What are these fees?

Most banks allow a certain number of transactions called “items” a business can make from a business checking account at no charge over a period of time, which is typically a month or so. Depending on the bank, items can be counted as anything from checks written or each check deposited at a branch. If you exceed your account’s limit of items in a month, you could get charged a fee per item over your limit. Sometimes these are known by other banks as excess activity fees and are usually less than a dollar an item over the limit.  

What to expect at FHB

At First Hawaiian Bank, a check written or a deposit ticket submitted are the only transactions counted as an item for our business checking accounts geared toward small to mid-size businesses. Your business gets a certain number of items where the excess item fee will be waived each statement cycle and the limit varies by business checking account type. You can check the limit of how many items can be waived for your FHB business checking account and what the cost per additional item is by visiting fhb.com.

4 tips to avoid excess item fees at FHB 

• Use mobile deposit to deposit checks. Mobile deposits are digital and are not counted as items because they aren’t being deposited using a deposit ticket at a branch. 
• Consolidate your cash and check deposits into fewer deposit transactions throughout the statement cycle. Perhaps set a scheduled cadence with your team of when you make deposits at a branch so that you are using fewer deposit tickets throughout the monthly cycle. 
• Utilize the Convenience of ATM Deposits and Debit Card. An ATM deposit or debit card purchase does not count as an item against your threshold.
• Keep track of the number of items by monitoring deposit transactions in a branch and checks you write that get cashed to stay within the limit. You can use FHB Online^® & Mobile Business[[#1]] to help monitor your number of transactions and account activity. https://www.fhb.com/en/business/business-online-banking/fhb-online-business 

The main takeaway

The key is to understand how many items you typically average per monthly cycle so you have the business checking account that supports your activity without triggering excess item fees. Then take basic steps and set guardrails for yourself or your team knowing the limit to stay within. If your business needs are evolving and want to reevaluate other options that might be a better fit, we are here to help.