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American Savings Bank Opens Kapaa Digital Center

ASB August 09, 2021 | 5 min read News Releases

American Savings Bank held a blessing ceremony today at its Kapaa Digital Center, located at 4-831 Kuhio Highway, Suite 150. This is the fourth and final digital center ASB is opening this summer in its continued efforts to adapt to customers’ banking needs.

At the Kapaa Digital Center, customers can perform all of their cash transactions, including deposits, withdrawals, balance inquiries, and more at the full-service multi-denomination ATMs. They can also talk in-person to an experienced banker for assistance with their unique financial needs and goals, visit the Digital Bar for guided demonstrations of ASB’s robust online and mobile banking solutions, or connect virtually to other bankers via an on-site conference room for additional support and services.

kapaa digital center

“We are constantly looking for ways to make banking easy for customers and people are loving the convenience of our new digital centers,” said Ann Teranishi, ASB President and Chief Executive Officer. “Since a large amount of Kauai’s residents live in the Kapaa and Wailua areas, this location allows us to continue serving these terrific communities and introduce a new and simple way to bank.”

The Kapaa Digital Center is the biggest of ASB’s four digital centers and the only one that is free-standing and not an in-store location.

Those who are new to online and mobile banking can receive one-on-one guided support from on-site bankers. Customers can learn to securely open an account, apply for a mortgage, deposit checks and take a financial checkup, among other services.

Here are a few things customers can do at the Kapaa Digital Center:

  • Use the full-service ATMs to make a deposit, withdraw cash and more

  • Visit the Digital Bar for personalized financial solutions

  • Get assistance from a banker in-person or virtually

  • Learn how to get started with online and mobile banking

For photos of the Kapaa Digital Center blessing ceremony, click here.

Learn more and see our other digital center locations

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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Buying a Condo in Hawaii: What to Think About When Purchasing Your Vacation Home

ASB May 30, 2023 | 6 MIN read Personal

Sparkling blue water, soft sand beaches, and exciting local culture make Hawaii a go-to destination for vacationers from around the world. Maybe you’ve visited Hawaii on vacation or spent time here for work and fell in love with it and want to return regularly. Or perhaps you see the potential for ongoing rental income on an investment property. No matter why you want to purchase a vacation condo in Hawaii, there are some things you need to know before you start shopping. Read on so you know what to expect when looking for a vacation property in Hawaii.

WHAT TO DO BEFORE BUYING A VACATION RENTAL PROPERTY IN HAWAII

You’ll want to do a lot of research before starting to look for properties. Buying a home or condo in Hawaii is different than buying in other areas of the United States and have unique challenges. Start your shopping process by following these steps:

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1. SEEK OUT LOCAL PROFESSIONALS

One of the first things you’ll notice about Hawaii is how much residents rely on local businesses. Life in Hawaii isn’t the same as in other places. Being so far from the mainland means local businesses and professionals have an unmatched knowledge of the area. Before you browse real estate websites or visit condos, find a team of trustworthy local professionals to help you buy your rental property. This includes looking for a local real estate agent who can visit properties, meet with property managers, and research zoning or tax laws on your behalf. You’ll also want to work with a local bank to get your home loan, as most national banks don’t have offices on the islands.

2. UNDERSTAND THE ZONING LAWS

An unexpected and often unpleasant surprise for new rental owners in Hawaii is learning that many locations don’t allow short-term rentals. If you plan on renting your home to short-term vacationers (someone who stays at your property for less than 180 consecutive days), be sure to find a city, neighborhood, and property that allows short-term renters.

3. ASK ABOUT THE COMMUNITY AND PROPERTY MANAGEMENT

Talk with residents of the condominium property and the property management company to learn more about the property and surrounding community. Some questions to ask include:

  • Are the resident amenities (swimming pools, tennis courts, etc.) in good condition?

  • How walkable is the area surrounding the property? Can you easily get to popular tourist spots like beaches, shopping, or restaurants?

  • What services are provided by property management?

  • How do community members feel about renters staying in the condo complex?

