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Dominique
Dominique

This bank may possibly be available nationwide. I looked everywhere and could not find anything saying that this bank is limited to Hawaiian customers. That being said, I tried applying tonight, but had trouble submitting my application. Credit and debit card funding is available and limited to $2k per account or application. I got all the way to the end and it simply said that my account application submission failed. Not sure if I was denied due to Chex or being OOS, or if they’re having technical issues right now.

Frank
Frank

Do you have any update on your application? Thank you!

Dominique
Dominique

Frank I just applied again today and was approved and was given an account number. Must have been technical issues the other day. Definitely looks promising now.

Svy
Svy

When you know more please advise on the status of any CC funding you did. Card used etc. TIA!

Dominique
Dominique

Svy I used my Fidelity 2% CC and it posted as a purchase. My P2 did the same with her Fidelity. By the time P3 tried to apply, the application was having technical issues again, so he didn’t get to submit his yet. The following cards were attempted and declined before Fidelity finally went through: B of A biz, Cap One Spark, Barclays Cash Forward. So, it looks like they’re kind of picky as to what credit cards they’ll accept for funding. Perhaps they would have went through with less than the $2k amount? I’m not sure.

Dominique
Dominique

Svy Frank I tried logging into my account and it is now locked. I haven’t tried calling to resolve the issue yet, but I will let you know what happens when I do. If they end up closing the account due to Chex or OOS, I will let you know.

Svy
Svy

Bummer, sorry to hear it. Hope it works out and/or your funds are returned promptly. Thanks for the info and looking forward to hearing more!

OST

Dominique any updates?

Dominique
Dominique

OST Svy Frank My account was closed due to Chex ultimately, same for P2. I received my CC funding back promptly. I haven’t checked my Chex recently, but last I checked, it was 8/12. Maybe they are Chex sensitive. Looks like being OOS is not an issue.

Svy
Svy

Thanks. For CC, was the charge reversed or did you receive the funds a different way? Thanks for reporting back and all the data!

Dominique
Dominique

Svy They returned the funds to my credit card within about a week.

W
W

It’s genuinely refreshing to see actual shakeup or should I say Shaka-up in the Hawaiian banking market. Free accounts are super common, but ATM rebates are NOT in any way. Credit Unions provide the only somewhat relative competition, but most don’t serve a large majority of the islands and are restricted to a single one. BoH and FHB have a stranglehold on the market with ASB behind them and now CPB nipping on their heels. Mainland banks just do not exist in Hawaii. I hope this leads to actual change and competition at a local level rather than a one-off digital experiment.

Svy
Svy

Interesting! Can you speak to which banks or credit unions are good to join in anticipation of applying for a mortgage for a house in Hawaii (big island)? TIA!

Anonymous
Anonymous

There are still online-only or online-mainly banks that are available to people in Hawaii. Many of those offer ATM rebates everywhere. One example is Charles Schwab. I recognize that the major limitation is not being able to deposit cash, however.

I agree that mainland banks do not really exist in Hawaii. However, I would hope that would stay that way and allow for more local development as opposed to overseas banks coming in and crushing the marketplace.

W
W

First Hawaiian Bank as the largest player in the market is actually owned by BNP Paribas/Bank of the West. Which is now currently being merged into BMO Harris, owned by BMO the Canadian banking group. It’s the closest thing to a mega-bank that you’ll find in Hawaii. Not to exactly say BoH is any better, but it’s still locally owned. But yes, digital banking options are an option such as Charles Schwab, but you are limited in many ways to purely digital banking and do not have the support of a local branch network and variety lending experience and opportunities that using a local bank such as CPB or ASB would give you.

For a credit union on the Big Island, I would suggest HFS CU or Hawaii Community CU if you want to look into them. Both have a decently sized branch network throughout the island no matter which side, but HFS is based out of Hilo, while HiComm is based out of Kailua-Kona.

HI
HI

BNP has not had any ownership stake in FHB for a number of years. It’s a public company like BoH.

W
W

I stand corrected. Didn’t realize they finalized the sale of their last stake in 2019.

Svy
Svy

Thanks!

Mark
Mark

Maybe now it’s worth that 10k trip to Hawaii!