Giving Tuesday started off in a great way for Nikki Hiciu and Fifth Third Bank. The 34-year-old mom and accountant had been working to pay off her student loan debt of nearly $40,000. She and her husband Christian had recently begun using the Fifth Third Momentum app that allows users to round up purchases and puts the difference toward student loan debt. Anticipating that it would take some time to pay off the debt, the Hicius put major purchases and vacations on hold. But today, Fifth Third Bank surprised Nikki with a check for $37,000 as a thanks for putting the app to good use.
The Bank launched Momentum in August to help customers pay down their student loan debt faster. Through Momentum, Fifth Third customers link their debit card to their student loan service provider and then choose to round their debit card purchases up to the next dollar or add one dollar to every purchase. Either way, the extra amount is applied to the balance on the designated loan on a weekly basis once a minimum of $5 in payments is registered.
The fun occasion was also meant to celebrate Giving Tuesday and launch the Fifth Third Momentum Giving Tuesday Sweepstakes that runs now through Dec. 11. Fifth Third will give away up to $37,000 toward repaying a Momentum user’s student loan. Head to 53.com/momentum for the official sweepstakes info and to get started on paying off your own loan — who knows, maybe someone will come knocking at your door, too!