Business Overdraft Fees Explained

We want you to avoid overdraft fees. Having a clearer understanding of overdrafts is a good place to start.

What is a bank overdraft?

An overdraft is when the bank allows you to spend more money than you have in your account, rather than denying a transaction. It is always at the bank’s discretion to decide whether or not to let your account be overdrawn. The bank usually makes this decision systematically based on customer factors such as tenure with the bank, deposit frequency, overdraft history, bankruptcy history, etc. When the bank does allow your account to be overdrawn, you may receive an overdraft fee. 24-Hour Grace® for Business is included with your checking account. Now, if your business account is overdrawn, we give you an extra day to cover it and avoid a fee. And there is no fee if your balance is overdrawn by $50 or less. If the bank doesn’t allow your account to be overdrawn, your transaction will not go through and this can result in a return fee. Return fees cannot be waived by 24-Hour Grace®.

The best way to protect yourself from overdraft fees and returns fees is to know your balance and be sure you don’t try to spend money you don’t have.

Understanding different types of fees.

Understanding different types of fees.
What It Costs What It Means Would 24-Hour Grace® Apply?
Overdraft Fee ? $36 Fee charged if we allow a transaction to go through even though you don't have enough money in your business' account. There is no fee if your balance is overdrawn by $50 or less. 24-Hour Grace® applies to Overdraft fees.

YES

Return Fee ? $36 Fee charged when you don't have enough money in your business' account and we return an item (for example, a check is "bounced" or a transaction is returned unpaid). 24-Hour Grace® does not apply to Return fees.

NO

Extended Overdraft Fee ? $25 If your business' account is overdrawn for five consecutive business days, we will charge you a fee on the next business day (if your account is still overdrawn). While the account remains overdrawn, we will charge you an additional $25 fee every fifth business day up to a maximum of four fees, or $100. 24-Hour Grace® does not apply to Extended Overdraft fees.

NO

Ways to Avoid Overdraft Charges

Link a Business Savings Account or Money Market Account

Link a Huntington savings or money market account to a checking account as overdraft protection. Funds are automatically transferred provided there is enough money in the account to cover overdrafts. Automatic transfers are done in increments of $100§. There is no fee to use this service.

Link a Business Overdraft Line of Credit

Link a Business Overdraft Line of Credit as overdraft protection. Customer can apply for a line of credit up to $10,000. Funds are automatically transferred for the exact amount needed (if available)§. Funds deposited into the checking account automatically pay down the 0verdraft line of credit. Annual fee of 2% for the line of credit amount (waived with some checking products).

Link a Credit Card

Link a Voice Business Credit Card to the customer’s business checking account as overdraft protection. The cash line (up to 10% of the customer’s credit card limit) is available to be set up for overdraft protection. Auto transfers are made to cover the exact amount of the overdraft.

Avoid overdraft fees with these tools and services.

 

24-Hour Grace®

We believe grace should be the standard. So when your account is overdrawn, 24-Hour Grace® gives you more time to cover it and avoid a fee.

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Huntington Heads Up® alerts for business

Stay on top of your business' finances without logging in. Sign up for alerts in the Huntington Mobile app or online banking and pick how and when you want to hear from us. You can receive alerts via email, text message, and push notification††.

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The Hub for Business

Easily manage your finances with Spend Analysis for Business, Look Ahead Calendar for Business and Cash Position & Cash Flow Forecast tools in one dashboard.

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All Day Deposit

We give you up until midnight when depositing through ATMs, our Mobile App, desktop scanners with Huntington Deposit Scan or Remote Deposit Capture, so you don’t have to worry about earlier cut-off times.

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Have more questions about overdrafts?

An overdraft is when the bank allows you to spend more money than you have in your account (for all types of transactions). A Returned Transaction, on the other hand, is when the bank does not allow you to spend more than you have in your account for transactions you make by Checks, Electronic Payments, or Transfers. (The bank usually systematically evaluates if the bank will pay an overdraft based on a variety of factors such as tenure, deposit frequency, overdraft history, bankruptcy history, etc.).

No. 24-Hour Grace® applies only after we allow a transaction to go through and your account becomes overdrawn. Receiving a Return Fee is the result of a transaction that was not allowed to go through and was returned.

1. The best way to protect yourself from Overdraft Fees is to know your balance and be sure you don't try to spend money you don't have.
2. Sign up for overdraft protection.
3. Understand the different tools and services Huntington offers to help you avoid Overdraft Fees.

No. If your debit card purchase was denied, you will not receive an Overdraft Fee.

You can sign up for overdraft protection option anytime by visiting a Huntington branch or calling (800) 480-2001.

If your account is overdrawn for five consecutive business days, we will charge you a fee on the next business day (if your account is still overdrawn). While your account remains overdrawn, we will charge you an additional $25 fee every fifth business day up to a maximum of four fees, or $100.

No. 24-Hour Grace® only applies to Overdraft Fees. 24-Hour Grace® is designed to give you until midnight the day after you overdraw your account to make a deposit or transfer that brings your account balance to the courtesy amount (including new transactions from that day) to avoid an Overdraft Fee. Extended Overdraft Fees are charged outside of the 24-Hour Grace® time period.

24-Hour Grace® gives you until midnight the day after you overdraw your account to make a deposit or transfer that brings your account balance to the courtesy amount (including new transactions from that day) to avoid an Overdraft Fee. For example, you overdraw your account on a Tuesday. You have until midnight on Wednesday to bring your account balance to the courtesy amount. You usually will receive some communication from us the business day after you overdraw your account, which is Wednesday in our example.

We must receive your deposit by the next business day after your account is overdrawn by making a deposit at a branch before closing or before midnight at an ATM, by mobile deposit, or online transfer. Ensure your deposit covers all other transactions occurring that day in addition to the amount you are overdrawn.

§ Regulations limit the number of transfers that can be made on savings and money market accounts during a calendar month or statement cycle. See additional information in the Account Documents.

Remember that the terms and conditions for funding account still apply, such as interest and transaction limitations.

†† Message and data rates may apply.

24-Hour Grace® is a federally registered service mark of Huntington Bancshares Incorporated. All Day Deposit and Voice Business Credit Card are service marks of Huntington Bancshares Incorporated. The 24-Hour Grace® system and method is patented. U.S. Pat no. 8,364,581, 8,781,955, 10,475,118, and others pending.

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