Bank launches hardship relief programs

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Fifth Third Bank instituted temporary changes to its service delivery model to help slow the spread of COVID-19. Courtesy Fifth Third Bank

Fifth Third Bank is taking a variety of steps to help customers impacted by the COVID-19 outbreak.

The Cincinnati-based bank with a large West Michigan presence said Wednesday that it is instituting a variety of deferral and forbearance programs for those who are impacted by the COVID-19.

“Building stronger communities is more relevant than ever during these times of uncertainty,” said Greg Carmichael, Fifth Third chair, president and CEO. “We take our role and responsibility seriously to understand and put our customers’ needs first. … Our goal is to stand with our customers to help them and our communities get back on their feet.”

Fifth Third is offering the following programs for its consumer and business customers:

  • Vehicle payment deferral for up to 90 days and no late fees during the deferral period
  • Credit card deferral for up to three payments and no late fees during the deferral period
  • Mortgage and home equity 90-day payment forbearance with no late fees
  • Small business payment deferral for up to 90 days, no late fees and a range of loan modification options; waiving all fees on Fifth Third fast capital loans for six months.
  • Fee waiver for up to 90 days for a range of consumer and small business deposit products and services
  • Suspension of any new repossession actions on vehicles for the next 60 days
  • Suspension of all foreclosure activity on homes for the next 60 days

Fifth Third also recommends customers use digital banking tools and resources for self-service banking and account access through mobile, online and voice banking services, as well as using the bank’s network of about 53,000 fee-free ATMs across the U.S.

Individuals interested in participating in any of the above relief programs should contact Fifth Third at 53.com or (800) 972-3030 Monday through Saturday.

Business banking customers are asked to call (877) 534-2264 or email bbgsupport@53.com.

Due to high demand, call wait times may be longer than normal.

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