In this article, we shall review Huntington Bank. This full-service online bank is traditional in terms of all banking services. Money-making accounts, commercial banking services, and personal banking services-everything are available here.
If you live within the seven-state footprint of Huntington, this bank is an attractive option for simple checking and savings accounts. However, sometimes we seek multiple options to skip the overdraft fees. Huntington Bank is here to save you from all those troubles.
What Is Huntington Bank?
Headquartered in Columbus, Huntington Bank is one of the largest banks in Ohio. It has 839 branches all over the world. Most of its branches are in Midwest states. The bank was established in 1866, but it is more popular because of its online operations. The bank has a business rating of A+, which denotes the overall popularity of this institution.
Savings account, checking account, money market accounts, certificates of deposit-everything is accessible in Huntington Bank. It can help you set up both personal accounts and business accounts in almost no time. Even SBA loans and merchants services are also quite easily accessible in this bank. In addition, the bank has an extensive network of hundreds of branches in the state, so that you can get those benefits from its online subsidiary.
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What Are The Services Available In Huntington Bank?
First, the bank offers a 24-hour grace period, so it provides you relatively more time than other banks to make your deposit. Thus, you can escape the trouble of overdraft fees. In addition, until midnight, you can deposit to your account from the ATM or your phone anytime during the day.
If you happen to link your savings account to your checking account or your money market account, it will offer you a service free of cost. It will allow you to access all services of mobile banking. You can deposit checks too from your smartphone or tablet.
You can pay all your bills online from the web portal of Huntington Bank. In addition, the online web portal will send you real-time updates to your accounts. Thus, if you have a shortage in your account or any unusual activity noticed from your account, you will be notified instantly.
The most fantastic feature of Huntington Bank is the Platinum debit card. This card is as good as MasterCard as it offers zero liability for unauthorized charges. In addition, you can access the credit card replacement service, credit bureau notification, and theft resolution services.
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Benefits And Drawbacks Of Huntington Bank Services
Your basic checking account is free of cost. Even your Asterisk-free checking account does not require a monthly fee from you. It does not even indicate a minimum deposit amount to open the account. If you want to get the bank statements via paperwork in your email, you can apply for that also. You will receive them in paper format instead of messages on your phone. It won’t charge you anything additional.
The main drawback of Huntington Bank is that its services are available in only 7 states. West Virginia, Ohio, Michigan, Illinois, Indiana, Kentucky, and Pennsylvania are the 7 states that get their services. So, if you are from any other region than these 7 states, you cannot access their service.
The customer support provision is quite broad in Huntington Bank because you can access their services from 7 A.M. to 7 P.M. If you need banking assistance at other times, you can have access to a web assistant available 24×7. In addition, the website interface is easy to navigate so that you can find answers to your questions there anytime you need.
However, the interest rate for Huntington Bank is lower than other competitor banks. Even if the primary checking account comes free of charge, the interest-bearing funds need a minimum of $5000. It is pretty higher than other banks of similar stature.
There is a Huntington Investment Company that manages all your investment portfolios. So, it is an additional benefit that the bank offers, provided you already have an account in Huntington Bank.
On the other hand, across all seven states, it only has 1400 ATMs. So, the limited ATM service raises some serious questions about their extensive networking.
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How Does Huntington Bank Work?
You can always think that it is the largest online bank in the country, so why not open an account online? Don’t forget that you may open an account in the online portal of Huntington Bank, but you still have to be a permanent resident of any of the 7 states mentioned earlier. In addition, the money you deposit here is FDIC-insured.
FDIC is a government agency that ensures you won’t lose all your money if the bank suddenly shuts down. You cannot apply for this provision because there are banks that take this provision for their customers. So, if you are a customer of Huntington Bank, your money will be automatically insured.
If you have a joint account, you must have at least $250,000 to $500,000 in your account to access this benefit. The interest-bearing accounts must have at least $5000 in the account. If not, at least all your accounts in Huntington Bank should have a total of $25000. There is no age boundary to open a joint statement in this financial institution. Even if you are not a married couple and want to open an account with your parent, child, or partner, you can do that.