4. CONSIDER RENTAL TAXES AND FEES

When you collect rental income for your Hawaii property, you’ll be subject to three different taxes:

  1. Hawaii Income Tax

  2. General Excise Tax (GET)

  3. Transient Accommodations Tax (TAT) (only applies if you rent to short-term renters)

In addition to taxes on your rental income, you’ll have to consider property taxes and any fees associated with renting your property. For example, many property owners use an online booking service like AirBnB or VRBO to list and book their property. There may be fees associated with owning an AirBnB in Hawaii.

5. ADD UP THE COSTS – FROM RECURRING TO UNEXPECTED EXPENSES

Like any home purchase, buying a vacation rental property in Hawaii comes with a lot of expenses. You may want to make a list of all of the potential costs associated with purchasing, renting, and maintaining a rental property to get a better idea of the risks and potential income. Expenses may include:

  1. Buying the Condo: Whether you pay cash or take out a mortgage, your biggest expense will most likely be buying the property.

  2. Renovations or Upgrades: Properties that have lower upfront costs may need renovations or upgrades to bring them up to an acceptable standard for renters.

  3. Utilities: You’ll be responsible for covering costs such as electricity or internet connections for your guests.

  4. Homeowners Association (HOA) Expenses: HOA fees help cover the cost of maintaining the condominium complex as well as any services or amenities provided by the property.

  5. Insurance: In addition to normal condo or homeowners' insurance, you may need to purchase additional insurance, such as business liability coverage, in case of accidents involving renters.

  6. Property Management Fees: Will you hire a property management company to deal with immediate issues or day-to-day maintenance of your property? You’ll have to cover the property management company’s fees.

  7. Booking and Payment Processing Fees: Sites like AirBnB charge fees to list and book your property in Hawaii, but you’ll also need to cover payment processing fees. Credit card processors often charge between 2-3% of each payment transaction.

  8. Guest Amenities: Most vacationers expect their rental to have certain amenities to help make their stay comfortable. You may need to provide everyday items to your guests, including dish soap, dishes, cooking utensils, towels and linens, baby furniture (e.g. cribs, highchairs, etc.), and paper goods (e.g. paper towels, toilet paper, etc.).

condo

WHAT TO DO WHEN YOU’VE FOUND THE RIGHT CONDO TO PURCHASE

You’ve factored in the costs, considered your finances, and have found the perfect rental property in Hawaii. What now? Your next steps involve verifying you’ve got the right property for your needs, finding the right mortgage programs through a local lender, and applying for your condo financing.

  1. Double-Check Your Prospective Property: Working with your local real estate agent and property manager, double-check that the property you want to buy fits all of your needs. Most importantly, make sure it’s zoned to allow for short-term vacation rentals. Then check that it’s in the condition you expect — whether it’s turnkey or needs repairs that you’ve budgeted for. You should also talk with the property management company or HOA to make sure you understand any fees and what services or amenities your fees cover.

  2. Find a Local Lender: Local Hawaii banks like American Savings Bank offer unmatched insights into your options for securing your rental property in Hawaii. Speak with an experienced loan officer to learn about potential financing options — including new condominium financing and Jumbo Loans for high-value properties.

  3. Apply for Financing: After talking with your loan officer and deciding on the right home financing for your rental condo in Hawaii, you’re ready to apply for a home loan. Working with ASB lets you apply for a mortgage online, reducing the time it takes to apply for your vacation rental loan.

RESOURCES FOR BUYING A VACATION RENTAL IN HAWAII

Buying a second home, investment property, or condo to rent out to vacationers in Hawaii is a big financial undertaking. You must consider all of the potential expenses involved in the process — from closing costs and taxes to cleaning fees and property maintenance.

The best way to figure out the potential costs and benefits of buying a vacation rental in Hawaii is to work with local professionals. Your local real estate agent, home loan officer, and property manager will help you get a realistic idea of how much buying a condo will cost, as well as your potential for rental income. To learn more about financing your vacation rental condo in Hawaii, get in touch with one of ASBs experienced mortgage loan officers today.

