Ohio-headquartered, Fifth Third the 13th largest US bank by assets, has launched Access 360o a reloadable prepaid card.
Cardholders will not pay a fee to load money on to the card but customers will incur a monthly service fee of USD7; that fee is reduced to USD4 for Fifth Third current account customers and those who deposit over USD500 a month.
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Customers can request text alerts for daily balance notifications and have the option to track balances and activity using mobile and online banking. It also offers MasterCard Zero Liability protection from unauthorised purchases if the card is lost or stolen.
Steven Alonso, executive vice president and head of Fifth Third’s Consumer Bank said ""Prepaid cards are a fast-growing form of payment and consumers see the value and convenience of using these cards for a variety of financial needs."
"Access 360o may be used as a budgeting tool or way to segment spending, to make secure online purchases, or as an alternative to cash for those without a traditional bank account."
Fifth Third ended the last quarter with assets of USD117 bn and operates a network of 1,316 branches and 2,404 ATMs.
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