business banking product
DESCRIPTION
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Business Banking Products
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Question:
What are Business Banking core product groups?
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Business Checking
Business Savings
Business Lines of Credit & Loans
Business Card Products
Answer:
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Business CheckingBusiness
BasicsChecking
Business Advantage
Business Preferred Checking
Commercial Analyzed Checking
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Business Savings
Business Money Market
Business Savings
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Linesof
CreditLoans
Business Lines of Credit & Loans
BusinessLine
ofCredit
RevolvingLine
ofCredit
Term Loans
Comm’l.Real Estate
DrawNote
Standby Letters
ofCredit
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CreditCards
BusinessMasterCard
BusinessDebit
Rewards
Business Card ProductsDebitCards
BusinessRewards
MasterCard
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Business Banking
Additional Benefits / Offerings
www.53.com PaycorMerchant Processing
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Business Banking
Business Checking Products
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Business Checking ProductsBusiness Basics Checking
Type 30
Business Advantage Checking
Type 35
Business Advantage Interest Checking
Type 33
Business Advantage Public Funds Checking
Type 34
Business Preferred Checking
Type 36
Commercial Analyzed Checking
Type 20
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Business Banking Deposit Product Progression
Com
plex
ity o
f Cus
tom
er N
eeds
Transaction Volume
Business Basics Checking
Business Advantage Checking
Business Preferred Checking
Commercial Analyzed Checking
Pric
ing
Flex
ibili
ty
Our deposit product set is designed to meet the changing needs of our customers as they grow, from a start-up to a mature enterprise.
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Business Basics Checking (Type 30)
No minimum balance requirement.
No monthly maintenance fee.
Up to 150 transactions per month with no charge.
Per transaction fee incurred if limit is exceeded.o 151 or more: $5.00 fee plus $.50 per transaction
Up to $5,000 in cash deposited per month with no charge.o $5,001 or more: $5.00 fee plus $0.0035 per dollar deposited
Note – Overdraft, negative collected balance and other activity fees may apply
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Business Advantage Checking (Type 35)
No monthly maintenance fee if $10,000 average monthly balance is maintained. Otherwise, $15.
Up to 250 transactions per month with no additional charge. Per transaction fee incurred if limit is exceeded.
o 251 or more: $5.00 fee plus $.50 per transaction Up to $10,000 in cash deposited per month with no additional charge.
o $10,001 or more: $5.00 fee plus $0.0035 per dollar deposited Eligible for Cash Management Essentials Package The Business Advantage Interest Checking and Public Funds Checking
accounts have the same features as this account, but earn interest. See the product profiles for eligibility restrictions for these accounts.
Note – Overdraft, negative collected balance and other activity fees may apply.
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Business Preferred Checking (Type 36)
No monthly maintenance fee if $25,000 average monthly balance is maintained. Otherwise, $25.
Up to 500 transactions per month with no charge. Per transaction fee incurred if limit is exceeded.
o 501 or more: $5.00 fee plus $.50 per transaction
Up to $25,000 in cash deposited per month with no additional charge.o $25,001 or more: $5.00 fee plus $0.0035 per dollar deposited
Eligible for Cash Management Essentials Package Optional Investment Sweep Capability
Note – Overdraft, negative collected balance and other activity fees may apply
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Cash Management Essentials Available only for Business Advantage and Preferred Checking. Prior Day Reporting Package – Includes:
o On-line Transferso Commercial Loanso Stop Payments Moduleo Wire Transfer Module
o Account Alerts ACH is an available add on to the essentials package for Direct Deposit. Requires
Prior Day reporting package.
Note – Activity charges apply for Stop Payments, Wire Transfers and ACH. Talk to your Treasury Management representative for pricing and details.
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Commercial Analyzed Checking (Type 20)
Designed for higher transaction customers (greater than 500) or that have greater Cash Management product needs.
Total monthly business service charges eligible for offset by earnings credit. Additional fee for each transaction* and for all cash deposited.
*Includes items not considered transactions for other business checking accounts. Talk to your Treasury Management representative for pricing and details.
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Number of monthly transactions
Average monthly account balance
Amount of cash deposited each month in the branch
Other account activity
o Coin/currency orders
o Cash management services
o NSF Fees, stop payments, returned deposited items, etc.
What Determines If A Fee is Assessed?
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What is a transaction?Items counted as transactions for purposes of determining the monthly fee for the Business Basics, Advantage, or Preferred checking accounts generally include:
Checks paid
Deposit tickets – paper & electronic
Checks deposited – paper & electronic
ACH receipts
Check/Deposits rejected
Note – For a full listing of transactions consult the product descriptions on the Intranet. Divisions/Retail/Products/ProductGuide/BusinessCommercial/ProductDescriptions
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What services/transactions are free?
All business accounts offer these services at no charge, and these services are not included in the free item count for each product: Debit card transactions
Online bill payments
Fifth Third online account transfers (debits or credits)
Fifth Third telephone banking transfers / bill payments
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Customer Profiling
Focus on profiling your customer into the right product at the point of sale.o Utilize Business Checking Account Profiler on the intranet
– Divisions/BusinessBanking/Marketing/Products/BusinessCheckingandSavings/Account Profiler
– Ensuring that our customers are placed into the right account at the point of sale will have a positive impact on customer satisfaction and retention.
