal tax refund up to five days earlier. According to the IRS, 9 out of 10 consumers who file electronically and who choose to receive their refund by direct deposit get their money in less than 21 days. That means Fifth Third Momentum® Checking Customers can use Fifth Third’s Early Pay1 to receive their tax refund in 16 or less days. This free feature will be available in late January.
“Early Pay has made a huge difference in the lives of our customers. Receiving a tax refund up to five days earlier will also make an impactful difference for our customers, and we are thrilled to be the first traditional bank to roll this out.”
“We continue to look for ways to help our customers quickly access their cash,” said Howard Hammond, head of the Consumer Bank for Fifth Third Bank. “Early Pay has made a huge difference in the lives of our customers. Receiving a tax refund up to five days earlier will also make an impactful difference for our customers, and we are thrilled to be the first traditional bank to roll this out.”
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The addition of Early Pay for federal tax refunds is another way the Bank is enhancing its Fifth Third Momentum Banking, a comprehensive suite of products focused on solving customers’ everyday banking needs that combines digital features and innovations with the security, reliability and local presence of a 160+-year-old institution. Since Fifth Third Momentum Banking launched in 2021 it now has more than 1 million customers with access to Early Pay and the ability to receive their paycheck up to two days early.
What else you need to know about Fifth Third’s Early Pay for tax refunds
- If customers plan on filing with an online tax preparation service, they will still be eligible to receive the refund up to five days earlier.
- When filing taxes, customers should select that they would like their refund direct deposited to their Fifth Third Momentum Checking account and enter their account and routing numbers.
- Once a customer’s federal refund has been processed by the IRS and Fifth Third receives the funds, the money will be posted to the account and customers who are enrolled in Early Pay alerts will be notified.
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Other ways to manage cash flow
Fifth Third also offers Immediate Funds for faster access to check deposits, as well as MyAdvance®
- MyAdvance – Ability to advance funds of $50 or more against future qualified direct deposits, starting after the customer’s first direct deposit.
- Immediate Funds – Ability to receive instant availability for check deposits (a small fee is incurred).
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