5 3 Bank Fees Explained in Simple Terms

Bank fees can be a real headache, especially if you're not aware of what you're paying for. One of the most common fees is the monthly service fee, which can range from $10 to $25, depending on your account type and balance.

According to the article, the monthly service fee at 5 3 Bank can be waived if you have a minimum daily balance of $1,500 or more in your checking account.

Many people don't realize that they're being charged for overdrafts, which can add up quickly. The article explains that overdraft fees can be as high as $35 per transaction.

Overdraft protection is an option to consider, but it may require setting up a linked savings account to cover overdrafts, as explained in the article.

Fifth Third Bank's checking account fees can add up quickly, but there are ways to avoid or minimize them. The monthly service fee for the Preferred Checking account is $25, but you can get a $5 discount if you meet certain requirements.

To avoid the monthly service fee, you can open a Momentum Checking account, which has no monthly service fee. Alternatively, you can opt for the Student Banking, Military Checking, or Express Banking account, all of which also have no monthly service fee.

Here are some common fees associated with Fifth Third Bank's checking accounts:

Fifth Third Bank's checking account fees can add up quickly, but there are ways to avoid or minimize them.

The monthly service fee for Fifth Third's Preferred Checking account is a whopping $25.

Some specialized checking accounts, like Momentum Checking and Student Banking, don't have a monthly service fee.

The Military Checking account has a $0 monthly service fee, unless you're a member of the military and don't have direct deposit, in which case it's $5.

Here are some common fees you might encounter with Fifth Third Bank:

These fees can add up quickly, so it's essential to understand what you're getting into before opening a checking account with Fifth Third Bank.

You can avoid Fifth Third's $37 overdraft fee by linking your bank savings account, credit card, or line of credit with your checking account to cover insufficient funds. This will cost you $12 per transaction, which is still a significant fee, but it's lower than the overdraft fee.

Fifth Third also offers MyAdvance, a cash advance from your direct deposit, to help avoid overdrafts.

You can also use Extra Time to make a deposit to bring your account balance up to at least $0 before the end of the day to avoid an overdraft fee.

The ABLE checking account, designed for people with disabilities, does not have overdraft fees.

Here are some ways to avoid overdraft fees at Fifth Third:

Fifth Third Bank savings account fees are generally much cheaper than their checking account counterparts, ranging from $0 to $5 per month.

You won't pay more than $5, and both checking and savings accounts have ways to eliminate the monthly fee. For example, the ABLE Checking account can help you avoid these fees.

Here are the savings accounts offered by Fifth Third Bank and their corresponding monthly service fees:

Savings account maintenance fees can be a concern, but the good news is that Fifth Third Bank's fees are relatively low. You won't pay more than $5 per month.

Let's take a look at the fees associated with Fifth Third's savings accounts. The Momentum Savings, Relationship Money Market, and Minor Savings accounts all have a monthly service fee of $5.

To avoid these fees, you'll need to find a way to eliminate the monthly fee. Fortunately, both checking and savings accounts have ways to do this.

Here's a breakdown of the monthly service fees for Fifth Third's savings accounts:

Now that you know the fees, you can start thinking about how to avoid them.

The Fifth Third Momentum Savings account comes with a monthly service fee of $5. This fee applies to all Momentum Savings accounts, regardless of the type.

You can avoid this fee by taking advantage of the account's features, but be aware that unexpected fees may still appear on your statement. These can include overdraft fees, check fees, account research fees, or wire transfer fees.

Here's a breakdown of the fees associated with the Momentum Savings account:

It's worth noting that the Fifth Third Momentum Savings account has some limitations, but it's still a viable option for those looking to save money.

Fifth Third Bank has a network of 40,000 fee-free ATMs nationwide. You can use its ATM locator to find one and avoid paying the $3.50 out-of-network fee.

If you're a military checking account holder, you're in luck - you get a set number of free out-of-network ATM transactions each month.

Avoiding ATM fees can be a challenge, but there are ways to minimize them. Fifth Third Bank has a network of 40,000 fee-free ATMs nationwide.

Using the bank's ATM locator can help you find one of these fee-free ATMs and avoid paying the $3.50 out-of-network fee.

Fifth Third Bank charges a monthly service fee ranging from $0 to $5 for its savings accounts, depending on the account type. The Momentum Savings, Relationship Money Market, and Minor Savings accounts all come with a $5 monthly fee.

You can avoid these fees by meeting certain requirements, such as having a Fifth Third checking account, maintaining a monthly balance of $500 or more, or having someone under 18 listed as the account owner.

