Press release
Huntington Launches Standby Cash(SM) To Give Eligible Customers An Instant Line Of Credit For Unexpected Expenses
Bank's first digital-only product helps customers cover emergency expenses, avoid overdraft fees and may help build credit. COLUMBUS, Ohio, June 1, 2021
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Bank's first digital-only product helps customers cover emergency expenses, avoid overdraft fees and may help build credit.\n\n\nCOLUMBUS, Ohio, June 1, 2021 /PRNewswire/ -- Planning for the unexpected just got easier with Huntington's (Nasdaq: HBAN) first digital-only product, Standby Cash. True to its commitment to looking out for people, Huntington has launched Standby Cash, a line of credit giving eligible customers immediate access up to $1,000 with no interest or fees if customers sign up for automatic payments (otherwise, a 1% monthly interest charge, 12% APR, applies to outstanding balances). Qualification is based primarily on how customers manage their checking account, not on customers' credit reports.\n\n \n \n\n \nStandby Cash is the latest innovation Huntington has delivered under its Fair Play Banking philosophy and helps customers with emergency expenses. More than a decade ago, Huntington made a commitment to do more to look out for customers' financial well-being and introduced 24-Hour Grace® to help customers avoid overdraft fees. The bank later doubled down and extended 24-Hour Grace to business customers and introduced no overdraft fee $50 Safety ZoneSM, further helping to protect customers from overdraft fees. If consumer or business customers overdraw their accounts, they will now have a no overdraft fee $50 Safety Zone before seeing an overdraft fee – an increase from the previous $5 limit. This is yet another product to help customers avoid overdraft fees and cover unexpected expenses. Coupling $50 Safety Zone with 24-Hour Grace means Huntington automatically waives the overdraft fee as long as the customer makes a deposit during the next business day such that the account is not overdrawn by more than $50 at the end of that day.\nStandby Cash will provide customers with access to an inexpensive line of credit while also helping them with their long-term financial health. Plus, it will allow customers to overcome short-term financial stress that could have been heightened by the COVID-19 pandemic. \nThe bank's 2021 Money Mindset survey revealed only 51% of participants reported having funds set aside for emergencies. Plus, the 2019 Consumer Credit Card Market report from the Consumer Financial Protection Bureau revealed roughly 40% of banking customers are eligible for traditional credit. With this in mi...