Fifth Third Adds Faster Pay and Digital Lending for Small Businesses

Fifth Third has introduced a small business banking experience that combines digital lending, faster payments and local banker support.

The bank is rolling out the new Fifth Third for Business to more than 240,000 small business customers, it said in a Thursday (June 4) press release.

Fifth Third for Business offers Early Pay that provides access to eligible deposits up to two days early and tax refunds up to five days early; Extra Time that gives owners until midnight ET the next day to make a deposit and avoid overdraft fees; and digital lending that allows owners to apply for financing in as little as one hour.

The new banking experience also enables small businesses to get paid with Zelle, which typically shortens the payment cycle to minutes, and to accept tap-to-pay transactions directly on a smartphone, anytime and anywhere.

“With Fifth Third for Business, we’re giving owners a more efficient way to move money, lower costs and secure capital quickly, while pairing modern digital capabilities with the support of local bankers who understand their business,” Ben Mendelsohn, senior vice president and director of consumer and small business products at Fifth Third, said in the release.

Fifth Third said in February that it became the ninth-largest U.S. bank when it closed its merger with Comerica. At that time, the bank had $294 billion in assets and operated in 17 of the 20 fastest-growing large markets in the country, including key regions in the Midwest, Southeast, Texas and California.

“This combination marks a pivotal moment for Fifth Third as we accelerate our strategy to build density in high-growth markets and deepen our commercial capabilities,” Tim Spence, chairman, CEO and president of Fifth Third, said at the time in a press release.

Fifth Third had announced four months earlier, in October, that it planned a $10.9 billion merger with Comerica.

During an October earnings call, Spence said the merger would produce a diversified and even more profitable company.

“We are excited to add Comerica’s strong verticals to our existing expertise, including in national dealer services, environmental services, and tech and life sciences, among others,” Spence said.