What Momentum Checking Is

Momentum Checking is Fifth Third Bank's standard checking account for everyday banking. It comes with a debit card, online and mobile access, and the ability to write checks. There is no minimum balance requirement to open one, though Fifth Third charges a monthly maintenance fee unless you meet certain conditions to waive it.

The account is designed for people who want basic checking without the extra features or higher minimums that come with premium accounts. You can deposit money through direct deposit, mobile check deposit, ATM deposits at Fifth Third machines, or in-branch. You can withdraw cash at any Fifth Third ATM without a fee, or at other banks' ATMs for a fee that varies by location.

Key Takeaways

  • Momentum Checking charges a $5 monthly maintenance fee, which Fifth Third waives if you maintain a $500 minimum balance or set up a direct deposit of at least $500 per month.
  • The account includes a debit card, online banking, mobile banking, and check-writing privileges with no transaction limits.
  • You can deposit checks through your phone using Fifth Third's mobile app, and you can withdraw cash at any Fifth Third ATM for free.
  • Fifth Third does not charge overdraft fees on debit card transactions, but does charge overdraft fees on checks and ACH transfers if your account goes negative.
  • The account earns no interest on your balance, so money sits at zero percent regardless of how much you keep in it.

Monthly Fees and How to Avoid Them

The standard monthly maintenance fee is $5. Fifth Third offers two ways to waive this fee: keep a minimum daily balance of $500, or set up a direct deposit of at least $500 in a single month. If you do either one, the fee does not explore that month.

If your balance drops below $500 and you have no direct deposit that month, the $5 fee posts to your account. This fee is separate from overdraft fees, which explore if your account balance goes negative. Fifth Third does not charge overdraft fees on debit card purchases — those transactions will straightforward be declined if you do not have funds — but does charge overdraft fees on checks and ACH transfers that overdraw your account.

Deposits and Withdrawals

You can deposit checks using the Fifth Third mobile app by taking a photo of the front and back. The bank typically makes funds available within one business day for most checks, though some checks may take longer depending on the amount and the check's origin. You can also deposit checks at any Fifth Third branch during business hours, or use an ATM deposit envelope at Fifth Third ATMs if your account is set up for that service.

Cash withdrawals are free at any Fifth Third ATM. If you withdraw from an out-of-network ATM, Fifth Third charges a fee (usually $2 to $3, depending on the ATM operator). Some out-of-network ATMs also charge their own fee on top of Fifth Third's fee. You can also withdraw cash at any Fifth Third branch during business hours.

Direct deposit is the easiest way to move money into the account. Your employer or benefits provider sends funds directly to your Momentum account, and the money typically arrives on the scheduled payday. This is also the simplest way to waive the monthly maintenance fee.

Debit Card and Online Banking

Momentum Checking comes with a Visa debit card that works at any merchant that accepts Visa. You can use it to make purchases in stores, online, or over the phone. Fifth Third does not charge overdraft fees when you use the debit card — if your account does not have enough funds, the transaction will be declined instead.

Online banking through Fifth Third's website or mobile app lets you check your balance, view transaction history, transfer money between your own accounts, pay bills, and send money to other people using Fifth Third's peer-to-peer payment service. You can also set up alerts to notify you when your balance drops below a certain amount, or when a large transaction posts to your account.

Interest and Account Growth

Momentum Checking earns no interest on your balance. Money you keep in the account sits at zero percent annual percentage yield (APY), regardless of how much you deposit or how long you keep it there. This means the account is designed for spending and bill-paying, not for saving or building interest income.

If you want to earn interest on money you are not spending right away, Fifth Third offers savings accounts and money market accounts that pay interest. Those accounts have different fee structures and minimum balance requirements, and their interest rates change based on market conditions and Fifth Third's pricing decisions.

Overdraft Protection and Negative Balances

Momentum Checking does not charge overdraft fees on debit card transactions — those will straightforward decline if you do not have funds. However, if you write a check or set up an ACH transfer (like a bill payment or peer-to-peer transfer) and your account does not have enough money, Fifth Third will charge an overdraft fee. The fee amount varies but is typically around $35 per overdraft.

You can link a savings account or another Fifth Third account to Momentum Checking for overdraft protection. If a transaction would overdraw your checking account, Fifth Third can automatically transfer funds from the linked account to cover it. This prevents the overdraft fee, but Fifth Third may charge a transfer fee depending on your account type and the number of transfers.

How Momentum Checking Compares to Other Fifth Third Accounts

Fifth Third offers several checking account options beyond Momentum. Access Checking is a lower-cost option with no monthly fee but limited features and fewer ATM locations. Premium Checking requires a higher minimum balance but waives fees and may offer additional perks like higher ATM limits or travel benefits.

The main difference between Momentum and these other accounts is the balance requirement and fee structure. Momentum is the middle option — it has a modest $500 waiver threshold and a $5 fee if you do not meet it. If you consistently maintain a higher balance or receive regular direct deposits, Momentum is usually the most cost-effective choice. If you want to avoid any monthly fee entirely, Access Checking may be worth comparing, though it has fewer features.

Frequently Asked Questions

Can I open a Momentum Checking account online?

Yes. You can open an account through Fifth Third's website or mobile app. You will need to provide personal information, a Social Security number, and a government-issued ID. Fifth Third will verify your identity and run a background check through ChexSystems, which is a banking history database. The account typically opens within a few minutes if everything checks out.

What happens if my balance goes below $500?

If your balance drops below $500 and you do not have a direct deposit of at least $500 that month, the $5 monthly maintenance fee will post to your account. The fee is separate from overdraft fees. If your account goes negative (below zero), overdraft fees explore to checks and ACH transfers, but not to debit card purchases.

Can I write checks from Momentum Checking?

Yes. Checks are included with the account. Fifth Third will mail you a starter set of checks when you open the account, and you can order more through online banking or by calling the bank. You can also request checks with your name and address printed on them.

Does Fifth Third charge fees for transfers between my own accounts?

No. Transfers between your own Fifth Third accounts are free and typically process when ready if both accounts are at Fifth Third. Transfers to accounts at other banks may take one to three business days and are also free, though the receiving bank may have its own policies.

What should I do if I want to earn interest on my money?

Momentum Checking earns no interest. If you want interest income, Fifth Third offers savings accounts and money market accounts that pay APY. You can keep your spending money in Momentum Checking and move extra funds to a savings account, or use a money market account if you want higher interest rates in exchange for larger minimum balances.