Ethan Riley
Hawaii is the only state in the US where none of the megabanks like Chase or Bank of America have a retail presence. This is due to strong protectionism in the financial sector, with local banks keeping mainland banks away by lobbying the state government to implement regulations unfriendly to them. While Bank of America did have a presence in Hawaii at one point, it did not last long due to unpopular deposit fees. HomeStreet Bank, based in Seattle, is the only mainland bank with any serious presence in Hawaii.
| Characteristics | Values |
|---|---|
| Local banks in Hawaii | Bank of Hawaii, First Hawaiian, Aloha Pacific FCU, HawaiiUSA FCU, Hickam FCU, American Savings Bank, Hawaii Community Federal Credit Union, HawaiiUSA FCU, Hickam FCU |
| Mainland banks in Hawaii | HomeStreet Bank, Navy Federal Credit Union, Pentagon Federal Credit Union, First Foundation |
| Banks no longer in Hawaii | Bank of America, Deutsche Bank, Lehman, Chase, Wells Fargo, Silicon Valley Bank |
| Reasons for lack of mainland banks in Hawaii | Protectionism in the financial sector, market loyalty to local banks, anti-US attitude |
| Challenges of using mainland banks in Hawaii | Inconvenience in making deposits, withholding of funds for a week for new accounts, high fees for ATM withdrawals and services |
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What You'll Learn
Local banks vs mainland banks in Hawaii
Hawaii is the only state in the US where none of the megabanks like Chase or Bank of America have a retail presence. Most people in Hawaii bank with one of the local banks, the five largest being Bank of Hawaii, First Hawaiian Bank, Hawaii National Bank, Territorial Savings Bank, and Finance Factors.
Bank of Hawaii has served the community for 125 years, offering a range of services, including residential loans, checking accounts, savings accounts, and mobile and online banking. First Hawaiian Bank, founded in 1858, is Hawaii's oldest and largest financial institution. Hawaii National Bank has been operating since 1960, providing business services, checking, credit cards, home equity, investments, mortgages, personal loans, and savings & CDs. Territorial Savings Bank was established in 1921 and offers a wide range of financial products, including business services, checking, credit cards, investments, mortgages, and personal loans. Finance Factors has been offering financial services in Hawaii for over 65 years and is known for its commitment to helping customers achieve their financial goals.
When it comes to mainland banks in Hawaii, HomeStreet Bank, based in Seattle, is the most prominent. It has branches across the West Coast, including a few in Hawaii. However, it is not as widely used as the local banks. Bank of America previously had a presence in Hawaii, but it no longer has any branches or ATMs on the islands. Citi also has a financial office in Hawaii but no actual banking places.
There are also several credit unions operating in Hawaii, such as Aloha Pacific FCU, HawaiiUSA FCU, and Hickam FCU. Credit unions often offer shared branching, allowing members to access their accounts and perform banking transactions at other credit union branches across the country. This can be especially useful for those who frequently travel or move between states. USAA, Navy Federal Credit Union, and Pentagon Federal Credit Union are also mentioned as options for those with military affiliations.
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Credit unions with shared branches
Hawaii is unique among US states in that none of the major mainland banks like Chase or Bank of America have a retail presence there. While HomeStreet Bank, a mainland bank based in Seattle, has a few branches in Hawaii, it is not very prominent.
Credit unions are a popular alternative to traditional banks in Hawaii. Many credit unions offer shared branch features, allowing members to access services at other branches in the network across the country. Hawaii Community Federal Credit Union (HCFCU), for example, is part of the CO-OP Network, enabling members to utilise free services at other member credit union branches outside of Hawaii Island. Similarly, Navy Federal Credit Union has branches across the US, catering to those with ties to the military.
Hawaii State Federal Credit Union is another notable credit union in the state, emphasising its not-for-profit nature and commitment to returning profits to members through better rates, lower fees, and innovative services. They offer digital banking and a mobile app for convenient money management.
Other credit unions mentioned in the context of Hawaii include Aloha Pacific FCU, HawaiiUSA FCU, and Hickam FCU, suggesting that most people can find one they qualify for. These credit unions often provide resources and tools to help members improve their financial literacy and well-being.
Overall, credit unions with shared branches offer Hawaiians and those with connections to the state a viable option for accessing banking services beyond the local banks and the limited presence of mainland financial institutions.
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Navy Federal Credit Union
Navy Federal has a branch located at 4256 Radford Drive in Honolulu, Hawaii, which is open Monday to Friday from 9:00 am to 5:30 pm, and on Saturdays from 9:00 am to 1:00 pm. The branch is closed on Sundays.