FIND A MORTGAGE LOAN OFFICER



Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion that it is appropriate for readers. The information that is contained in this material is general nature. Readers should seek professional advice for their respective situations.

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Detect and Deflect Identity Theft

ASB July 28, 2021 | 5 min read Personal

Identity thieves are continuously finding new ways to steal your information, but we can help you remain one step ahead and avoid their tricks. Identity theft happens when an unauthorized individual uses your personal information to steal money from your accounts, open new credit cards, apply for loans, rent a home and other similar unauthorized activities. The negative effects of identity theft can be time-consuming and expensive. They can also damage your credit and leave you with unwanted bills.

Read on for tips on how to recognize identity theft, protect yourself and loved ones, and recover if you’ve been a victim.

Male at the gym on phone

1. UPDATE YOUR CONTACT INFORMATION

Having the most up-to-date contact information on your accounts will ensure you are receiving all communication from American Savings Bank. We will contact you through phone, email and/or physical mail if we suspect any unauthorized or suspicious activity. Your contact information could also serve as a form of authentication in the event that you forget your password.

Always consider the contact information you share on social media. Chances are, if you share your personal information on social media, it will appear in online searches. Below are some ways identity thieves can use your personal information:

  • Call your bank to change your mailing address

  • Open new bank accounts and credit cards in your name

  • Sign up for utility services

  • Buy automobiles by taking out auto loans in your name

If you are not sure what information we have on file for you, please contact our Customer Banking Center toll-free at (800) 272-2566 or (808) 627-6900.

2. FREQUENTLY CHECK YOUR ACCOUNTS

Banking with us is convenient and can be done anytime, anywhere. We encourage you to utilize our easy online banking features to regularly monitor your accounts. You can opt-in for eStatements, a simple way to monitor all of your transactions. If you have experienced any of the incidents below or feel you may be a victim of identity theft, please immediately contact us:

  • Identified unauthorized transactions on your account

  • Been a victim of theft (stolen credit and debit cards, checkbooks, account information, mail)

  • Misplaced personal information (lost items containing your social security number (SSN), date of birth or online login credentials)

As an added precaution, we encourage identity theft victims to visit https://www.identitytheft.gov to learn more about resources available to you. For example, you may want to consider filing an identity theft report, and freezing your credit by reaching out to the three credit-reporting companies – Equifax, Experian and TransUnion.

3. FIGHT BACK AGAINST IDENTITY THIEVES

In addition to promptly alerting us of possible identity theft, please continue to take the following steps to protect your personal identity:

  • Change Your Usernames and Passwords
    We recommend against recycling previously used usernames or passwords, especially those that have been used on multiple platforms. Sharing your account sign-in information with other parties is not recommended.

  • Enable Secure Access Code
    When possible, enable Secure Access Code for extra security. Users of this mechanism will only be granted access to an account after successfully presenting two or more authentication items proving their identity.

  • Examine Your Electronic Devices for Malicious Programs
    Look through any cell phones, tablets and computers in which you store sensitive information. There may be programs on your device that are being compromised by malicious programs. These programs can potentially capture your usernames, passwords, bank account numbers and credit card numbers. Running a consistent anti-virus program can help you protect against viruses.

4. IDENTITY THEFT RESOURCES

Report to the Federal Trade Commission (FTC): If you are a victim of identity theft, report to the FTC at https://www.identitytheft.gov

  • Pull a credit score report: Most companies offer a complimentary report once a year. Some companies may even offer unlimited reports! https://www.AnnualCreditReport.com

  • Consider placing a freeze on your credit: If you suspect that you are a victim of identity fraud, you can prevent someone from opening an account or obtaining credit in your name by alerting the three credit reporting companies.

    • Equifax: (800) 525-6285

    • Experian: (888) 397-3742

    • TransUnion: (800) 680-7289

Share these resources with your family and friends so that they can learn more about identity theft, protecting themselves and how to recover if they’ve already been a victim.

As a reminder, American Savings Bank will never request verbally or via e-mail/text, your Password, Debit Card PIN, or Secure Access Code. We encourage customers to closely monitor accounts regularly. For best practice, you should report immediately any suspicious activity to our Customer Banking Center at (808) 627-6900 or toll-free (800) 272-2566.