The bank provides you with robust customer support from 7 A.M. to 7 P.M. every day. There is also an online web assistant that can guarantee you a 24-hour service. The best part is that Huntington Bank also entertains customer queries on Saturdays and Sundays. You can get in touch with the customer assistants on Saturdays from 8 A.M. to 7 P.M. On Sundays, you can contact them from 8 A.M. to 5 P.M.
Huntington Bank Business Checking – How Does It Work?
Despite the fact that it has a presence in only 11 states when it comes to assets, Huntington Bank is one of the biggest banks in the United States. As already discussed, when it comes to banking services for small businesses, Huntington Bank is the best one to choose. To fit the various Business checking needs of small businesses, Huntington Bank offers top-end services as well.
According to the Forbes Advisor, “Huntington Bank offers several business checking accounts with different transaction limits and fee structures. These options include one free checking account with a monthly transaction limit and two business checking accounts that support unlimited transactions—albeit with waivable monthly fees.”
If you want to create a business checking account with Huntington Bank, you will need to pay a $5 paper statement fee. However, if you sign up for electronic statements, you can avoid this fee as well. Once you open a Huntington Bank checking account, you will get a Mastercard Debit Card. You can use that debit card to make transactions at various ATMs, as well as retail counters.
There are three Business Checking options that Huntington Bank provides:
1. Huntington Business Checking 100
- Free and Basic
- Upto 100 free transactions
- Deposit up to $5,000/ month
2. Huntington Unlimited Business Checking
- Unlimited transactions
- $20 monthly maintenance fee (waived on conditions)
- Deposit up to $10,000/ per month
- Many more bonus services to choose from
3. Huntington Unlimited Plus Business Checking
- Complete Banking needs
- $40 monthly fees (waived on conditions)
- Deposit up to $25,000 at branches and ATMs with no charges.
- Many more bonus services to choose from
Pros And Cons Of Huntington Bank Business Checking
The following are some of the major pros and cons of Huntington Bank that you must know:
| Pros Of Huntington Bank | Cons Of Huntington Bank |
| In case of check overdrafts, you will get a 24-hour grace period. If the check amount is under $50, your check overdraft will be forgiven. There is no requirement for minimum opening deposits to avail of the checking services. | There is a monthly transaction limit if you choose the free business checking option. If you have two business checking accounts, you will need to pay monthly maintenance fees. However, this amount can be waived in some cases. Huntington Bank’s Business Checking services are only available in 11 states in the US. |
How Reliable Is Huntington Bank?
If you live near one of the branches of Huntington Bank and require assistance in personal banking, it is a good option for you. But, if you are someone who is looking for a reasonable interest rate, this is not your option then. Even if you don’t like to comply with the minimum balance criteria, Huntington Bank won’t consider you eligible for interest-bearing accounts.
The A+ rating indicates that the bank is reliable. It also scores 4 out of 5 based on customer satisfaction to visit the branch physically and trustworthiness. So, if you are worried about its safety, then don’t. Huntington bank is highly transparent about its procedures, and they address customer complaints seriously so that you can expect the highest integrity from them.
Indeed some controversies are circulating about the integrity of the bank, but that revolves mainly around its employees. In 2020, Huntington Bank agreed to pay $10.5 million to workers if their retirement accounts were more valuable but denied it later. It is the only scandal so far about the bank. But, no customer complaints are questioning the integrity of this bank come to our notice thus far. So, Huntington bank is trustworthy and reliable.
The Bottom Line
Huntington bank is a good option for people who live in the 7 states where the bank has its physical branches. If not, you cannot open an account for the bank, even online. However, it will be beneficial if you stay near one of its branches if you need to physically visit the branch. Online assistance is as good as direct assistance, so you won’t have any problem accessing its services even if you don’t stay near the branch. Like any other bank, this one has also got its pros and cons, so judge them carefully before you decide to open an account here.
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