Huntington Business Checking 100 Account 2023 Review
As a business, it’s essential to have a business checking account. It allows you to keep your personal and business finances separate.
This may benefit you and your company in two ways. It helps you have a clear picture of your business’s finances. It may also protect your personal assets if you set up your company correctly.
Here’s what you need to know about the Huntington Business Checking 100 Account to see if it’s a good fit for your business.
Huntington Business Checking 100 Account Pros & Cons
No Monthly Fee
The Huntington Business Checking 100 Account does not charge a monthly maintenance fee. You don’t have to keep a minimum balance to avoid paying a fee.
100 Free Monthly Transactions
This account offers 100 free monthly transactions without paying a fee. Each transaction over the 100 transaction monthly limit results in a $0.50 fee.
- Checks paid
- Deposit tickets
- Deposited checks (except remote deposit)
- Incoming ACH debits
- Incoming ACH credits
- Debit card purchases
- Bill payment transactions
This monthly transaction limit is relatively low, but that’s expected with an account that doesn’t charge a monthly maintenance fee.
Businesses that don’t make many transactions may find this low limit works for them.
$5,000 in Free Cash Deposits Each Month
You can deposit up to $5,000 of cash at branches or ATMs without paying fees. Each $100 deposited over that limit results in a $0.30 fee.
Other Account Fees - Huntington Business Checking 100
|Overdraft fee||$36 per item|
|Return fee||$36 per item|
|Business online access||$10 per month|
|PC banking downloads||$15 per month|
|Check block||$5 per month|
|ATM fees for non-Huntington ATMs||$3.50 per transaction|
|International transaction fee||3% of transaction|
|Stop payment (not via online banking)||$31 per item|
|Domestic incoming wire transfer||$18 per item|
|Domestic outgoing wire transfer||$50 per item when initiated by a Huntington associate|
|International incoming wire transfer||$25 per item|
|International outgoing wire transfer||$80 per item when initiated by a Huntington associate|
|Zelle transactions||$0.50 per transaction|
|Reverse positive pay||$5 per month|
|Mailed statements||$5 per month|
Other Features of the Huntington Business Checking 100 Account
The Huntington Business Checking 100 Account is a basic business checking account designed for small businesses that don’t want to pay a monthly maintenance fee.
As such, it has relatively few features and many fees for things you’d expect to be included in a bank account.
For example, you can get access to business online banking but must pay $10 per month to do so. You also have to pay $15 per month for PC banking downloads
The account does come with a 120-day free trial of reverse positive pay, a fraud tool. After that, it costs $5 per month.
The most beneficial feature of this account is the 24-hour grace for business. If you overdraft your account by less than $50 and make a deposit or transfer to bring your account positive before midnight central time the next business day, you don’t get charged a fee.
You have the option to use other features with this account, but they may come with fees. These include:
- Digital tools, such as Cash Position and Cash Flow Forecast
- Online banking and mobile app
- Email and text alerts
- Overdraft protection account
- Treasury management
- Debit card
How to Open a Huntington Business Checking 100 Account
You can apply for a Huntington Business Checking 100 Account in person or online. To apply online, you must meet these requirements:
- Be authorized to open accounts and transact for the business
- Be 18 years or older
- Be a U.S. citizen
- Be U.S. based
- Operate in CO, IL, IN, KY, MI, MN, OH, PA, SD, WV, or WI
Hungtington supports sole proprietorships, partnerships, limited liability companies, corporations, and associations.
When applying, you must provide documentation based on your business type. This could include:
- Formation paperwork
- Proof of business name and address
- Tax identification number
- Information about all 25% or greater owners
Huntington will review your application and reach out in a few days if they need more information to complete the account opening process.
Deciding on the Best Business Checking Account
Each business has unique banking needs. This means your business may choose a different bank account than a friend’s business.
Finding the best account takes time. You have to evaluate what seems like an endless number of business checking accounts.
Understanding your needs can help quickly narrow down the list of suitable options.
Many banks charge some key fees that could result in high banking costs. Knowing your business’s needs in these three areas can help determine potential fees:
- Monthly cash deposits
- Monthly transactions
- Minimum balance you can maintain to avoid maintenance fees
Here are some ideas to help you determine your business’s needs so you can start narrowing down your business checking account options.
Monthly maintenance fees
Expect to pay a monthly maintenance fee with most business checking accounts. These fees normally start around $10 and increase for accounts that offer more features.
This fee can often be waived and some accounts do not charge this fee.
Minimum balance required to waive monthly fee
You may have the ability to get a monthly fee waived if you maintain a minimum balance in the account. How this amount is calculated and the requirements vary by bank.
Excess transaction fees
You often receive some free transactions each month. If you exceed that limit, you pay a fee for each transaction above that limit.
Excess cash deposit fees
Free cash deposits are usually limited, as well. Cash deposits above the limit result in fees.
Wire transfer fees
Banks often charge different amounts for each type of wire transfer. Understanding what types of wire transfers you make and the fees associated with them can help you avoid surprises.
Branch locations and operating hours
You likely want a bank that’s close to your business or home for convenient visits. Make sure the bank’s hours align with when you’re available to visit the branch.
ATM fees and network
Understand your bank’s ATM network and what fees you must pay to use out-of-network ATMs.
Convenience features, such as online banking or automatic scheduled transfers, can save you time, hassle, and money.
Payment processing services
If you accept card payments, you may want to use a bank’s payment processing services. These services can deposit money directly into your account.
Fees add up quickly, so make sure costs are competitive with other payment processing options you have access to.
Software integration options
Your bank should integrate with popular software platforms, especially your accounting systems. You may have to pay a fee for this service, but it can save you time and help avoid manual input errors.
Other bank products and services
Your business may prioritize non-checking bank products or services over a checking account. Finding a loan with a low rate could save you more money than avoiding checking account fees.
When this happens, you have to evaluate whether getting a suboptimal business checking account at the same bank is worth keeping all of your accounts at one bank.
How Huntington Business Checking 100 Compares to Other Huntington Accounts
Huntington Bank has three other business checking accounts you can choose from.
Unlimited Business Checking
The Unlimited Business Checking account includes unlimited transactions and up to $10,000 of free cash deposits per month. You get to choose one bonus service with this account. It comes with a $20 monthly fee unless you keep $10,000 in total deposit relationship balances.
Unlimited Plus Business Checking
This account has unlimited transactions, offers up to $20,000 in free cash deposits each month, and pays a nominal amount of interest.
You can choose two bonus services with this account. It charges a $40 monthly fee unless you keep $50,000 in total deposit relationship balances.
Business Analyzed Checking
The Business Analyzed Checking account is for large businesses. It has a $20 monthly service fee and charges fees for transactions. It also charges fees for cash deposits over $25,000 each month.
You can earn earnings credits to offset these fees based on your collected monthly average balance.
The Huntington Business Checking 100 Account is designed for small businesses that don’t have heavy banking needs. As long as you can avoid excess transaction, cash deposit, and other fees, this account may be a good fit since it doesn’t charge a monthly maintenance fee.
Unfortunately, you have to pay for business online access and PC banking downloads. If these services are important, you may want to shop for a different account.