View our security hub to learn more about how you can protect yourself and your finances.

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Hawaii Condo Projects & Planned Communities Loans

American Savings Bank recognizes the unique challenges that come with new developments. We are here for you and provide financing for the purchase of a new condo project unit or planned community in Hawaii. 

Ready to reach your homeownership goal? Start exploring:

ASB Number One Lender

American Savings Bank is Hawaii's #1 Local Mortgage Lender*

*2024 State of Hawaii Bureau of Conveyances data, recorded total value of residential, non-wholesale, purchase mortgages.

Why Finance Condos & Planned Communities with ASB?

  1. Experienced project lender for many new condo projects as well as developments in planned communities

  2. ASB loan officers are here to help you navigate through the entire loan process and deadlines for a stress-free experience

  3. We have a dedicated loan manager for condo and new development projects ensuring the strict project guidelines are met

FIND A MORTGAGE LOAN OFFICER

Explore More

 

Hawaii Condo Projects & Developments1

Waikiki Beach and Diamond Head in Honolulu Hawaii

The Park at Ward Village

The Park on Ke'eaumoku

Sky Ala Moana

Victoria Place

Ko'ula at Ward Village

Ālia

Ililani

Apply Now

Explore More

 

Hawaii Planned Communities1

Living room of a house

Anuhea at Kehalani

Cottages at Mauna `Olu

Hokuʻula

Lima Ola

The Parkways at Maui Lani

Walea at Koa Ridge

Waioha at Koa Ridge

Apply Now

Explore More

1. List of Projects/Condos is subject to change without notice. Financing for new development/developer’s projects is subject to borrower loan application, loan qualification and satisfactory review of final condo documents for the respective projects.

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How to Calculate the Equity in Your Hawaii Home

ASB July 26, 2021 | 5 min read Personal

Your home’s equity is the difference between what you owe on your mortgage and what your home is currently worth. In Hawaii, many homeowners decide to use the equity in their homes to meet financial needs — like a big home renovation project or as a line of emergency credit in case of unexpected expenses.

We’re here to help if you’re thinking about tapping into the equity on your home in Hawaii. Our friendly team can help answer your questions. Keep reading to learn more about how to determine the equity in your home and how you can leverage it to achieve your goals.

family

HOW DO I DETERMINE THE EQUITY IN MY HOME?

To find your current home equity, consider this equation:

Current Home Value – Outstanding Mortgage Balance = Home Equity

Let’s say your home is currently worth $500,000 and you still have $300,000 left to pay on your mortgage. That means, your home’s equity is approximately $200,000.

This is a quick and easy equation to give you an approximate number. You’ll most likely need a home appraisal to get the exact amount of equity you have in your home in Hawaii because an appraisal tells you the current fair market value of your home.

HOW IS A HOME EQUITY LOAN OR LINE OF CREDIT DETERMINED?

What does home equity mean? For many homeowners in Hawaii, it’s an additional resource you can use to access financing. Home equity loans and Home Equity Lines of Credit (HELOC) let you borrow against the equity in your home. Many times, home equity loans and HELOCs have lower interest rates and fees than other types of personal financing.

Lenders like ASB set a loan-to-value ratio to help determine how much of your home’s equity you can borrow. The loan-to-value ratio is a percentage of your home’s appraised value. This is the maximum amount you can borrow against your home’s equity but doesn’t include any outstanding mortgage balances.

For example, if your home is appraised at $100,000 and your lender’s loan-to-value ratio is 80%, you could potentially borrow up to $80,000 of your home’s value. However, if you have a balance on your home loan, you’ll need to subtract the loan balance from the total. For example, if you owe $50,000 on your loan, you could potentially borrow up to $30,000.

$80,000 (80% of your home’s $100,000 value) - $50,000 (remaining loan balance) = $30,000 (maximum you could borrow)

homeownership computer

HOW OFTEN SHOULD I GET AN APPRAISAL ON MY HOME?

