From the Fifth Third Bancorp 2022 Sustainability Report: ABLE Accounts
In its 2022 Sustainability Report and under its description of innovative and inclusive products, Fifth Third detailed its offering of Achieving a Better Life Experience, or ABLE accounts.
ABLE accounts are state-sponsored savings and investment accounts that allow individuals with disabilities and their families to save and invest private assets for disability-related expenses without losing, or losing access to, federal means-tested benefits, such as Supplemental Security Income, Medicaid, HUD, SNAP and other benefits.1
Fifth Third was the first bank to design a checking account for the ABLE program and has been offering the product for six years.
Key benefits of ABLE accounts include:
- Debit card.
- Unlimited check writing.
- No overdraft or nonsufficient funds fees.
- Balances earn interest.2
- FDIC insurance up to the maximum amount permitted by law.
- Tax advantages3: Pay no taxes on interest earned or on withdrawals used for qualified expenses.4
- Online and mobile banking.
- Fifth Third Instant Alerts.
- Monthly paper or online statement options.
- Access to a nationwide network of fee-free ATMs.5
There is no monthly service charge if the average monthly balance is $250 or more during the statement cycle or the customer signs up for paperless statements.
Qualified ABLE expenses6 include education, health and wellness, housing, transportation, legal fees, financial management, employment training and support, assistive technology, personal support services, oversight and monitoring, and funeral and burial expenses.
Notched ABLE Debit Card
Fifth Third also offers the Notch debit card to assist visually impaired customers to identify the card easily and help ensure the card inserts correctly into ATMs and PIN pads. The ABLE debit card allows easy access to an ABLE account and can be used to pay for qualified ABLE expenses.
For information about ABLE accounts and other inclusive products offered by Fifth Third, please read the Company’s 2022 Sustainability Report.
1 Certain limitations may apply based on applicable state or federal law.
2 This account earns interest. Please visit your state’s plan website for the interest rates and annual percentage yields (APY). At the Bank’s discretion, the Bank may change the interest rate and APY at any time on your account without notice. Your interest begins to accrue no later than the business day funds from the plan administrator post to your account. Interest on your account will be compounded continuously and credited monthly. The Bank uses the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the balance in your account each day. When your account is closed you will forfeit any accrued interest.
3 Fifth Third Bank does not provide tax or legal advice; consult your attorney or tax advisor.
4 Earnings on withdrawals not used for qualified expenses may be subject to federal income tax and a 10% federal tax penalty.
5 Fifth Third Bank is part of a nationwide network of more than 40,000 fee-free ATMs. Customers of Fifth Third Bank can use their Fifth Third debit, ATM or prepaid card to conduct transactions fee-free from ATMs listed on our ATM locator on 53.com or our Mobile Banking app. Fees will apply when using your credit card at any ATM to perform a cash advance or when using a credit card to withdraw cash. See the Deposit Account Rules & Regulations for additional information on ATM fees and services. ATM network is fee free for Fifth Third Bank customers when using their debit or prepaid card to withdraw cash. When you use an ATM not owned by us, you may be charged a fee by the ATM.
6 Visit www.irs.gov for the full list of qualified expenses. Mastercard is a registered trademark of Mastercard International Incorporated.
