Checking accounts
One monthly fee, every everyday transaction included
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Personal
Overdrafts
A buffer on your checking account, charged only when you use it
Overview
An overdraft lets your checking account go below zero up to an agreed limit. You pay interest only on the amount you are actually overdrawn, on the days you are overdrawn — not on the facility itself.
It is the right tool for timing gaps and the wrong tool for long-term borrowing. If you are overdrawn for most of the month, a personal loan will almost always cost less.
Why HBI
Banking that says the price first
Every HBI personal product is built the same way: one published fee, one published rate range, and the conditions written on the page rather than in a footnote. You should be able to work out what something costs before you speak to anyone.
When your circumstances change, the product should change with you. Moving between account tiers is free, paying off credit early carries no penalty, and we write to you before a fee that affects you changes.
What you get
Everything that is included
The full list, not the highlights. If something is not here, it is not included.
Features
- Lines from $500 to $15,000 on personal accounts
- Interest calculated daily and charged monthly in arrears
- Limits reviewed every twelve months, with no automatic increase
- Real-time alert the moment the account goes into overdraft
- No overdraft fees: without a line, we decline the payment rather than charge you
- No annual fee and no charge for an unused line
What you need to qualify
- An HBI checking account with three months of direct deposits
- Minimum annual income of $18,000
- Credit approval and an ability-to-repay assessment
- An account in good standing for the preceding six months
Not sure you qualify?Speak to a banker before applying. A conversation costs nothing and does not touch your credit report.
Pricing
Fees & rates
Published here, and the same figure you will see in your quotation.
| Line | Interest rate (APR) | Annual fee | Overdraft fee |
|---|---|---|---|
| $500 – $2,499 | Prime + 8.5% | None | None |
| $2,500 – $7,499 | Prime + 6.0% | None | None |
| $7,500 and above | Prime + 4.5% | None | None |
| No line arranged | — | — | Payment declined, no fee |
Fees and rates are reviewed annually and published at least 30 days before any change takes effect. Terms and conditions apply.
Good to know
How we look after you
Three commitments that apply to every personal product, this one included.
Thirty days’ notice of any fee change
Fees are reviewed once a year. We publish changes at least thirty days ahead and write to you directly when a change affects a product you hold.
Your deposits are protected
Deposits are insured by the FDIC up to $250,000 per depositor, per ownership category. Coverage is automatic and costs you nothing.
A complaint goes to a person
Tell us first and a named case handler replies within two business days. If we have not resolved it in twenty, you can submit a complaint to the Consumer Financial Protection Bureau at no cost.
Questions
Questions clients actually ask
If yours is not here, a banker will answer it directly.
A payment that would take your account below zero is declined, and we do not charge an overdraft or returned-item fee. We would rather decline the payment than charge you for it.
For a few days, usually yes. Over a full month, a credit card settled in full costs nothing, and a personal loan costs less than either for sustained borrowing.
Yes. The line and how much of it you use are reported to the credit bureaus, as with any line of credit.
Self-employed clients can apply with twelve months of bank statements and their latest tax return.
Related
You may also want
Products clients commonly hold alongside this one.
Personal loans
A fixed payment, a fixed term, and no prepayment penalty
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Credit cards
No interest when you pay in full, and an APR we tell you before you apply
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Personal
Ready to take this further?
Apply online in about ten minutes, or ask a banker to call you at a time that suits.