You’ll generally need to get a home appraisal on any home that you’re buying, but what about after the sale? Do you need to get a home appraisal regularly? The answer is that it's up to you. Home appraisals could be expensive, but they’re also a good way to see how much your home’s value has gone up or down since you bought it. You may also be required to get a new home appraisal if you refinance your mortgage or take out a HELOC.

HOW CAN I INCREASE MY HOME’S EQUITY?

Your home’s equity increases as your home loan liability decreases. The easiest way to increase the equity in your home in Hawaii is to continue paying off your mortgage. If you’re looking to increase your equity quickly, you can consider making extra payments toward your home loan or increasing your payment amount. This helps put more of your payments toward the principal of the loan.

Equity also increases if your home value rises. Many homes in Hawaii will appreciate over time, meaning your home’s value is likely to increase each year. If you don’t feel like waiting for home values to go up in your area, you can increase your home’s value — and your equity — by making strategic home improvements to increase property value. For example, you might take on a small remodel project or redo the landscaping to make your home more desirable to potential buyers.

CALCULATE YOUR HOME’S EQUITY AND PUT IT TO USE WITH A HELOC

Learning how to determine the equity of your home is simple in theory — you’ll subtract the remaining balance of your mortgage from your home’s current value. In practice, however, this process can be a little more confusing. You’ll need to have at least a rough estimate of the current value of your home. Depending on where you live, your home may have seen a recent increase in value.

You can get the exact fair market value of your home in Hawaii by considering a home appraisal. It’s important to note that there may be a cost to obtaining an appraisal. You might even be able to borrow against your home’s equity without the need for an additional appraisal. You should get in touch with a knowledgeable home loan officer who understands Hawaii’s real estate market and can answer your questions about a HELOC. The ASB home loan team can help homeowners in Hawaii tap into their home equity for renovation projects, new furniture purchases, and other financial needs. Make an appointment with a loan officer today to learn more about home equity and applying for a HELOC.

MAKE AN APPOINTMENT



Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion that it is appropriate for readers. The information that is contained in this material is general nature. Readers should seek professional advice for their respective situations.

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Budgeting Tools to Help You Get Started

ASB July 22, 2021 | 5 min read Personal

Do you want to have more control over your finances? Are you looking for a way to make reaching financial goals easier? There’s no magic wand when it comes to managing your finances, but creating a budget is a good place to start. Learn more about budgeting and what tools you can use to get started.

couple

THE IMPORTANCE OF BUDGETING

Ask any financial expert and they’ll tell you budgeting is the first step toward financial health. That’s because a budget puts you in control of your money. You’ll know exactly where every dollar you make is going. A budget also gives you the chance to examine your spending habits and be more conscious of when — and why — you spend money. This leads to more control and awareness of your money, making it easy to set and reach financial goals.

HOW TO START BUDGETING

Learning how to budget doesn’t have to be difficult. There are three simple three-steps to follow:

1. DETERMINE YOUR MONTHLY INCOME
Be sure to use your net, or “take-home,” pay and avoid listing overtime or inconsistent wages. The goal in this step is to estimate the income you regularly expect to be in your bank account each month.

2. LIST OUT ALL OF YOUR MONTHLY EXPENSES
Go through bank statements, credit card statements, and receipts for the past several months to figure out where you spend your money. You’ll likely have fixed expenses like rent, insurance, or car payments as well as flexible expenses like credit card bills or spending on entertainment. Try to figure out how much you spend on flexible expenses each month by averaging the amount you spend over the last few months.

3. SUBTRACT YOUR EXPENSES FROM YOUR MONTHLY INCOME
List out the amount of each expense. Any money left over can be used to pay off debt or build your savings. If you are spending more than you make, go back to your expenses and look for areas where you can cut spending or reduce fixed expenses. Aim to bring in more than you spend. Spending more than you make could lead you to rely on credit, like credit cards or personal loans, to make ends meet.

budgeting

5 TOOLS TO HELP YOU START BUDGETING

While creating a budget is simple in theory, it can be complicated in practice. Different financial situations can make it harder to estimate income or expenses, such as working a job with varying shift hours. Luckily, there are a lot of budgeting tools you can use to get started making and maintaining your budget.