The bank also charges a hefty $37 overdraft fee for withdrawing on an account with insufficient funds. However, you can avoid this fee by linking your savings account, credit card, or line of credit with your checking account to cover insufficient funds, or by using MyAdvance, a cash advance from your direct deposit.

Here are some ways to avoid Fifth Third Bank's monthly maintenance fees:

Note that Fifth Third's ABLE checking account does not have overdraft fees.

Fifth Third Bank has two business checking accounts with different fee structures. The Business Standard Checking Account charges $0.50 per transaction for 101+ transactions per month, while the Business Premium Checking account charges $0.50 per transaction for excess transactions beyond 500 per month.

The Business Standard Checking Account has no charge for deposits up to $5,000, but charges $0.0030 per $1.00 for deposits exceeding $5,000. In contrast, the Business Premium Checking account has no charge for deposits up to $10,000.

One notable benefit of both accounts is that there's no overdraft fee for items $5 or less, even if your account balance is overdrawn at the end of the business day.

Both the Business Standard and Premium Checking accounts offer access to 50,000 fee-free ATMs and over 1,200 full-service Fifth Third Branches.

Here's a comparison of the fee structures for both accounts:

Some bank accounts come with no monthly service fee, like the Fifth Third Bank Momentum Checking, which is a great perk for those who don't want to worry about extra charges.

If you choose the Fifth Third ABLE Checking, you'll pay a $2 monthly service charge unless you meet certain conditions. This fee can add up over time, so it's essential to review your account details.

You can avoid some fees with the Momentum Checking, which has access to over 40,000 partner ATMs nationwide. This can be a huge money-saver, especially if you travel frequently.

Here are some specific fees associated with the Fifth Third ABLE Checking:

Fifth Third Bank's fees are generally more affordable than their checking account counterparts, with savings account maintenance fees ranging from $0 to $5 per month. You can avoid paying more than $5 by meeting certain requirements, such as maintaining a monthly balance of $250 or more.

The bank offers several checking accounts, including the Momentum Checking account, which has no monthly service fee. This account also offers free overdraft protection transfers and access to over 40,000 partner ATMs nationwide.

To avoid Fifth Third Bank ATM fees, use their ATM locator to find a fee-free ATM within their network of 40,000 nationwide. Military checking accounts also get a set number of free out-of-network ATM transactions each month.

Here are some Fifth Third Bank checking accounts and their corresponding monthly fees:

The ABLE Checking account also comes with a $2.75 per transaction or 3% of the transaction amount fee for using an ATM that Fifth Third Bank does not own, as well as a $5 fee for international withdrawals and a 0.2% fee for currency conversion based on the transaction amount.

Banks are struggling to find new revenue streams, and it's no surprise why. In 2011, banks generated $31.6 billion from fees, a staggering amount that reached as high as $37.1 billion in 2009.

Regulations like Regulation E, which went into effect in 2010, have made it harder for banks to charge excessive fees. The Consumer Financial Protection Bureau was created to shield consumers from these fees, but banks are now looking for other ways to make up for the lost revenue.

Experts point out that overdraft fees can be astronomical, sometimes reaching three to ten times the transaction per day. This can lead to customers paying an equivalent of 900% to 3,000% annual percentage rate, the highest credit banks extend to customers.

Fifth Third Bank and U.S. Bank are experimenting with new fee structures, waiving overdraft fees for small amounts. At Fifth Third Bank, customers won't be charged if the overdraft is under $5, while at U.S. Bank, the threshold is $9.

Student banking with Fifth Third is a great option for young adults, but it's essential to understand the fees involved. Student banking doesn't have a monthly service charge.

However, you might still incur unexpected fees for overdrafts or using a non-Fifth Third Bank ATM. This can catch you off guard if you're not careful with your spending.

It's always a good idea to review your account regularly and set up overdraft protection to avoid these extra charges.

Fifth Third Bank credit cards come with a few potential fees, including an annual fee that's usually no more than $24.

This fee is something you'll see on your statement once per year, and it's in addition to any interest charges you might incur.

If you're charged a fee incorrectly, Fifth Third Bank customer service can help resolve the issue.

They should be able to solve problems related to fraudulent accounts or hidden fees right away.

However, if they can't, you can consider taking your case to small claims court.

Every state has different limitations, so it's essential to check before pursuing this option.

Fifth Third has a network of 40,000 fee-free ATMs nationwide. If you're not near one, you'll pay a $3.50 out-of-network fee.

You can use the bank's ATM locator to find a fee-free ATM and avoid this fee.

Military checking accounts get a set number of free out-of-network ATM transactions each month, which is a great perk for those who need to access cash while on the go.