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Huntington Bank has completed the elimination of its $10 overdraft protection transfer fees for consumer and small business customers, giving them more convenience in moving money from one account to another, the bank announced today. Huntington is thought to be one of the few banks in the country to have eliminated the fee.
Huntington is also introducing a series of new commercials that underscore in a vivid and humorous way how it treats customers with more care than other banks.
“At Huntington we made the decision that we did not want to charge customers for transferring their own money from one account to another,” said Steve Steinour, chairman, president and CEO of Huntington Bank. “Customers want a fair approach to their banking so that they can save and invest their hard-earned dollars. We hear them and we continue to give them the services they want.”
Huntington began removing overdraft protection transfer fees in 2011 and by April 1, 2014, the bank will complete the final step in the process with the elimination of its business banking overdraft protection transfer fee.
Consumers can link from any Huntington savings, money market, home equity or credit card to a checking account as part of overdraft protection with no transfer fee. Beginning next month, businesses can link from any savings or deposit account to a checking account as part of overdraft protection with no charge. If the business or consumer customer then overdrafts, money to cover the shortfall is automatically pulled from the linked accounts into the checking account. Previously, as with many banks, $10 was charged for the transfer.
The final transfer fee elimination is expected to impact about 10 percent of small business customers. While it is a small group of customers, they tend to be the micro business owners who need their dollars to reinvest in their businesses rather than pay a banking fee.