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Fifth Third Bank defers payments, waives fees amid COVID-19

March 19, 2020

Fifth Third Bank announced a series of new measures to help personal and small business customers due to the COVID-19 outbreak. 

The Cincinnati-based bank is asking customers to take advantage of mobile banking, ATMs and other services offered by the bank and is providing a range of payment modification programs. 

"Fifth Third's focus on helping customers improve their lives and building stronger communities is more relevant than ever during these times of uncertainty," Greg Carmichael, chairman, president and CEO of Fifth Third said, in a company releease. "We take our role and responsibility seriously to understand and put our customers' needs first."

The bank is providing the following programs:

• Vehicle payment deferral of up to 90 days and no late fees.
• Credit card payment deferral of up to three payments and no late fees. 
• Mortgage and home equity deferral of up to to three payments and no late fees.
• Small business deferrals of up to 90 days and no late fees. Waiving all fees on Fifth Third Fast Capital loans for up to 90 days.
• Fee waivers of up to 90 days on all consumer and small business deposit products. 
• Suspending vehicle repossession for up to 60 days. 
• Suspending foreclosures for up to 60 days.

Cover image: iStock