CINCINNATI–(BUSINESS WIRE)–Sep 15, 2020–
Fifth Third Momentum TM not too long ago hit a milestone: It now has helped prospects pay down $5 million in scholar mortgage debt. The Fifth Third Momentum app, which launched three years in the past, permits prospects to spherical up their debit card purchases to use to a scholar mortgage.
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Fifth Third’s Momentum app has helped prospects pay down greater than $5 million in scholar mortgage debt. (Picture: Enterprise Wire)
“We’re proud to play a job in serving to households discover options for scholar loans,” mentioned Melissa Stevens, chief digital officer for Fifth Third Financial institution. “Even in instances of hardship because of the pandemic, we need to assist our prospects proceed to work towards a aim we all know causes plenty of stress, particularly for our Millennial prospects.”
Fifth Third Momentum permits customers both to spherical up debit card purchases to the subsequent greenback or so as to add $1 to each buy. The additional quantity is then utilized to the steadiness of a delegated scholar mortgage. Funds are made on a weekly foundation as soon as a minimal of $5 is rounded up.
Fifth Third estimates that prospects who spherical up $25 a month utilizing the Fifth Third Momentum app may repay 20-year mortgage three years sooner and pay 8% much less in complete by avoiding curiosity that may have collected.*
“Our prospects inform us that they love how utilizing the app is definitely enjoyable. They get badges as encouragement after they hit sure milestones or funds as they make further funds towards their loans,” Stevens mentioned. “We’re so comfortable to have helped our prospects already pay down $5 million in scholar mortgage debt and sit up for many multiples of that quantity.”
As a result of scholar mortgage debt impacts extra individuals than simply the borrower, Fifth Third Momentum permits graduates’ members of the family to make use of the free app, too. They will enroll with their very own Fifth Third debit playing cards and join their purchases to assist their family members pay down their scholar debt.
Fifth Third Momentum is obtainable to any Fifth Third debit card consumer and can be utilized with greater than 30 main student-loan servicers – private and non-private. As a result of the app is simple to arrange and doesn’t require a lot day by day thought, the financial institution hopes the automated micropayments platform will make decreasing debt one thing as simple and cheap day-to-day as shopping for a cup of espresso.
To get began, prospects obtain the app (Android or iOS) and enter the title of the establishment servicing the scholar mortgage. The app provides suggestions to assist find the mortgage quantity. Prospects then resolve on their preferences, together with whether or not to spherical up purchases or contribute $1 for each debit-card transaction. As soon as $5 in funds is collected, the cash is mechanically despatched to the student-loan account on the finish of the week. To maintain our prospects motivated, they earn badges, referred to as #Wins, for persevering with to stay with this new behavior.
Serving to individuals in the direction of their objectives is a key tenet of Fifth Third’s digital technique. Along with Fifth Third Momentum, one other free app created by the Financial institution, Dobot, helps its customers attain short- and long-term financial savings objectives. The app, which is obtainable to prospects and non-customers alike, automates financial savings, and sends suggestions and encouragement alongside the way in which. It helps customers deal with what they’re saving for and creates a simple path to get there.
* Instance is predicated on a mortgage quantity of about $37,000 – with a hard and fast rate of interest of 6.80%.
About Fifth Third
Fifth Third Bancorp is a diversified monetary companies firm headquartered in Cincinnati, Ohio and the oblique mum or dad firm of Fifth Third Financial institution, Nationwide Affiliation, a federally chartered establishment. As of June 30, 2020, Fifth Third had $203 billion in property and operated 1,122 full-service banking facilities and a pair of,456 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In complete, Fifth Third offers its prospects with entry to roughly 53,000 fee-free ATMs throughout america. Fifth Third operates 4 principal companies: Business Banking, Department Banking, Client Lending and Wealth & Asset Administration. Fifth Third is among the many largest cash managers within the Midwest and, as of June 30, 2020, had $405 billion in property underneath care, of which it managed $49 billion for people, companies and not-for-profit organizations by means of its Belief and Registered Funding Advisory companies. Investor info and press releases may be seen at www.53.com. Fifth Third’s widespread inventory is traded on the Nasdaq ® World Choose Market underneath the image “FITB.” Fifth Third Financial institution was established in 1858. Deposit and Credit score merchandise are supplied by Fifth Third Financial institution, Nationwide Affiliation. Member FDIC.
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KEYWORD: OHIO UNITED STATES NORTH AMERICA
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SOURCE: Fifth Third Financial institution
Copyright Enterprise Wire 2020.
PUB: 09/15/2020 09:15 AM/DISC: 09/15/2020 09:15 AM
Copyright Enterprise Wire 2020.