Fifth Third Bank Momentum® Checking
-
Annual Percentage Yield (APY)
-
Availability
Fifth Third Bank operates 1,100 branches in 11 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia
-
Minimum balance
-
Monthly fee
-
Free ATM network
Fifth Third Bank has a network of 2,400 ATMs and is linked to a network of partner ATMs across the U.S..
-
Overdraft fee
Fifth Third checking accounts offer overdraft protection for checks, bills and ACH payments. The fee for other overdrafts is $37 per item. Momentum checking accounts come with Fifth Third Extra Time, which allows you to avoid the fee by making a deposit bringing your account current before midnight ET the business day after your account is overdrawn.
-
Mobile check deposit
Pros
- Free checking account with no minimum balance requirement
- Wide ATM partner network that spans much of the country
- Extra time available to avoid overdraft fees
Cons
- No APY on checking accounts
- Only available to residents of 11 states
All Fifth Third customers — deposit, small business and loan accounts — can access Trust & Will’s guided online platform and create a free state-specific, attorney-approved will in less than an hour.
Dying without a will can lead to a lengthy and expensive probate court process, during which funds are unavailable for funeral costs, medical bills and other essential expenses.
It also means any assets will be distributed according to your state’s intestacy laws, which might not align with your wishes.
“We saw a definite need,” Erin Crawford, head of the consumer payments and money management teams at Fifth Third, told CNBC Select. “We’re giving our customers peace of mind by knowing that if something happened to them, everything their loved ones need is protected.”
Trust & Will
-
Cost
$199 for an individual will, $299 for a joint will; $499 for an individual trust, $599 for a joint trust
-
Estate planning options available
Wills, living wills, power of attorney, trusts
-
Access to legal assistance
-
Standout Features
Online willmaker Trust & Will offers an easy-to-follow question-and-answer format and access to attorneys who can provide a line-by-line review or advise on estate and tax planning topics. You can print your documents or have them shipped to you.
Pros
- User-friendly design with clear instructions
- Access to attorney support and probate case managers
- Robust customer service is available seven days a week
Cons
- Free updates are only available for the first 30 days
- After 30 days, trust updates cost $39 annually and will updates cost $19 annually
- Doesn’t offer attorney support in every state
Wills from Trust & Will, one of CNBC Select’s top picks for online will-makers, usually start at $199. The free offer is good for individual or joint wills in the 11 states where Fifth Third operates.
As an alternative, the bank is also offering a $299 credit toward a Trust & Will living trust. A trust can provide more privacy and settle an estate faster than a will since it bypasses the probate process.
“Every family deserves peace of mind,” Trust & Will CEO Cody Barbo said in a statement. “Our mission is to make estate planning accessible to all and this partnership brings us one step closer to that goal.”
Find out more about Fifth Third’s free offer here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money. And follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
