Huntington Bank Business Checking: 2021 Review

A grace period on overdraft charges makes Huntington Bank an appealing option for small-business owners.
Kelsey SheehyMar 24, 2021

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Huntington Bank has three business checking accounts, including Business Checking 100, which has no monthly maintenance fee. But the regional bank's standout feature is its gracious overdraft policy. Huntington Bank will refund any overdraft fees as long as you make a deposit by midnight the next business day to bring your account into good standing.

And small-business customers who don't overdraw their accounts by more than $50 won't be charged any overdraft fees. That’s a major benefit for small-business owners who operate with tight cash-flow margins.

Huntington Bank business checking is best for small-business owners who:

  • Live in the bank’s service area and work or live near a branch.

  • Won’t exceed the 100-transaction limit of the bank’s free checking account.

  • Occasionally cut it close and could benefit from wiggle room on overdraft fees.

Pros and cons

Pros

  • No overdraft fee unless your account is overdrawn by more than $50. A 24-hour grace period applies to overdrafts beyond that amount.

  • Free business checking with a generous cash deposit limit.

Cons

  • High average daily balance required to waive the monthly maintenance fee on Unlimited Business Checking and Unlimited Plus Business Checking.

  • Huntington Bank is not part of a national ATM network. Customers are charged $3 per transaction at out-of-network ATMs.

Huntington Bank business checking at a glance

Business Checking 100

Unlimited Business Checking

Unlimited Plus Business Checking

Monthly fee:

$0

$20, waived with a combined balance of at least $10,000 across business bank accounts

$40, waived with a combined balance of at least $50,000 across business bank accounts

Minimum opening deposit requirement:

$0

$0

$0

APY:

None

None

0.05%

Transactions:

100 free transactions per statement cycle; 50 cents for each additional transaction

Unlimited

Unlimited

Bonus:

$200.

Free feature trial also available. See details below.

$400.

Free bonus feature also available. See details below.

$750.

Free bonus features also available. See details below.

How Huntington Bank business checking works

Account options: Huntington Bank offers three traditional business checking accounts, plus an Analyzed Checking option designed for large, complex businesses.

Business Checking 100 is a free business checking account that includes 100 free transactions and up to $5,000 in free cash deposits each month. Beyond that, cash deposits are 30 cents per $100 and transactions are 50 cents each. 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 get a 120-day free trial of Reverse Positive Pay ($5 per month), a tool that helps detect fraudulent checks.

Unlimited Business Checking is $20 per month and includes unlimited transactions and up to $10,000 in free cash deposits per month. To avoid the monthly maintenance fee, you need to maintain a combined average daily balance of $10,000 across your business accounts.

Unlimited Plus Business Checking is $40 per month, includes unlimited transactions and allows up to $25,000 in free cash deposits each month. The account also earns 0.05% interest, with no minimum balance required to begin earning interest. You need to maintain a combined average daily balance of $50,000 across your business accounts to avoid the monthly maintenance fee.

Bonus: New customers can earn up to $750 if they open a new business checking account by August 7, 2021. To qualify, you must deposit a minimum amount within the first 60 days. That amount is $2,000 for a $200 bonus (Business Checking 100 and Unlimited Business Checking), $5,000 for a $400 bonus (Unlimited Business Checking and Unlimited Plus Business Checking) and $20,000 for a $750 bonus (Unlimited Plus Business Checking).

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

Location availability: Huntington Bank operates across seven states: Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. The bank has more than 800 branches and 1,300 ATM locations in its service area.

How to apply: Sole proprietors and LLCs can apply for a Huntington Bank business account online. All other business types need to visit a branch to open an account.

  • Required information: You need to provide personal information (name, date of birth, Social Security number, phone number and address), as well as information about your business, including your tax ID, business name and address.

  • Required documentation: Relevant business documents and a government-issued photo ID are required to open your account.

Where Huntington Bank business checking stands out

Overdraft grace period: Huntington Bank does not charge an overdraft fee if your account is overdrawn by $50 or less. If your business checking balance ever does dip below -$50, Huntington Bank will refund any overdraft fees ($36 for each item paid), provided you make a deposit before midnight the next business day to cover the overdrawn amount.

Free checking: Business Checking 100 has no monthly maintenance fee or minimum balance requirement. Free transactions are capped at 100, though, and Huntington Bank counts debit card purchases, bills paid through online bill pay, income ACH debits and credits, and checks paid or deposited toward that limit. Keep this in mind when deciding whether this is the right checking account for your small business. Several online banks offer free business checking with no transaction limits.

Where Huntington Bank business checking falls short

ATM network and fees: Huntington Bank does not partner with a national ATM network like Allpoint or MoneyPass, so customers are limited to the 1,300 ATMs Huntington operates in its service area. Transactions at non-Huntington ATMs are $3 each.

Limited service area: Huntington Bank operates 800 branches across seven states, but in some cases the bank's network is concentrated in one metro area. In Illinois, for example, branch locations are largely concentrated in the Chicago area. And Huntington’s presence in Pennsylvania is limited to Pittsburgh and points east. You’d be wise to research your closest branch before opening an account.

Monthly service fees: Huntington Bank sets a high bar to waive the monthly maintenance fee on its premium checking accounts. Unlimited Business Checking and Unlimited Plus Business Checking require an average combined daily balance of $10,000 and $50,000, respectively, to skirt the monthly fee.

Capital One Spark Business Basic Checking, by comparison, is $15 per month but the fee is waived if you have an average balance of $2,000 over 30 or 90 days. The account has many of the same features offered by Huntington Bank, including unlimited transactions, but requires an opening deposit of $250 and charges for cash deposits in excess of $5,000 per month.

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Monthly fee

$15 (multiple ways to waive)

Monthly fee

$10 (waived with balance of $5,000+)

Monthly fee

$0 for Business Checking 100, $20 for Unlimited Business Checking, $40 for Unlimited Plus Business Checking

Monthly fee

$0 for Silver, $20 for Gold, $30 for Platinum

Minimum opening deposit requirement

$0

Minimum opening deposit requirement

$100

Minimum opening deposit requirement

$0

Minimum opening deposit requirement

$100

APY

None

APY

0.10% on balances of $5,000+

APY

Unlimited Plus Business Checking: 0.05%

APY

Gold Business Checking: 0.01% on balances of $20,000 or more

Transactions

Unlimited electronic deposits; 20 free teller and paper transactions per month

Transactions

Unlimited

Transactions

Business Checking 100: Up to 100 free; 50 cents for each additional transaction

Unlimited Business and Unlimited Plus Business Checking: Unlimited

Transactions

Silver: Up to 125 free; 50 cents for each additional transaction

Gold: Up to 300 free; 45 cents for each additional transaction

Platinum: Up to 500 free; 40 cents for each additional transaction

Bonus

$300 sign-up bonus

Bonus

None

Bonus

Up to $750

Bonus

None

Open account online

Yes

Open account online

Yes

Open account online

Yes (only sole-proprietors and LLCs)

Open account online

Yes

Branch access

Yes

Branch access 

Boston only

Branch access

Yes

Branch access

Yes