Life is busy for most people. With the ongoing stress of work, family, and finances, the last thing most consumers want to worry about is an overdraft. Laws have been changed to require customers to "opt-in" for overdraft fees.
But consumers who have requested that banks honor transactions in exchange for fees (rather than refusing payment entirely) can still find one simple missed deposit or transaction racking up hefty bank fees. While many banks are raising fees in other areas to cover the newly implemented rules regarding overdraft fees, Huntington Bank has taken a refreshing approach.
24-Hour Grace Period for Overdrafts
First of all, Huntington Bank does not charge a fee if your account is overdrawn by $50 or less. For larger overdrafts, the bank has rolled out a new service, offering customers a free overdraft protection feature for those times when the busy pace of life results in an unexpected overdraft. This feature protects your checking account from overdraft fees for one business day in the event of an overdraft.
The service, called 24-Hour Grace, requires a checking account with Huntington Bank. Existing customers can enroll online. 24 Hour-Grace gives the customer 24 hours to make a deposit and avoid an overdraft fee. As long as a deposit is made in the 24-hour period - usually the next business day - following the overdraft, the fees will not incur.
What Customers Should Know
Huntington Bank offers text and email account alerts that will let you know when your balance gets too low. Customers must make a deposit that covers the overdraft and other charges that the account will incur (such as automatic payments or transactions they have made during that time) for the overdraft protection to kick in.
By giving customers a good faith grace period of 24 hours to clear an overdraft, Huntington's approach shows customers the bank is trying to work with them rather than against them. Fees can still be imposed if the overdraft isn't cleared within the 24 hour grace period. But overall, acknowledging that consumers want fair banking rather than trumped up fees seems like a great move on Huntington's part.