Huntington to End Overdraft Protection Transfer Fees

By Sarah Todd March 19, 2014, 4:52 p.m. EDT 1 Min Read

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Huntington Bancshares (HBAN) in Columbus, Ohio, has eliminated a $10 overdraft protection transfer fee for consumer and small-business customers.

The $59 billion-asset Huntington is one of only a small number of banks to waive this kind of fee, according to the company's Wednesday press release. Previously, Huntington customers who opted for overdraft protection by linking their checking accounts to savings, money market, home equity or credit card accounts were charged $10 when Huntington transferred funds to cover a shortfall.

Huntington began eliminating overdraft protection transfer fees in 2011. The company plans to eliminate the fee for all customers by April 1, when business banking customers will also qualify for the waiver.

The move is in keeping with Huntington's efforts to position itself as a lender that avoids charging customers unnecessary fees. One of its signature products is "24-hour grace," in which it gives customers who overdraw their accounts 24 hours to replenish the funds without incurring an overdraft fee.

Huntington announced earlier this week that it has hired Howell McCullough 3^rd, an executive from U.S. Bancorp (USB), as its new chief financial officer.

Sarah Todd

Deputy Editor, BankThink