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Huntington Bank, also known as Huntington Bancshares, is a bank holding company headquartered in Columbus, Ohio.
It is the parent entity of Huntington National Bank.
If you’re looking to open an account with Huntington Bank, it may be beneficial for you if you are local and have access.
Huntington Bank Review: Top Highlights
Huntington National Bank offers a full range of products and services such as:
- Banking Products
- Wealth Management
- Insurance
A Brief History
Huntington came into existence in 1866 and is currently one of the largest banks operating in the American midwest.
It boasts of the most branches in Ohio and Michigan compared to any other bank and has many ATMs inside convenience stores for improved accessibility.
Today it is one of the largest midwestern banks boasting one of the most extensive ATM networks in the region.
No other bank has as many ATM locations in the midwest as Huntington Bank.
Huntington even has a private bank for high-net-worth customers; this ensures Huntington covers all its bases from the blue-collar worker to the midwestern millionaire.
Huntington Bank’s Features
| Banking Account Types | Savings Accounts, CDs, Money Market Accounts, Interest-Earning Checking Accounts |
| Other Account Types | Credit Card, Home, Auto and Loan Products, Retirement Plans |
| Minimum Deposit to Open Account | 0 – $2,500 |
| Number of Branches | Approximately 1,000 |
| ATM Network Coverage | 1,800 ATMs across Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, West Virginia, and Wisconsin. |
| Bill Pay | Yes |
| Payment/Transfers | ACH, Wire Transfers |
| App Availability | Android and iOS |
| Customer Service Types | Phone, email |
| Customer Service Hours | 24/7 |
| Member FDIC | 6,560 |
Financial Products and Services
Savings
Interest rates, across the board, are low, though this is somewhat industry standard right now.
There are monthly fees, but they are easy to avoid by linking your savings account with an Asterisk-Free Checking® account or keeping a $300 average daily balance.
Again, the interest rate is barely noticeable, so it’s best not to overthink it.
Certificates of Deposit
Huntington offers an extensive range of CDs, including a wide variety of short-term CDs.
However, the interest rates on these are abysmal. The only reason to choose Huntington for your long-term CDs is if you already have a long-standing relationship with Huntington and you don’t want to open an account with another bank.
Bank Experience
Huntington has over 1,000 branches in the Midwest, and over 1,800 ATM stations, so they are easy to find and access.
They also have a 24/7 phone line and a Twitter account to answer any customer concerns. The website also features chat support and the full spectrum of online banking features.
Overdraft Fees
Huntington offers a free overdraft protection feature referred to as 24-Hour Grace. If the overdraft is less than $5, you will avoid overdraft fees.
However, the overdraft fee is quite high. You can get hit with a fee of $37.50 up to four times a day.
Huntington Bank Checking Accounts
Asterisk-Free Checking® account is their top service as it requires no minimum balance to avoid fees.
Of course, this has no interest, but then for most people, the need to have a maintaining balance is the barrier to entry preventing them from having a checking account.
Even better, Huntington offers checking accounts which double as an ATM account. Considering they have 1,800 ATMs, this is a reliable network from which to get money.
The out-of-network ATM fee is a bummer, though.
At $3 per transaction, not to mention fees the other bank might charge, this means most prudent users will want to stay within the Huntington network.
Huntington Bank Home Loans and Personal Loans
Huntington offers several home loan and personal loan options. You can choose to get a home loan where the rate is locked in for the life of the loan.
Alternatively, you can apply for a loan with low initial introductory rates, which will be repriced later on depending on market conditions.
Huntington Bank Business Banking
Huntington Bank takes small business financing very seriously.
They have well-trained relationship managers who will work to make sure the needs of partner businesses are attended to.
If you decide to get a loan, you can rest assured that Huntington will do everything in its power to accommodate your business.
Opening an Account
Opening an account is easy. Just visit any Huntington Bank branch.
Make sure you have a government-issued ID and your social security number on hand.
You can even apply online for maximum convenience.
Huntington Bank Customer Service
Huntington Bank has a 24/7 customer service hotline that is available any day of the week. The number is 800-480-2265.
Huntington is committed to making sure that the needs of its customers are taken care of at all hours of the day.
They even have an online chat option.
Huntington Bank: the Good, the Bad, the Ugly
The Good
Free checking account
There is a free checking account option available.
Now you might be wary of “free” checking accounts. You’ve probably been burned once or twice by a bank which offers free checking.
They may have stuck with you a ton of fees and conditions that made the “free” checking account more expensive than standard checking accounts.
Huntington’s free checking is genuinely free.
24-hour grace period
There is a 24-hour grace period which allows you until midnight the next day to put money in your account if you overdraft.
It can be a lifesaver as overdraft fees can stack up very quickly even if the charges are relatively small.
Daily compound interest
Compound interest has ruined many lives. Conversely, many have greatly profited from the wise use of compound interest.
Compound daily interest allows you to earn more over time as the interest you earn increases by the day.
The Bad
Saving account yield is low
Banks, once upon a time, drew business by offering interest on the money deposited in them, but those days are long gone.
It feels as if they are punishing us for putting our money in savings accounts.
Huntington Bank is no exception. The interest rate on their savings accounts is low—anywhere from 0.05% for those with a basic account to 0.20% for those with a high tier account.
Even though Huntington’s rates are competitive for the sector that they are banking, it is still rather disheartening to realize that money in a savings account effectively disappears due to inflation.
None the less, since a savings account is just for your everyday use, it serves its function well.
If you want to earn a higher interest rate on your money, invest it in a money market account or some other higher-yielding instrument.
Offers no out-of-network ATM fee reimbursement
Other banks offer reimbursements for the times when you have to go out of network.
It seems odd that in an era when banks are competing for customers, Huntington does not provide a similar service. Perhaps they are so confident that their network of ATMs can service their customers they don’t feel the service necessary.
Huntington does have the most extensive ATM network in Ohio and Michigan.
Also, a lot of their ATMs are in convenience stores, so there is no issue in gaining access to an in-network ATM most of the time.
For the times you do have to go out of network, you will have to live with paying the ATM convenience fee.
The Ugly
High overdraft fees
Overdraft fees are the fees you pay if you charge more to your checking account or savings account than what you have in it.
Suppose your checking account has only $100 in it, and then you write a check for $125 — you overdraft by $25. Compared to its competitors, Huntington charges a high fee.
Now, why is this the worst attribute of Huntington? Because of their promise of a grace period, people might be tempted to be comfortable with an overdraft.
After all, the 24-hour grace period would be the chance for them to avoid the overdraft fee.
Unfortunately, most people are terrible at keeping up to date with payments.
Some of them won’t realize they have over-drafted.
Of course, this is part of the responsibility of the account holder.
Pros & Cons of Huntington Bank
Advantages
- The 24-hour grace period to avoid overdraft targets people who might have limited finances.
- Wide network of ATMs and branches
- Free checking account
- Interest is compounded daily
Disadvantages
- Overdraft fees are very high
- Interest rates are lower than average for savings accounts
- No out-of-network ATM reimbursements
Is Huntington Bank for You?
While the interest rates are meager, Huntington doesn’t require its members to maintain a large balance to avoid fees.
Their bank accounts are ideal for working-class families who don’t have a good deal of disposable income to keep in their account and may occasionally suffer overdraft mishaps due to these tight finances.
So, for those of you who live in that grey area of “unbanked” citizens, why not give Huntington Bank a chance to show you the benefits of being part of the banking system?
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