1. PEN, PAPER, AND CALCULATOR
The simplest way to start budgeting is to grab a pen or pencil, some paper, and a calculator. A basic handwritten budget can be a good starting point to see where your income is compared to your spending and expenses. Writing out your budget may also make it feel more “real” as opposed to a computer program or smartphone app.

2. SPREADSHEETS
Writing a budget by hand isn’t your only option when forming a basic budget. You can use computer spreadsheets and built-in formulas to easily list your income and expenses. Spreadsheet-based budgets are great for readjusting your budget as needed. You can easily modify the spreadsheet based on your updated spending or income.

3. BUDGETING APPS
Does the idea of writing your budget by hand or organizing spreadsheets make you want to run away from budgeting? You might want to try a budgeting app. There are plenty of free budgeting apps for smartphones and tablets that help automatically create and track your budget. Look for an app that lets you sync outside accounts, like your bank account or credit card. This gives the budgeting app access to view your spending or income so it can automatically update your budget and give you real-time updates on whether you’re on track or not.

4. EDUCATIONAL RESOURCES
Many banks offer free educational resources, calculators, and budgeting tools for their customers. For example, at ASB, we encourage our customers to take our financial health checkup. This short online financial health assessment asks you general questions about your money habits and gives you personalized results on what your next financial step should be. We also have a range of free financial education courses you can use to learn about everything from budgeting to buying a home. You can use this resource to better understand different financial concepts, including budgeting.

5. ONLINE AND MOBILE BANKING TOOLS
In addition to educational materials, most banks have online banking and mobile app access for customers. Online Banking is an important tool to help you maintain your budget. It lets you access your bank account anytime, anywhere, so you can track the money coming in and going out of your account.
 

MAKE A SUCCESSFUL BUDGET BY TALKING WITH A BANKER

Learning how to budget can be intimidating. If you don’t know where to start, consider talking with a financial expert to help you start on the right track. ASB has branches located throughout Hawaii to make it easy for you to meet with an experienced banker. Our team can help you pick the right budgeting tools to better manage your money. Spend time learning about budgeting with a financial expert by making an appointment today.

MAKE AN APPOINTMENT



Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion that it is appropriate for readers. The information that is contained in this material is general nature. Readers should seek professional advice for their respective situations.

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Meet Our Newest Lo‘i Gallery Artists

ASB July 16, 2021 | 5 min read Community

American Savings Bank’s Lo‘i Gallery is proud to introduce three new talented artists, each offering a unique perspective of and homage to the people and nature of Hawai‘i.

Artwork from Yvonne Cheng, Mary Mitsuda, and Peter Shaindlin are on display at the Lo‘i Gallery, located at the ASB campus, through Sept. 30, 2021.

Twenty percent of sales from the gallery will benefit Kupu, one of ASB’s Kahiau Partners. Kupu's innovative, hands-on programs help to inspire and prepare young adults with the knowledge and skills they need to build a greener, more resilient Hawaiʻi.

Other Kahiau Partners include Child & Family Service, Kapiolani Health Foundation, Partners in Development Foundation and Aloha United Way.

Yvonne Cheng artwork

Yvonne Cheng

Cheng’s work is largely inspired by her enrollment in a batik class at the Honolulu Bishop Museum. Her practice in batik involved extensive research into the visual patterns of tapa cloth and other oceanic textiles. Cheng’s natural progression toward pastels, collage, ink drawing, and painting on canvas became part of her exploration with color and the Polynesian figure.

Mary Mitsuda artwork

Mary Mitsuda

Mitsuda creates each painting with a respect to ideas of change and the passing of time. In each of her pieces, she explores differences in nature such as light and dark, growth and erosion, and order and chaos. Layering is an important quality of Mitsuda’s work. Mitsuda alters her creations through successfully layering paint applications until the images are altered to perfection.

