Huntington's Loan Grace Period: All You Need To Know

Huntington Bank offers a 24-hour grace period for businesses and consumers, allowing them to cover overdrafts on their checking accounts without incurring fees. Introduced in 2017, this feature provides customers with additional time to manage their finances and avoid overdraft charges. However, it's important to note that the grace period does not guarantee all transactions will be approved, and Huntington retains the discretion to decline charges. This initiative is part of Huntington's Fair Play Banking approach, demonstrating their commitment to supporting customers' financial well-being. The bank also offers other services, such as payment forbearance plans and mortgage loan assistance, to help customers facing financial challenges.

Huntington's 24-hour grace period

Huntington introduced a 24-hour grace period for businesses and consumers in 2020. This feature is part of the bank's "`Fair Play Banking`" approach, which aims to prioritise the financial well-being of its customers.

The 24-hour grace period is designed to give customers more time to cover overdrafts on their checking accounts. If a transaction puts a customer's account into the negative, they have 24 hours to deposit money and cover the negative balance, thus avoiding an overdraft fee. It is important to note that the 24-hour grace period does not guarantee that all transactions will be approved, as Huntington can decline any charge at its discretion.

The grace period is applicable if a transaction goes through and results in an overdraft. Customers then have until the next business day to resolve the overdraft by making a deposit or transfer. This feature is particularly useful for those who need additional financial flexibility, such as during an economic crisis.

$50 overdraft protection

Huntington Bank offers a $50 overdraft protection service known as the $50 Safety Zone®. This service allows customers to overdraw their accounts by up to $50 without incurring an overdraft fee. This is a significant increase from the previous limit of $5. The $50 Safety Zone® is available for free on all Huntington consumer, business, and commercial checking, savings, and money market products.

If a customer overdraws their account by more than $50, Huntington offers a 24-Hour Grace® service that gives customers more time to fix the overdraft and avoid an overdraft fee or return. With 24-Hour Grace®, Huntington will automatically waive the overdraft fee as long as the customer makes a deposit during the next business day to resolve the overdraft. This service is available for both consumer and business customers and is the first and only service of its kind.

Huntington Bank's $50 Safety Zone® and 24-Hour Grace® services are part of the bank's Fair Play Banking philosophy, which is committed to looking out for customers' financial well-being and putting them first. These services provide customers with additional financial flexibility and help them avoid paying overdraft fees, especially during challenging economic times.

To further assist customers in managing their finances and avoiding overdrafts, Huntington recommends that customers monitor their balances and avoid spending money they don't have. Customers can also sign up for Overdraft Protection by linking a savings account to their checking account. This way, if a customer spends more than they have in their checking account, Huntington will automatically transfer money from their savings account to cover the difference, free of charge.

Fair Play Banking approach

In 2010, Huntington introduced its "Fair Play Banking" approach, a commitment to do the right thing for its customers. This approach was developed in response to the Great Recession, and included consumer-focused features such as 24-Hour Grace, Asterisk-Free Checking, and other options to support customers' financial well-being.

The 24-Hour Grace feature, for example, gives consumer, business, and commercial customers additional time to cover overdrafts on their checking accounts. Huntington will automatically waive the overdraft fee as long as the customer makes a deposit during the next business day to resolve the overdraft. This feature was well-received, with Huntington CEO Steve Steinour stating that it helped the bank grow its market share faster than its competition in the years following the Great Recession.

In 2020, Huntington reaffirmed its "Fair Play Banking" philosophy by introducing a $20 billion Community Plan focused on economic opportunity and a no overdraft fee $50 Safety Zone for consumers and businesses. The $50 Safety Zone feature automatically closes a customer's account after 60 days if it remains negative. Additionally, Huntington helped over 37,000 customers with Paycheck Protection Program loans, further demonstrating its commitment to supporting people and communities.

