Banking and financial services in Hawaii: Types of local financial institutions. Availability of offshore banking. State-specific banking regulations. Common fees and expenses. Access to ATMs outside urban areas. Credit union options. Online banking convenience. Insurance and investment services. Mortgage rates and lenders. Hawaii Tax System.
Types of local financial institutions.
In Hawaii, local financial institutions include traditional banks like First Hawaiian Bank, Bank of Hawaii, American Savings Bank, and Central Pacific Bank, as well as credit unions such as HFS Federal Credit Union. These institutions offer a range of services including checking and savings accounts, loans, investments, and specialized services for small businesses and community needs.
Availability of offshore banking.
First Hawaiian Bank offers international banking services, including foreign currency exchange, international money transfers, and commercial letters of credit, but it does not specifically provide offshore banking services in the traditional sense of banking outside the country of residence. However, their International Services facilitate global financial transactions, which can be beneficial for businesses operating internationally.
State-specific banking regulations.
State-specific banking regulations in Hawaii are governed by the Hawaii Revised Statutes, Title 22. This comprehensive legal framework outlines the organization, management, and oversight of financial institutions within the state. It includes detailed requirements for licensing, examinations, and enforcement actions to ensure compliance and integrity within the sector. Additionally, the statutes provide specific rules for activities such as insurance underwriting and sales, ensuring that all financial activities operate within the legal boundaries. For those interested in exploring the full text and implications of these regulations, you can visit the Hawaii Revised Statutes website.
Common fees and expenses.
In Hawaii, common banking fees include monthly service fees for checking accounts, which can range significantly depending on the account type and may be waived by fulfilling certain conditions like maintaining a minimum average daily ledger balance or engaging in direct deposits. Other prevalent fees may involve charges for ATM transactions, overdrafts, stop payment orders, and wire transfers. For comprehensive details on these fees, the Bank of Hawaii provides thorough [Deposit Agreements and Disclosures](https://www.boh.com/personal/bank-accounts/deposit-agreements-and-disclosures/service-fees) on their website.
Access to ATMs outside urban areas.
In Hawaii, access to ATMs outside urban areas is facilitated through networks such as the CO-OP ATM Network, which provides surcharge-free access to over 300 ATMs throughout Hawaii and more than 30,000 ATMs on the continental United States, ensuring convenient banking even in rural areas.
Credit union options.
In Hawaii, there are several prominent credit unions, including HawaiiUSA Federal Credit Union, Hawaii State Federal Credit Union, Aloha Pacific Federal Credit Union, and others, each serving specific communities and offering a range of financial products with competitive rates and personalized service. For more information on the top credit unions in Hawaii, [Phroogal](https://www.phroogal.com/top-hawaii-credit-unions/) provides a comprehensive resource that can help you navigate and choose the best financial institutions tailored to your needs.
Online banking convenience.
First Hawaiian Bank's FHB Online Banking provides a convenient and secure platform for managing your finances. Users can easily view their accounts, pay bills, transfer funds, and take advantage of services like Zelle and eStatements, all at no extra cost for personal banking customers. Similarly, Hawaii National Bank offers online and mobile banking that allows clients to check balances, make loan payments, and transfer funds between accounts with ease. Additional features, such as debit card on/off functionality and mobile check deposits, are accessible from any internet-enabled device. American Savings Bank Hawaii also facilitates efficient online banking, enabling users to view statements, make payments, and securely transfer funds, accessible through mobile apps and offering electronic statement options for a streamlined banking experience.
Insurance and investment services.
In Hawaii, a diverse array of financial and insurance services is available to meet the unique needs of individuals and organizations. Top financial advisory firms like Cadinha & Co., Bankoh Advisors, and Mosaic Pacific Investment Advisors offer comprehensive solutions, including investment management, financial planning, and retirement planning. For those in search of tailored insurance options, Bankoh Investment Services provides a suite of products such as life insurance, long-term care insurance, and disability insurance, seamlessly integrated with financial planning and asset protection strategies. Meanwhile, Hawaii State Federal Credit Union collaborates with Cetera Financial Services, LLC to deliver specialized investment services, focusing on retirement income planning and personalized advice, ensuring members can confidently achieve their financial aspirations.
Mortgage rates and lenders.
Current mortgage rates in Hawaii stand at approximately 6.96% for a 30-year fixed mortgage and 6.14% for a 15-year fixed mortgage as of December 9, 2024. Top mortgage lenders in Hawaii such as Bank of Hawaii, loanDepot, and First Hawaiian Bank offer a variety of loan programs and assistance options tailored for both homebuyers and refinancers. For more detailed information on these options and to explore further, you can visit the comprehensive resources available on reputable financial sites like Bankrate. This can provide valuable insights and guidance tailored to your mortgage needs in Hawaii, ensuring informed decisions in the home buying process.
Hawaii Tax System.
Hawaii's tax system features a progressive income tax with rates ranging from 1.4% to 11%, and it has one of the highest income tax burdens in the U.S. The state's online tax filing system has been upgraded for better performance, security, and user experience, allowing taxpayers to file returns, pay taxes, and manage business tax accounts efficiently. For more detailed information about the state's tax regulations, you can visit the Hawaii Tax website.