Peter Shaindlin artwork

Peter Shaindlin

Shaindlin’s photographs assume an informed, ethereal vocabulary in which he applies abstraction in interpreting the human form. His inspiration is drawn from the Hawaiian ethos of living itself as a point of primal beauty. Shaindlin’s polymathic creative initiatives reflect his commitment to build upon the natural integration of the humanities.

View available artwork for purchase or contact an artist at asbhawaii.com/loigallery.

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Breaking Down Different Types of Bank Accounts

ASB June 22, 2021 | 5 min read Personal

Opening a bank account is one of the most important decisions you can make, so it's important to have all the facts. Lance Masuda, Director of Customer Solutions and Support, breaks down the difference between a checking account, savings account, and CD. Check out the video below to learn more.

Both savings accounts and certificates of deposit (CDs) allow you to put aside money for the future while checking accounts are for more immediate use. This is partially because savings accounts and CDs accumulate interest over time, meaning the money in your account increases, while this is not the case for checking accounts. 

When deciding what type of account to open, it’s good to consider why you’re opening an account in the first place. If you want to save money to put towards a goal, savings accounts and CDs are a smart option; if you want to easily deposit and withdraw money, a checking account may be best. 

Click here to open an account online. You can open any type of account and even create a joint bank account. If you’d prefer to do it in person, you can also visit one of our branches. After opening your account, you can use tools like online banking and your bank’s mobile app to manage your money, create a budget, and track your goals. You can also add your debit card to your virtual wallet so you always have it with you.

Try the new way to bank at our ASB digital centers

Our Digital Centers will make banking easy anytime, anywhere. We'll be able to assist you in-person and virtually, educate you on our digital banking solutions and continue to deliver our warm ASB service.

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Click an icon to learn about our Digital Center features

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Digital Bar

You can talk with our ASB Bankers and receive personalized solutions based on your unique situation. You'll also learn about our digital channels through on-the-spot teammate-assisted demonstrations.

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ASB Bankers

Experienced teammates will be on-site to assist with common banking services while providing the same warm, friendly service you receive at any of our locations.

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Video Conferencing

Connect virtually with an expert banker for additional support and services.

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Full-Service ATMs

Our new multi-denomination ATM will handle all cash transactions, including deposits, withdrawals, balance inquiries and more.

Digital Centers

Waipio Foodland 
94-1040 Waipio Uka St. Waipahu, HI 96797 
Mon - Thu 9:00 a.m. to 5:00 p.m. 
Fri 9:00 a.m. to 6:00 p.m. 
Sat 9:00 a.m. to 1:00 p.m. 
Make an Appointment

Laie Foodland 
55-510 Kamehameha Hwy. Laie, HI 96762 
Mon - Thu 9:00 a.m. to 5:00 p.m. 
Fri 9:00 a.m. to 6:00 p.m. 
Sat  9:00 a.m. to 1:00 p.m. 
Make an Appointment

Kapaa 
4-831 Kuhio Hwy, Ste. 150, Kapaa, HI 96746 
Mon - Thu 8:00 a.m. to 4:00 p.m. 
Fri 8:00 a.m. to 5:00 p.m. 
Sat 9:00 a.m. to 1:00 p.m.

digital center Waipio Foodland

Waipio Foodland

digital center Laie Foodland

Laie Foodland

digital center Kapaa

Kapaa

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Online Banking vs. Traditional Banking: What's the difference?

ASB June 10, 2021 | 5 min read Personal

The rise of technology in recent years has also led to new ways to bank — online via web browsers and smartphone applications. Online banking has become a convenient way to manage your money and accounts anytime, anywhere. Let’s take a look at the difference between online banking and traditional banking to see what the right fit is for you.

HOW DOES ONLINE BANKING DIFFER FROM TRADITIONAL BANKING?

Internet banks may have fewer fees, but you won’t usually get personalized service. Traditional banks provide one-on-one customer service, but you may have to complete your banking during business hours. Some traditional banks, like American Savings Bank, offer combined elements of online and traditional banking to give customers a hybrid option that serves all their needs.

