Bank is First to Offer ABLE Checking Option
Fifth Third Bank today announced that the checking account it
designed for the Achieving a Better Life Experience program known
as ABLE will be available in Illinois, North Carolina and several
other states by March 30, and in Indiana and others by this
summer.*
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170214006060/en/
Ted Kremer and his parents, Cheryl and
Dave, say ABLE accounts can be life changing for participating
families, who often say they haven’t been able to build significant
savings for everything from emergencies to routine medical expenses
– without putting some government benefits in jeopardy (Photo:
Business Wire)
The special checking accounts are part of Fifth Third’s work
with the National ABLE Alliance, a consortium of states dedicated
to providing those living with disabilities and their families with
low-cost investment products.
“We’re proud to help make it easier for people living with
disabilities to save and manage their money,” said Fifth Third
Bancorp President and CEO Greg Carmichael. “The ABLE plans give
families the peace of mind that comes from setting money aside for
their own or their loved ones’ future.”
Under the 2014 federal ABLE law, people with disabilities and
their families can set aside up to $14,000 a year in special
accounts without affecting their eligibility for Supplemental
Security Income, Medicaid or government programs. These ABLE
accounts are modeled loosely after the popular 529 state-sponsored
college savings accounts. State-sponsored ABLE accounts and plans
vary, with some enrolling eligible people across the country and
others limiting participation to those who reside in the state in
which it was launched. The plans offer a mix of traditional banking
and investment options.
Fifth Third’s ABLE Checking Option offers all the features of a
traditional checking account such as a debit card, checks,
access to more than 45,000 fee-free ATMs nationwide and more,
making it easier for people with disabilities to manage their
accounts and pay for their expenses. This is the first checking
option available in an ABLE plan in the country.
“You want to raise your child to be independent, to work, and to
do as much as they can,” said Dave Kremer of Cincinnati, whose
33-year-old son, Teddy, has Down syndrome. “And the ABLE accounts
help encourage these skills in people with disabilities. Before
ABLE, some families discouraged a person with a disability from
working because they didn’t want to lose their benefits.”
ABLE accounts can be life changing for participating families,
who often say they haven’t been able to build significant savings
for everything from emergencies to routine medical expenses –
without putting some government benefits in jeopardy. Before the
ABLE account, a person living with a disability could not have more
than $2,000 in their name at any time to remain eligible for
government benefits. The accounts allow the money to be used for a
broad range of services such as housing, transportation and
equipment and technology that assist the person living with the
disability.
“This will help me save money for my future,” said Teddy, who
works part-time for Fifth Third Bank and part-time for the
Cincinnati Reds. “Then one day I can go to live with my
brother.”
Dave and his wife Cheryl have planned for Teddy to live with his
older brother when they no longer can have him live with them.
“A big worry for parents of children with a disability is who
will help care for them when we are gone,” Cheryl said. “The ABLE
account helps us plan for Teddy’s future beyond us.”
In June 2016, Ohio became the first state to launch with STABLE
(www.stableaccount.com), which Fifth Third proudly supports through
a savings option and custodianship of plan assets. In January of
2017, Fifth Third launched the first ABLE checking option in the
Enable Savings Plan in Nebraska.
Fifth Third partnered with Ascensus and state treasurers to
create these innovative ways to serve our communities. Ascensus
manages and administers all National ABLE Alliance plans.
“For many people, tools like Special Needs Trusts are not within
reach because they don’t have a lot to invest, they are deterred
from investing,” said Ben Mendelsohn, vice president of deposit
products and services for Fifth Third. “ABLE was created to be more
accessible and simpler than other financial tools.”
For more information about Fifth Third’s ABLE accounts, go to
53.com/able.
*States with active plans in the National ABLE Alliance
currently are Alaska, Illinois, Nevada, Iowa, Kansas, Minnesota,
Rhode Island, and North Carolina. New Jersey, Pennsylvania,
Missouri, Arizona, Montana, and Indiana will launch their plans
throughout the coming months.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Dec. 31, 2016, the Company
had $142 billion in assets and operated 1,191 full-service Banking
Centers, including 94 Bank Mart® locations, most open seven days a
week, inside select grocery stores and 2,495 ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and North Carolina. Fifth Third operates four
main businesses: Commercial Banking, Branch Banking, Consumer
Lending, and Wealth & Asset Management. As of Dec. 31, 2016,
Fifth Third also had a 17.9 percent interest in Vantiv Holding,
LLC. Fifth Third is among the largest money managers in the Midwest
and, as of Dec. 31, 2016, had $315 billion in assets under care, of
which it managed $27 billion for individuals, corporations and
not-for-profit organizations. Investor information and press
releases can be viewed at www.53.com. Fifth Third’s common stock is
traded on the NASDAQ® Global Select Market under the symbol “FITB.”
Fifth Third Bank was established in 1858. Member FDIC, Equal
Housing Lender
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version on businesswire.com: http://www.businesswire.com/news/home/20170214006060/en/
Fifth Third BankLaura Trujillo,
513-534-4361Laura.trujillo@53.com
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