Bloomberg News

Fifth Third Plans to Discontinue Direct Deposit Advance Service

January 17, 2014

Fifth Third Bancorp (FITB:US), the Cincinnati-based lender, will stop offering direct deposit advance services amid increasing regulatory scrutiny.

The bank will no longer enroll customers in its Early Access program starting Jan. 31, and phase out the service for all clients by the end of the year, Fifth Third said today in a statement. The lender joins U.S. Bancorp, Wells Fargo & Co. and Regions Financial Corp. in discontinuing the product this week.

To contact the reporter on this story: Steven Crabill in New York at scrabill@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net


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Companies Mentioned

  • FITB
    (Fifth Third Bancorp)
    • $19.65 USD
    • -0.05
    • -0.25%
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