COLUMBUS, Ohio, Sept. 8, 2020 /PRNewswire/ -- To help address the
critical need many people have to save money, Huntington (Nasdaq:
HBAN; www.huntington.com) today announced an innovative new
way to save. Money Scout, the latest evolution of The Hub, is
an automatic savings tool that scans customers' accounts and looks
out for money they can set aside. By enrolling in Money Scout,
customers can build their savings without lifting a finger.
Huntington developed Money Scout to create real savings
solutions to make life easier for customers. The bank's Midwest
Money Mindset survey revealed Money/Finances as a top driver
of stress for people even before the COVID-19 pandemic. Now, when
there are even more stressors, Money Scout helps look out for
customers by using predictive technology so they can focus on
looking out for their families.
"At Huntington, we're committed to looking out for people, and
Money Scout allows us to proactively do so," said Andy Harmening, Huntington's director of
Consumer and Business Banking. "We're always looking for ways to
make our customers' lives easier, and we're excited to offer a tool
that makes it easy to build or rebuild their savings."
Money Scout analyzes spending habits, income, and upcoming
expenses to find money customers aren't using in their checking
accounts —from $5 to $50— then moves
it to savings, automatically. Money Scout notifies customers when
the money moves, and customers can pause, stop or reverse transfers
at any time. This allows customers to save small amounts at a time
and help establish consistent habits. Plus, it's built within the
award-winning Huntington Mobile app and online banking where
customers perform their daily transactions.
"We're doubling down on creating solutions to make it easier for
customers to save and build confidence knowing they can achieve any
goal, big or small," Harmening said. "Money Scout is the perfect
digital tool to build savings and lay the groundwork for
longer-term financial health."
Huntington is also investing in its communities to make
customers more financially secure in the future – beyond just
savings. The bank recently announced a new, five-year, $20 billion Community Plan that's focused on
economic opportunity for people, small businesses, and communities
throughout its seven-state footprint.
In addition to Money Scout, Huntington also offers automatic
transfers so customers can transfer specific amounts from
checking to savings or money market accounts. This is just one more
way Huntington is making banking easier for its customers and
builds on the award-winning foundation of The Hub, Huntington's
suite of digital tools.
Digital tools to assist with financial wellness and economic
inclusion
Since 2018, Huntington's innovations include The Hub, the bank's
digital-banking experience, and Huntington Heads
Up®, a digital messaging platform. Free to all
customers, the tools are designed to help customers save more
money, manage their spending and keep their financial goals front
and center. Customers at all stages of life can take advantage of
these tools without having to worry about paying more for added
features. Key features of the digital tools include:
- Savings Goal Getter: Helps customers visualize what
they're saving for and shows their progress along the way.
- Spend Analysis: Helps customers categorize their
spending and better understand how they can change those habits
going forward.
- Spend Setter: Allows customers to set up monthly
spending limits by category.
- Look Ahead Calendar: Provides a financial view of the
month to come. Customers can see future bills and deposits so they
can plan accordingly.
Additional Tips and Insights for Better Financial
Management
Sandy Pierce, Private Bank & Regional Banking director
at Huntington, shares the following tips to improve financial
health:
- Create a budget and stick to it. Cash flow might
have changed over the last several months. Input income and
expenses and let the budget calculator do the math.
- Pay down debt. Leaned on credit cards during the
pandemic? Pay down debt with the higher interest rate first to
avoid wasting dollars on paying interest, even if that means paying
smaller debts first.
- Create an emergency fund. Dipped into savings
during the pandemic? That's okay. Come up with a plan to save a
little at a time to build it back up.
- Huntington Money Know-How helps build financial
knowledge, become familiar with financial terminology, and learn
how to make sound financial decisions.
"Banking is about people and it's our passion to expand
financial wellness through education and engagement," Pierce said.
"We strive to make sure our friends and neighbors have what they
need to be successful by providing innovative products and
services. Money Scout is another tool in Huntington's digital
toolbox to help give our customers confidence in improving their
financial health."
About Huntington
Huntington Bancshares Incorporated is a regional bank holding
company headquartered in Columbus,
Ohio, with $118 billion of
assets and a network of 839 full–service branches, including 12
Private Client Group offices, and 1,344 ATMs across seven
Midwestern states. Founded in 1866, The Huntington National Bank
and its affiliates provide consumer, small business, commercial,
treasury management, wealth management, brokerage, trust, and
insurance services. Huntington also provides vehicle finance,
equipment finance, national settlement, and capital market services
that extend beyond its core states. Visit huntington.com for more
information.
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SOURCE Huntington Bancshares Inc.