Huntington Bank Eliminates Another Fee as Part of Its Ongoing Fair Play Philosophy
Rolls out new advertising campaign showing how it stands apart from other banks
COLUMBUS, Ohio--(BUSINESS WIRE)-- 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. 1
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.
Over the last four years, Huntington has implemented several Fair Play initiatives, including:
- 24-Hour Grace®, which gives consumer customers additional time during the next business day to cover overdrafts. It is believed to be the only service of its kind in the country.
- Asterisk-Free Checking® , Huntington’s industry-leading checking account with no minimum balance requirement and no monthly maintenance fee.
- The Voice Credit Card™ for consumers, which allows customers to choose a lower rate without rewards. If they choose the rewards option, they can select a category once a quarter, for the next quarter, and earn three times the reward on that category. The card also gives them an extra day to pay their bill with Late Fee Grace.™2
- Changed to a more chronological posting order to mirror how a customer transacts business.
- And now, Huntington has removed overdraft protection transfer fees for both consumer and business checking accounts linked.
Customers have responded positively to the fee eliminations. Huntington recently won eight national and regional excellence awards for distinctive quality in small business banking and commercial middle market banking presented by financial services research firm Greenwich Associates.3
A new series of television and radio commercials that began hitting the airwaves in Huntington’s markets March 17 underscore Huntington’s extensive understanding of customer needs. Set in a fictional training ground, called the Hall of Banking, the ads explore how a Huntington banker and a competitor would each handle specific customer-related challenges. The comedy comes from the juxtaposition of what consumers and small businesses have come to accept as normal banking practices and the refreshing ways that Huntington does business. Five new television spots and four radio spots are now airing along with online videos and social media.
About Huntington
Huntington Bancshares Incorporated is a $59 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, and its affiliates provide full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington’s six-state retail banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of more than 700 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including Internet and mobile banking, telephone banking, and more than 1,500 ATMs. Through automotive dealership relationships within its six-state retail banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
1 Monthly limits apply to transfers from savings and money market.
2 We must receive the required minimum payment by the day after the due date listed on the monthly billing statement in order to avoid for the customer to avoid a late charge. Regular payment cutoff times apply. Cutoff times vary by payment channel (via mail, in-branch, telephone, Internet).
3 Based on the results from the 2013 Greenwich Associates’ Small Business and Middle Market National and Regional Banking Study.
Member FDIC. The logo mark, Huntington®, Asterisk-Free Checking® and 24-Hour Grace® are federally registered service marks of Huntington Bancshares Incorporated. Voice Credit Card™ is a service mark of Huntington Bancshares Incorporated. The 24-Hour Grace system and method is patented: US Pat. No. 8,364,581.
Huntington Bancshares Incorporated
Media
Maureen Brown,
614-480-5512
maureen.brown@huntington.com
or
Investors
Todd
Beekman, 614-480-3878
todd.beekman@huntington.com
Source: Huntington Bancshares Incorporated
Released March 19, 2014