How To Avoid Fifth Third Bank Monthly Maintenance Fees
Maintenance fees are never fun to pay, but many banks offer ways around them. Fifth Third Bank’s monthly maintenance fees can be avoided in several ways, such as by maintaining certain account balances or even linking up your checking account with other Fifth Third accounts.
What Are Fifth Third Bank Checking Account Fees?
The Fifth Third Bank monthly checking account fee, which is a service charge, can run you up to $25. But Fifth Third waives this fee for specialized accounts.
Fifth Third Bank Checking Accounts | ||
Account | Monthly Service Fee | Earns Interest |
Momentum Checking | $0 | No |
Preferred Checking | $25 | Yes |
Student Banking | $0 | Yes |
Military Checking | $5 | Yes |
Express Banking | $0 | No |
ABLE Checking | $2 | Yes |
Fifth Third’s specialized checking accounts are made for a specific cohort of people. For example, the ABLE Checking is designed for people with disabilities.
Here are other common fees Fifth Third can charge you:
Fifth Third Bank Checking Account Fees | |
Fee | Cost |
Out-of-Network ATM | In U.S.: $2.75 |
Overdraft | $37 |
Foreign Exchange Rate | 0.20% of transaction |
Incoming Wire Transfers | $15 for domestic and/or international wire transfer |
Outgoing Wire Transfers | $30-85 each |
Stop Payment | $33/item |
Debit Card Replacement | $0 for regular shipping, $30 for rush delivery (Fee waived for Preferred and Private customers) |
Wire transfer charges depend on whether the wire is incoming or outgoing and whether it’s foreign or domestic.
Check Out: Best Checking Accounts of 2022
What Are Fifth Third Bank Savings Account Fees?
Savings account maintenance fees, which range from $0 to $5 depending on the account, are generally much cheaper than their checking account counterparts. Here are Fifth Third’s savings accounts and corresponding fees:
Fifth Third Bank Savings Accounts | |
Account | Monthly Service Fee |
Momentum Savings | $5 |
Relationship Money Market | $5 |
Minor Savings | $5 |
Health Savings | Fifth Third is now partnering with HealthEquity to offer customers access to a non-bank custodian of Health Savings Accounts |
You won’t pay more than $5, and both checking and savings accounts have ways to eliminate the monthly fee.
Also See: Best Savings Accounts of 2022
How To Avoid Fifth Third Bank Monthly Maintenance Fees
Fifth Third lets customers avoid paying a service fee for its accounts if they meet certain requirements:
Preferred Checking
Reach a combined total of $100,000 in your deposit and investment accounts once per month.
Military Checking
Open a Fifth Third Preferred Checking account to get a $5 discount on the monthly service charge.
ABLE Checking
Have a monthly balance of $250 or more.
Sign up for paperless statements.
Savings account fee waivers work much in the same way as checking account fee waivers, usually relying on account balances or concurrent enrollments. You can get your savings account service fees waived in the following ways:
Momentum Savings
Have a Fifth Third checking account (does not include banking).
Have all owners of your savings account listed as owners of your Fifth Third checking account.
Maintain a monthly balance of $500 or more.
Have someone under 18 listed as owner of the account.
Enroll in Fifth Third military banking, if applicable.
Relationship Savings
Have a Fifth Third checking account (does not include banking).
Have all owners of your savings account listed as owners of your Fifth Third checking account.
Maintain a monthly balance of $500 or more.
Have someone under 18 listed as owner of the account.
Enroll in Fifth Third military banking, if applicable.
Minor Savings
Have someone under 18 listed as owner of the account.
The easiest way to avoid a savings account service fee is to open a checking account.
How To Avoid Fifth Third Bank Overdraft Fees
Overdraft fees are supposed to act as deterrents for withdrawing on an account with insufficient funds. But Fifth Third charges a hefty $37 fee for overdrawing your account. In addition to not spending the money and paying close attention to your account balance, you can avoid this Fifth Third bank fee by taking advantage of overdraft protection. Fifth Third will link your bank savings account, credit card or line of credit with your checking account to cover insufficient funds. You will still pay a fee every time overdraft protection funds are used in a transaction, but it’s $12 instead of $37.
Fifth Third’s ABLE checking account does not have overdraft fees.
Read More: How To Avoid Overdraft Fees
How To Avoid Fifth Third Bank ATM Fees
Fifth Third has a network of 50,000 fee-free ATMs nationwide. Use its ATM locator to find one so you can avoid paying the $2.75 out-of-network fee. Student and military checking accounts get a set number of free out-of-network ATM transactions each month.
Related: Guide to Daily ATM Withdrawal Limits and Debit Purchase Limits
Getting the Most Out of Your Fifth Third Bank Account
Military members might get the most out of signing up for Fifth Third accounts, as the monthly maintenance fees are waived for military members. You can also take advantage of Fifth Third’s slightly higher Relationship Savings rate by getting your significant other in on the action. But above all else, you can get the most out of your Fifth Third account by being mindful of your account balance.
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This content is not provided by Fifth Third Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Fifth Third Bank. Information is accurate as of Jan. 28, 2022.
This article originally appeared on GOBankingRates.com: How To Avoid Fifth Third Bank Monthly Maintenance Fees
