Huntington Bank Business Accounts: 2024 Review

Huntington Bank has 3 banks business checking account. We'll touch on all of these options in this review, but the star rating corresponds to the bank's Business Checking 100 account, which has no monthly maintenance fees.

A distinguishing feature of this local bank is its generous overdraft policy. To keep your account in good standing, Huntington Bank will refund overdraft fees if you deposit the funds by midnight the next business day.

Additionally, small business customers who do not overdraft their accounts by more than $50 will not be charged an overdraft fee. This is a huge benefit for small business owners with tight cash flow margins.

• Operate your business within the bank's service area.

• Lowering it from time to time can give you wiggle room in overdraft fees.

Another option with a similar overdraft policy is: Track business checks. But he has 4,700 branches in 48 states, so you're much more likely to be near a location at any given time.

• There are no overdraft fees unless your account is overdrawn by more than $50. For overdrafts exceeding that amount he will be subject to a 24-hour grace period.

• Free business checks with generous cash deposit limits.

• Business accounts are only available in 10 states.

• Huntington Bank is not part of a national ATM network. At out-of-network ATMs, customers are charged $3.50 per transaction.

Account options: In addition to three traditional business checking accounts, Huntington Bank offers an analytical checking option designed for large, complex businesses.

Business Checking 100 is a free business checking account that includes 100 free transactions and up to $2,500 in free cash deposits each month. Beyond that, cash deposits are 30 cents per $100 and transactions are 50 cents per transaction. Actions that count toward your transaction limit include debit card purchases, bills paid through online bill pay, income ACH debits and credits, and checks paid or deposited. As a bonus, Business Checking 100 customers can take advantage of his 120-day free trial of Reverse Positive Pay ($8/month), a tool that helps detect fraudulent checks.

Unlimited Business Checking costs $20 per month and includes unlimited transactions and up to $10,000 in free cash deposits per month. To avoid monthly maintenance fees, he must maintain an average daily balance of $10,000 across all business accounts.

Unlimited Plus Business Checking costs $40 per month and includes unlimited transactions and up to $25,000 in free cash deposits each month. This account also earns 0.05% interest, but there is no minimum balance required to start receiving interest. To avoid monthly maintenance fees, he must maintain a combined average daily balance of $50,000 across his business accounts.

Bonus: New customers can earn up to $1,000 when they open a new business checking account. To qualify, you must first deposit a minimum amount within 60 days. For a $100 bonus, he gets $2,000; for a $400 bonus, he gets $5,000. A business owner who deposits at least $20,000 can earn a $1,000 bonus. However, that deposit must be made within her 30 days, not her 60 days. Your account must remain open for at least 90 days to receive all bonuses.

Unlimited Business and Unlimited Plus Business Checking customers choose from a range of bonus services, including a 10% discount on Paychex payroll services, up to 25 free returnable deposit items per month, or two free incoming wire transfers per month. can also do.

Available locations: Huntington Bank operates in 11 states: Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, and Wisconsin. However, companies operating in Florida are not eligible. The bank's service area includes more than 1,000 branches and more than 1,300 ATMs.

How to apply: Sole proprietors and LLCs can apply for a Huntington Bank business account online. For all other industries, you will need to visit a branch to open an account.

• Necessary information: In addition to personal information (name, date of birth, social security number, phone number, address), you must also provide information about your business, such as your tax ID number, business name, and address.

• Required documents: To open an account, you will need relevant business documents and a government-issued photo ID.

Overdraft grace period: Huntington Bank does not charge overdraft fees if your account has an overdraft amount of $50 or less. If your business checking account balance falls below -$50, Huntington Bank will charge you an overdraft fee ($36 per payment item), provided you make a deposit to cover the overdraft amount by midnight of the next business day. ) will be refunded.

Free check: Business Checking 100 has no monthly maintenance fees or minimum balance requirements. However, the free transactions are capped at 100, and Huntington Bank counts debit card purchases, bills paid with Online Bill Pay, income ACH debits and credits, and checks paid or deposited within that limit. do. Keep this in mind when deciding whether this is the right checking account for your small business.Several online business account We offer free checking with no trading limits.

ATM network and fees: Huntington Bank is not affiliated with a national ATM network like Allpoint or MoneyPass, so customers are limited to the 1,300 ATMs that Huntington operates within its service area. Transactions at ATMs outside of Huntington cost $3.50 per transaction.

Limited service area: Huntington Bank operates more than 1,000 branches in 11 states, although the bank's network may be concentrated in one metropolitan area. In Illinois, for example, branch locations are primarily concentrated in the Chicago area. And Huntington's presence in Pennsylvania is limited to Pittsburgh and east of it. It is wise to research your local branch before opening an account.

Monthly service fee: Huntington Bank has set a high bar for waiving monthly maintenance fees on premium checking accounts. Unlimited Business Checking and Unlimited Plus Business Checking require a combined average daily balance of $10,000 and $50,000, respectively, to avoid monthly fees.