Conduct periodic reviews of your customer’s activity.o As our customers grow, they may need to migrate to new products. The right account at the point
of sale, may not be the right account two years after the sale.
o Customer review sessions are an opportunity to expand the relationship and gauge customer satisfaction.
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Business Banking
Business Savings
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Business Savings
Business Savings
Type 130
Business Money Market
Type 128
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Business Savings (Type 130)
Savings account designed for lower-balance business savings customers.
No monthly maintenance fee if $1,000 average monthly balance is maintained, otherwise $5.
Up to 100 deposits or deposited items per month with no charge.
o 101 or more: $5.00 fee plus $.50 per transaction
3 free withdrawals per month. Savings accounts are limited transaction accounts by law. Customers that exceed monthly withdrawal allowances are assessed fees as follows:
o 4 – 6 = $1.00 per item
o 7+ = $10.00 per item
Note – Overdraft, negative collected balance and other activity fees may apply
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Business Money Market (Type 128)
Money Market Savings account designed for higher-balance business savings customers.
No monthly maintenance fee if $10,000 average monthly balance is maintained, otherwise $10.
Up to 100 deposits or deposited items per month with no charge.o 101 or more: $5.00 fee plus $.50 per transaction
3 free withdrawals per month. Savings accounts are limited transaction accounts by law. Customers that exceed monthly withdrawal allowances are assessed fees as follows:o 4 – 6 = $1.00 per itemo 7+ = $10.00 per item
Note – Overdraft, negative collected balance and other activity fees may apply
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Business Banking
Business Card Products
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Business Rewards MasterCardCustomer Positioning:
Encourage customers to use their card for day-to-day purchases, recurring expenses such as utilities, and to help reduce their number of checks.
Business Rewards MasterCard – Current Offer: Annual Fee waived for 1st year 0% Introductory Rate for first 12 months and Balance Transfers Rates as low as prime + 3.99% No balance transfer fee Rewards
— 1 point for every dollar in net spend
— 53 Pointshare (combine points from all of their Fifth Third business cards)
— MasterCard zero liability fraud protection
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Business Banking
Business Line of Credit
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Business Line of Credit (BLOC) Who is the target customer?
— Helps address some of the basic lending needs of our small business customers. Provides customers with easy access to working capital or flexibility for seasonal purchases, inventory opportunities, or other short-term financing needs.
How does customer use it?— Funds transfer thru 53.com – customers can transfer funds to/from their BLOC to their Fifth
Third DDA.— Customers will receive a MasterCard that they can use for purchases, directly accessing
funds available on their line of credit
How is product/service fulfilled?— Customer & FCM fill out BBCA and Fax Cover Sheet and faxes to BCC— BLC reviews application and decision information sent to FCM— FCM contacts customer
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BLOC Features and Benefits
BLOC Features: • Rates as low as - Prime + 1.99%
• Same rate for purchases and cash advances
• $100 annual fee – waived for 1st year
• Minimum payment due is 1% or $100 of the outstanding balance
• Lines up to $100k
Other Advantages – • Minimal documentation is typically required for lines less than $100,000
• No tax returns, decision made on application only
• Only pay interest on amount you use unlike a traditional loan
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Why Customers Need Both
BLOCCash Reserve:• Working capital supplement
• Seasonal purchase opportunities
• Accounts receivable funding
• Larger ticket items
Rewards CardManage daily expenses:•Day to day purchases (office supplies,
travel and entertainment)
•Reduce your transaction count by eliminating checks
•Additional Cards for employees
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Business Banking
Additional Benefits / Offerings
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www.53.com Free Internet Banking and Bill Payment
Set Account Alerts
24/7 Access
Issue Stop Payments
Pay Bills & Transfer Funds
Access Statements
View Check Images
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Merchant Card Acceptance Client General Description
— Single location merchants or small chains
— Generally have up to $250,000 in Visa & MasterCard annual sales volume
— Customers who currently accept or want to accept credit cards or other forms of payment for their goods and services
— Multiple setup options exist depending upon customer’s situation
FTPS partners with the Retail Banking Division to penetrate the retail merchant services market by utilizing the Bancorp’s Retail Banking Center Managers and Business Banking Officers to refer Retail Merchant Services products and services.
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Qualifying Questions for Merchant Card Acceptance
Do you accept credit cards today? Who is your processor? What is your annual/monthly processing volume? Average ticket? What cards do you accept today?
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PaycorWhat is Paycor?• A complete outsourced payroll solution for our Business customers. The Paycor solution offers our
customers with multiple payment options for their employees, including direct deposit, as well as payroll tax filing services.
Who is a good prospect?• Any business with employees
• Clients already outsourcing payroll
• Check ACE system (std screen) or client bank statements for ACH transactions from Paychex and ADP
• Clients or prospects needing help with payroll tax filing issues
Once you have identified a prospect, refer to your local Paycor representative to schedule an appointment
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Business Banking
Locating Resources
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Fifth Third Intranet
From within the Business Banking division intranet site, you can access detailed product descriptions and the
Checking Account Profiler tool.
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How to Access Product Descriptions
Once within the Business Banking Division’s Product site, click on the link to Business Checking
and Saving Products or the Business Checking Account Profiler
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Questions
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