What Fifth Third Momentum Checking Is
Fifth Third Momentum Checking is a standard checking account offered by Fifth Third Bank. It comes with a debit card, online and mobile banking, and access to Fifth Third's branch and ATM network. The account is designed for everyday spending and bill payments rather than savings or investment.
The account itself is free to open and has no monthly maintenance fee if you meet the bank's requirements. Those requirements vary depending on which version of Momentum you choose — Fifth Third offers both a standard Momentum account and a Momentum Money Market account, which combines checking with a savings component. This guide focuses on the standard Momentum Checking account.
Key Takeaways
- Fifth Third Momentum Checking has no monthly maintenance fee if you maintain a minimum daily balance or set up direct deposit.
- The account includes a debit card, online banking, bill pay, and mobile check deposit at no extra cost.
- Fifth Third charges overdraft fees if you spend more than your balance, and the fee amount depends on whether the overdraft is covered by the bank or declined.
- You can avoid overdraft fees by opting out of overdraft protection, which means transactions will be declined instead of processed over your balance.
- Interest rates on Momentum Checking are typically very low or zero, so this account is for spending, not saving.
Minimum Balance and Monthly Fees
Fifth Third Momentum Checking charges no monthly maintenance fee as long as you meet one of these conditions: maintain a minimum daily balance of $500, or have a direct deposit of at least $500 per month posted to the account. If you do neither, Fifth Third charges a monthly fee (the amount varies and changes over time — contact Fifth Third directly for the current fee).
The minimum balance requirement is checked daily, meaning you need to stay above $500 every single day. A single transaction that drops you below that threshold for even one day can trigger the monthly fee on your next statement. Direct deposit is often the easier route because once it is set up, it happens automatically.
If you close the account within 90 days of opening it, Fifth Third may charge a early closure fee. This fee is not automatic — it depends on the specific terms at the time you open the account. Ask about it when you sign up.
Debit Card, Transfers, and Online Banking
Momentum Checking comes with a debit card that works at any Visa network ATM and merchant. You can use it to withdraw cash, pay for purchases, and set up recurring payments. Fifth Third does not charge a fee for using your debit card at Fifth Third ATMs, but using an out-of-network ATM typically costs $2.50 per transaction (charged by Fifth Third).
The account includes online banking and a mobile app where you can check your balance, transfer money between your own Fifth Third accounts, pay bills, and deposit checks by taking a photo. Mobile check deposit is free and usually clears within one or two business days.
You can transfer money to accounts at other banks using external transfers, though Fifth Third may limit how many you can make per month or charge a fee for expedited transfers. Standard transfers between Fifth Third and another bank typically take one to three business days.
Overdraft Fees and How to Avoid Them
If you spend more money than you have in your account, Fifth Third can either cover the overdraft (charging you a fee) or decline the transaction. The overdraft fee for Momentum Checking is charged each time the bank covers a transaction that would otherwise overdraw your account. Fifth Third's current overdraft fee varies — contact the bank for the exact amount, as it changes periodically.
You have the right to opt out of overdraft protection. If you do, transactions that would overdraw your account will simply be declined instead, and you will not be charged a fee. You can make this choice when you open the account or change it later through online banking or by calling Fifth Third.
Fifth Third also offers an overdraft line of credit as a separate product, which works differently from overdraft protection. This is a small loan that kicks in if you overdraw, and you pay interest on the borrowed amount. It is optional and must be set up separately.
Interest and Account Features
Momentum Checking earns little to no interest on your balance. Fifth Third's current rate varies and is often zero percent, meaning your money sits in the account without growing. If you are looking to earn interest on deposits, a savings account or money market account would be better choices.
The account does include fraud protection. If someone uses your debit card or account number without permission, you can report it to Fifth Third. Your liability for unauthorized transactions is limited to $50 if you report the fraud within two business days, and zero if you report it within 60 days (though Fifth Third may investigate longer).
Momentum Checking also includes access to Fifth Third's bill pay service, which lets you schedule payments to companies and individuals from your account. Bill pay is free and typically takes three to five business days to reach the recipient, though you can pay some bills faster for an additional fee.
How Deposits and Withdrawals Work
You can deposit money into Momentum Checking by direct deposit, mobile check deposit, in-person at a Fifth Third branch, or by transferring from another bank account. Direct deposits typically post within one business day. Mobile check deposits usually clear within one to two business days, though Fifth Third may hold the funds longer if the check is large or if you are a new customer.
Withdrawals can be made at any Fifth Third ATM (free), any Visa network ATM (usually $2.50 fee), or in person at a branch. Debit card purchases also withdraw from your balance immediately or within one business day, depending on the merchant.
If you need to withdraw a large amount of cash, call your branch ahead of time to make sure they have it on hand. Fifth Third may also flag unusually large or frequent withdrawals as part of their fraud monitoring.
Comparing Momentum to Other Fifth Third Accounts
Fifth Third offers several checking account options beyond Momentum. The Access Checking account is designed for customers who want lower minimum balance requirements. The Momentum Money Market account combines checking with a savings component and pays interest, but has higher minimum balance requirements. The Preferred Checking account is geared toward customers who maintain higher balances and offers additional perks.
The right account depends on your balance, how often you use bill pay and transfers, and whether you want to earn interest. If you keep less than $500 regularly, Access Checking might cost less. If you want to earn interest and can maintain a higher balance, Momentum Money Market or Preferred Checking might be better. Fifth Third's website or a branch representative can help you compare current terms and fees.
Frequently Asked Questions
What happens if my direct deposit stops?
If your direct deposit ends, you will need to maintain the $500 minimum daily balance to avoid the monthly fee. If you cannot do that, you can switch to a different Fifth Third account with lower requirements, or contact Fifth Third to discuss your options.
Can I have multiple Momentum Checking accounts?
Fifth Third generally allows you to open more than one checking account, but there may be limits on how many you can hold. Contact Fifth Third directly to ask about opening a second account, as policies vary by location and customer type.
How do I report fraud on my Momentum debit card?
Call Fifth Third's fraud line immediately (the number is on the back of your card) or report it through online banking. The sooner you report it, the lower your liability. Fifth Third will investigate and may issue you a new card while they look into the unauthorized transactions.
What is the difference between Momentum Checking and Momentum Money Market?
Momentum Money Market combines checking with a savings component and pays interest on your balance. It requires a higher minimum balance (usually $2,500 or more) and has different fee structures. Choose Momentum Money Market if you want to earn interest and can maintain a larger balance; choose standard Momentum Checking if you want a simple, low-cost checking account.
Can I change my overdraft settings after I open the account?
Yes. You can opt in or out of overdraft protection at any time through online banking, the mobile app, or by calling Fifth Third. If you opt out, future transactions that would overdraw your account will be declined instead of charged a fee.