Grace Period Of A Day Will Be Given By Huntington Bank For Checking Overdraft Fees

On the coming Monday, Huntington Bank will be the first major bank in the U.S.  to offer a grace period of one day for checking overdraft fees. 

This is a step taken by the bank when retail banks that are despised for their fees love are trying to please customers by offering means and ways to them to avoid expensive charges.

This new free service given by the bank will notify their clients by text message and e-mail after checking their account and finding that they are at default. Huntington will give clients one day of business time to deposit their money for covering the overdraft without any fine.

Dan Walsh, President of Huntington Bank of Greater Cleveland region stated that they are paying heed to the customer’s frustration regarding fees charged by banks and Huntington desperately wants to break this ill fame.

According to Walsh, they have found out from extensive client surveys that this one day grace period please clients. Walsh added saying that customers, as of today need more time

The new policy will provide people with more time to rectify a mistake. Huntington from the month of February had expanded its working hours to make the client’s lives easier .Almost all of Huntington’s sixty branches, on weekdays work from Eight am till seven pm, on Saturdays the working hours are eight am to four pm and for the first time in the bank’s history they have Sunday working hours too.

Huntington is considered as the fifth ranking bank locally trailing KeyBank, Third Federal, Charter One and PNC.

Under the grace-period service offered by the bank consumer checking accounts will be enrolled automatically. All customers need is to submit their email ids and mobile phone numbers to the bank for alert calls or mails. Business accounts do not fall in this category.

The vice president and senior counsel of the American Bankers Association, Nessa Feddis termed this move to be a bold one as most of the banks asks for a same day deposit for covering the shortage.

Feddis added saying that the stance definitely seems aggressive.

Since last year banks are trying hard to be more customers friendly to fight resentment that has cropped up due to the country wide banking crisis and moreover two years back taxpayers had to finance for bailing out banks from crisis. On top of that due to the implementation of the new Federal Law banks are prohibited from charging  overdraft fees on withdrawals from ATM and daily purchases on debit cards unless the customer has agreed to pay the fees beforehand.

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