Huntington's "Fair Play Banking" journey continued in 2022 with the introduction of Instant Access, a feature that gives customers immediate access to up to $500 from check deposits. The bank also reduced overdraft and non-sufficient funds (NSF) fees for consumer deposit accounts and limited the number of times per day customers can be charged these fees. These changes align with Huntington's philosophy of putting customers first and providing them with financial flexibility, particularly during challenging economic times.

Overall, Huntington's "Fair Play Banking" approach reflects its dedication to supporting customers' financial well-being, offering innovative solutions, and fostering economic opportunity for individuals, businesses, and communities.

Huntington's 24-hour grace program issues

Huntington Bank introduced a 24-hour grace period for businesses and consumers in September 2020. This was part of its "Fair Play Banking" approach, which was first introduced in 2010, to help customers navigate the recession caused by the pandemic and manage their long-term financial health. The 24-hour grace period is a guarantee that if a transaction goes through and results in a negative balance, the customer has 24 hours to deposit money to cover the negative balance and avoid a fee.

However, Huntington's 24-hour grace program has caused some issues and confusion for customers. One problem that has been encountered is the misunderstanding that all transactions will go through during the 24-hour grace period. Huntington has clarified that this is not the case and that the bank can decline any charge, even if a customer is enrolled in the 24-hour grace program. The bank has stated that the 24-hour grace period is about the fees, not the transactions going through. This means that if a transaction is declined, the 24-hour grace period does not apply, and there is no fee for the declined transaction.

Another issue that has arisen is the automatic enrolment in the 24-hour grace program. Some customers have reported that they were automatically enrolled in the program without their consent, which has led to unexpected fees. Additionally, there have been concerns about the lack of clear communication and transparency regarding the terms and conditions of the 24-hour grace program. Customers have reported being unaware of the specific rules and limitations of the program, which has resulted in confusion and frustration.

Furthermore, there have been technical glitches and system errors associated with the implementation of the 24-hour grace program. Some customers have experienced unexpected declines on their debit card transactions, even when they believed they were covered by the 24-hour grace period. These technical issues have caused inconvenience and financial difficulties for customers, who have had to deal with unexpected overdraft fees and the inability to access their funds.

To address these issues, Huntington Bank should focus on improving communication and transparency around the 24-hour grace program. This includes clearly explaining the terms and conditions, providing detailed information about the types of transactions covered, and ensuring that customers are aware of any potential fees or consequences associated with the program. Additionally, the bank should work on enhancing its technical infrastructure to minimize the occurrence of system errors and glitches that impact customers' access to their funds. By taking these steps, Huntington Bank can improve customer satisfaction and trust while providing a more reliable and user-friendly experience.

Overdraft fee waiver conditions

In September 2020, Huntington introduced a 24-hour grace period for business and a no-overdraft fee $50 safety zone for consumers and businesses. This means that Huntington will automatically waive the overdraft fee as long as the customer makes a deposit during the next business day to resolve the overdraft. This is in line with Huntington's "'Fair Play Banking' philosophy, which is a commitment to looking out for customers' financial well-being.

Now, here are some general conditions that can help you get an overdraft fee waived:

• Contact your bank as soon as you realize you've been charged an overdraft fee. You can call the number on the back of your debit card to speak with a representative, who may be able to help.
• Explain what happened and provide context. For example, you could mention that an unexpected transaction hit your account or that you've been facing financial difficulties.
• Provide a timeline for when you plan to get your account balance positive again.
• Point out your history as a customer. Mention that this is a rare occurrence and that you've been a loyal customer for a long period.
• Stay calm and polite throughout the conversation. Avoid arguing or raising your voice.
• If the first person you speak to isn't helpful, ask to speak with a supervisor.
• As a last resort, you can mention that you plan to take your business to another bank once your fees are paid up.
• Signing up for overdraft protection can also help. This involves linking another account, usually a savings account, to your checking account. If you overdraw, funds are pulled from the linked account to cover the difference, and the fee is usually much smaller than a standard overdraft fee.

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