Account Helps People with Disabilities Save for
their Future
Fifth Third Bank is proud to launch the checking account it
designed for the Achieving a Better Life Experience program known
as ABLE in Illinois, North Carolina and several other states.*
Fifth Third’s ABLE Checking Option is the first ABLE plan to offer
both debit card access and check writing available in an ABLE plan
in the country.**
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170403005790/en/
Teddy Kremer (right) and his parents
Chery and Dave, say ABLE accounts help people with disabilities
save money without losing important federal benefits. (Photo:
Business Wire)
The checking accounts are part of Fifth Third’s work with the
National ABLE Alliance, a consortium of states dedicated to
providing people with disabilities and their families with low-cost
investment products.
“We’re proud to help make it easier for people 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 and
access to more than 45,000 fee-free ATMs nationwide, making it
easier for people with disabilities to manage their accounts and
pay for their expenses.
“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 people with disabilities
and 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 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
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. Indiana
will join the consortium this summer.
“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 Checking Option,
and where to open plans accounts that include it visit
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.** Fifth Third also offers the ABLE
Checking Option in the Enable Savings Plan in Nebraska and in
Alabama.
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 $31 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/20170403005790/en/
Fifth Third BankLaura Trujillo,
513-534-4361Laura.trujillo@53.com
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