If you’re thinking about opening a new bank account, it can be difficult to choose between personal customer service from a traditional bank or the convenience of an online-only bank. The good news is there are options to get access to both a friendly banking team and useful online banking tools through banks like ASB.

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WHAT ARE THE PROS AND CONS OF ONLINE BANKING?

Online banking has gained popularity recently as many banking customers have become more tech-savvy. Using an online-only bank can help startup businesses reduce banking costs or help a busy family manage their money on the go. This convenience comes at a price, as most online-only banks have limited customer service options. Some can only be contacted through email. That means if you’re having issues with a product, you’ll have to wait until the customer service team gets back to you. Read on to find the advantages and disadvantages of online banking.

Pros of Online Banking

  • Easy to sign up or apply for new accounts online.

  • Offer extensive mobile apps to manage almost every aspect of your account from almost anywhere.

  • Low fees or no fees for services like checking and savings accounts and some loan products.

  • Most online-only banks use an ATM network so you can still access cash from your account.

  • Typically have better interest rates on savings accounts than traditional banks.

Cons of Online Banking

  • No access to in-person help and limited customer service options.

  • Difficult to deposit cash without branch locations. You may need to put money into a non-online bank and then transfer it to your online-only bank.

  • Limit access to products. For example, online banking might offer checking and savings accounts, but not Certificates of Deposit or personal loans.

  • There’s not much you can do if technological issues cause your bank to go offline, whether it’s planned maintenance or an unexpected website crash.

  • Potential limits on daily cash withdrawals.

WHAT ARE THE PROS AND CONS OF TRADITIONAL BANKING?

Sometimes it just makes more sense to talk with someone face-to-face. Traditional banks have physical locations that you can visit and get instant support from in-person interactions with a teller. However, using a traditional bank might mean you have higher fees on your account. Some traditional banks also offer limited online banking options. If you can’t complete a task over the phone or online, you’ll have to go to a branch during business hours to manage your account. Read on to find the advantages and disadvantages of traditional banking.

Pros of Traditional Banking

  • Simply stop in on your lunch break or on the way home if you need a quick answer to a question.

  • The banking team often gets to know their customers for more personalized and friendly service.

  • Easy to manage cash deposits by going to a local branch.

  • Fast cash withdrawals from branch ATMs, drive-thru, or inside the branch with few limitations.

Cons of Traditional Banking

  • You may not have online banking access or the online features are outdated.

  • Fees tend to be higher than online banks.

  • You may earn less interest on money in a savings account.

  • Opening an account can take longer and you may need to complete a paper application.

  • If there’s something you can’t manage online, you’ll have to wait until you can get into a branch for service.

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HOW TO GET THE BEST OF BOTH WORLDS

Not every traditional bank uses outdated online interfaces or mobile apps. At ASB, we know how important it is for our customers to be able to visit us in person or get their banking done online. We combined the best elements of online-only banks and our brick-and-mortar traditional branches to give you the most options to fit your unique needs.

While some traditional banks offer only limited online solutions, ASB has robust digital banking solutions to help you bank from anywhere. Our mobile app lets you bank on the go. You can manage your accounts and even deposit checks with the click of your smartphone camera. Our website, on the other hand, lets you apply for many of our banking products right from the comfort of your home. Apply online for a mortgage or personal loan without the need to schedule an appointment and visit a branch.

As a leader in providing financial education to our Hawaii community, we added resources to our website to make understanding your finances easier than ever. Start by taking our interactive Financial Checkup. Answer a few questions to get personalized recommendations for setting your financial priorities.

When you do need to visit a branch, our convenient locations across the islands mean you’re never far from our helpful and friendly banking team. Stop by today to get personalized customer service you won’t get from an online bank.

LEARN MORE ABOUT BANKING WITH ASB

Are you ready to get more out of your bank? As a local bank serving communities across Hawaii, ASB is committed to helping Hawaii residents manage their finances via both online and traditional banking. Whether you need a checking account for your business or a mortgage to buy your dream home, ASB has both online and traditional banking tools and resources to meet your needs. Find your local branch and make an appointment today to learn more about banking with ASB.

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