As a credit union, Navy Federal provides a network of shared branches and ATMs that members can use across the country. This means that even if you are travelling or move to a different state, you can still access your account and take advantage of the benefits of being a Navy Federal member.
Navy Federal also offers online and mobile banking services, allowing members to apply for loans, credit cards, and manage their finances from anywhere. With over 360 branches worldwide, Navy Federal Credit Union provides its members with convenience and accessibility, both in Hawaii and on the mainland.
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Online banking options
Hawaii is the only state in the US where none of the megabanks like Chase or Bank of America have a retail presence. This is due to strong protectionism in the financial sector, where local banks keep mainland banks away by lobbying the state government to implement regulations unfriendly to them. However, some mainland banks like First Foundation, HomeStreet Bank, and Charles Schwab have a presence in Hawaii.
While Hawaii has a strong preference for local banks, there are still online banking options available for those who prefer them. Here are some of the online banking options in Hawaii:
- Schwab/Charles Schwab: Offers free ATM fee reimbursements worldwide as long as you have a Charles Schwab investment account. They also offer free checking and savings accounts, and you can scan in checks for deposits.
- Navy Federal Credit Union (NFCU): Available for those with ties to the military or the DoD. They have branches across the US and offer the best interest rates. They also refund ATM fees.
- USAA: For military/veterans/families, USAA offers ATM reimbursement in the US, pre-stamped deposit envelopes, smartphone deposits, and other great services for those who move frequently.
- Pentagon Federal Credit Union: Available for those in the military, employed by the DoD, or veterans.
- Bank of Hawaii (BoH): Offers mobile and online banking with budgeting tools, automated savings, and more.
- Hawaii Community Federal Credit Union: This credit union has a shared branch feature, allowing you to access your account through other network branches across the country.
- Other Credit Unions: Aloha Pacific FCU, HawaiiUSA FCU, and Hickam FCU are some of the credit unions available in Hawaii, and most people qualify to join one. Credit unions often have shared branching, allowing you to access your account through other branches.
While online banking options are available in Hawaii, it's worth noting that the state's banking system is considered to be behind the times, with high fees and a lack of services that are standard on the mainland. For example, depositing checks with mainland banks may require mailing them in, which can be inconvenient and time-consuming.
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Withdrawing money from mainland banks in Hawaii
Hawaii is unique in that none of the large mainland banks like Chase or Bank of America have a retail presence on the islands. The only mainland bank with a serious presence in Hawaii is HomeStreet Bank, which is based in Seattle. Therefore, if you are looking to withdraw money from a mainland bank account while in Hawaii, your options may be limited.
If you are a member of the military, a veteran, or have ties to the Department of Defense, you may be able to use Navy Federal Credit Union, which has branches across the US, including in Hawaii. USAA also offers banking services for military, veterans, and their families, including ATM reimbursement in the US and worldwide if you have a Charles Schwab investment account.
If you have an account with a mainland bank that does not have branches in Hawaii, you may still be able to withdraw money from your account by using an ATM. However, you may be charged a non-network ATM fee for doing so. Some mainland banks, like Charles Schwab, will reimburse you for these fees. Alternatively, you can use a money transfer service like Western Union or Venmo to transfer money to a local bank account in Hawaii and then withdraw the cash.
If you are looking to withdraw a large sum of money, you may need to plan ahead. Some banks have daily ATM withdrawal limits, which may vary by user. You may be able to change your daily ATM limit by contacting your bank. Another option is to get a cashier's check for the amount you need from your bank.
In summary, while there are limited options for withdrawing money from mainland bank accounts in Hawaii, it is still possible through the use of ATMs, money transfer services, or by planning ahead and contacting your bank to discuss your options.
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Frequently asked questions
No, there are no mainland banks in Hawaii. The only mainland bank with any notable presence in Hawaii is HomeStreet Bank, which is based in Seattle.
There is a strong protectionist movement in Hawaii's financial sector, with local banks lobbying the state government to implement regulations that are unfavourable to mainland banks.
There are several local banks in Hawaii, including Bank of Hawaii, First Hawaiian, CPB, and American Savings Bank. There are also a variety of credit unions, such as Aloha Pacific FCU, HawaiiUSA FCU, and Hickam FCU.
Yes, there are some mainland banks that have ATMs in Hawaii, including Chase and Bank of America. However, using these ATMs may incur additional fees.
