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AC Repair in Ladson, SC

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South Carolina is one of the most beautiful places in the United States to call home. However, our local weather can be extreme - high temps and thick humidity in the summer and chilly winter weather during cold months. As a local HVAC company in Ladson, SC, we know how crucial it is to have a quality HVAC system in your home and experienced technicians to keep it working correctly.

With more than 35 years of serving the Lowcountry, we are proud to be an active part of our local community. As your neighbors, we are here for all of your HVAC needs, whether you need a new AC unit installed this summer or a heat pump replacement this winter. With a reliable team of NATE-certified technicians and decades of experience in our industry, no HVAC project is too big or small for us to handle.

We offer highly competitive pricing and convenient financing options for all of our clients. At the end of the day, our goal is to make it easy and affordable to live comfortably in your home all year long. We are committed to hard work, honesty, and integrity with every service we offer. If you aren't 100% satisfied with our work, we'll do our part to make it right.

Service Areas

Here are just a few of the reasons why homeowners and business owners in South Carolina trust Action Heating & Air Conditioning:

  • We have been serving clients in South Carolina since 1983 - before many of our clients were even born!
  • We provide a wide range of HVAC services for both heating and air conditioning.
  • We are committed to giving our clients the highest quality products and services at affordable prices.
  • As a Carrier® Factory Authorized Dealer, we have the best HVAC units available.
  • We are members of the South Carolina Association of Heating and Air Conditioning Contractors.
  • We are members of our local Chamber of Commerce and the Air Conditioning Contractors of America.

If you need a trusted AC repair company in Ladson, know that our team is geared up and ready to help you today. While you browse our website, have a look at just a few of our specialties here at Action Heating & Air Conditioning:

Air Conditioning Repair in Ladson, SC

Summers in the Lowcountry are hot, humid, and sticky. After a long day at the beach or downtown with your friends, nothing feels better than kicking back on the sofa while your air conditioning cools you off. On the other hand, nothing feels worse than walking into your home and feeling warm, stale air hit your face. Those who know, know - having your AC go out during a South Carolina summer is no joke. With time, a relatively minor inconvenience can turn into a real health problem.

In situations like these, something has probably gone wrong with your HVAC system. If your AC has stopped working in the middle of summer, it's time to call Action Heating & Air Conditioning right away. Our team of certified HVAC professionals has years of experience repairing and servicing AC equipment. It doesn't matter how old your unit is or what brand you bought - we have the skills to get your home comfort system up and running in no time.

Heating And Air Conditioning Ladson, SC
Here are just a few of the AC issues that our talented team can help solve for you:
 Heating And Air Conditioning Services Ladson, SC

Air Conditioning Drainage Block

Over time, condensation builds up in your AC equipment because of its cooling process. This accumulated byproduct must be drained regularly, or the increased amounts of moisture can damage your air conditioner's components.

 AC Repair Services Ladson, SC

Air Conditioning Refrigerant Leak

Refrigerant is the substance responsible for keeping your home nice and cool in the summer. When refrigerant levels drop due to a leak, it will affect your AC equipment's ability to cool your home. If your HVAC unit isn't blowing cold air, this could be a reason why.

 HVAC Repair Services Ladson, SC

Heater Keeps Running

This is a common AC issue in South Carolina and the U.S. in general. Sometimes this problem is fixed by switching your thermostat to "auto." If that doesn't work, you may have a broken thermostat or a wiring issue that needs to be addressed quickly.

 Air Conditioning Ladson, SC

Burning Odors

It's normal for your heater to produce a slight burning smell if it hasn't been used in a while. However, if you are experiencing a persistent burning smell during the summer months when your air conditioning is on, it could be a serious problem. Turn off your HVAC system immediately and call our office as soon as possible so that we may send out a technician to diagnose your problem.

 AC Repair Ladson, SC

Broken Air Conditioning Compressor Fan

This fan plays an important role in your AC unit's heat transfer process. When your air conditioning fan breaks, your AC equipment won't be able to cool your home off in the summer when it's needed the most.

Our Special Offers

One of our goals as a company is to provide HVAC repair services at fair and competitive prices. In addition, we want you to feel confident about investing in high-quality heating and cooling systems without having to worry a lot about the costs. We make sure to provide honest and accurate quotes and we offer a variety of financing options. We want you to get the best bang for your buck, so here are some special offers.

See Our Offer

If you are experiencing any of the problems above, be sure to hire a professional contractor to fix your issues. For your safety, don't ever try to make HVAC repairs on your own unless you are trained. When the time come to have your air conditioning system repaired, our team of licensed AC technicians will handle all of the hard work on your behalf. That way, you can stay safe and have peace of mind knowing you're in good hands.

Air Conditioning Install in Ladson, SC

Your HVAC system works hard all year long. If you have gone years without much maintenance or AC repair, you probably bought a great HVAC unit. However, with constant use and even normal wear and tear, even the highest-quality HVAC systems are prone to malfunctions. Eventually, it will need to be replaced.

If you need an energy-efficient, reliable cooling system for your home or business, you have come to the right place. We have decades of experience installing new AC systems for our clients and can handle any installation project you have. As a Carrier® Factory Authorized Dealer, we have the most top-rated AC systems available in South Carolina.

At Action Heating & Air Conditioning, we know that buying a new air conditioner and installing it can be a huge source of stress. But when you work with us, it doesn't have to be that way. We have made it our mission to make the AC installation process easy and efficient for our customers. That way, they can focus more on living life and enjoying their home while we work hard on their AC install in Ladson.

Whether you plan to replace a faulty air conditioning system or need a Carrier unit for your new construction home, we have got you covered. We will work with you directly to find the best fit for your home and budget. We are also happy to answer all of your AC installation questions prior to and during your initial service appointment.

 Heater Repair Services Ladson, SC

Common Signs That You Need a New AC Install in Ladson, SC

Trying to figure out whether your air conditioner needs to be repaired or replaced can be a tricky decision to make. Most people have a hard time letting things go, and that includes AC units. It can be hard to know when to let go of the old and welcome in the new. To help save you time and make your decision a little easier, keep the following signs in mind. If you find yourself saying, "that sounds like my AC unit," it might be time for a new air conditioning installation.

 HVAC Repair Ladson, SC

Strange Noises

Almost all air conditioners make a bit of low-level noise as they warm up and turn off. However, if you hear loud, unusual noises, it might be a sign that your air conditioner's time is coming to an end. Buzzing and rattling noises are often indicators of a loose part. Grinding and whistling noises may mean something more serious is happening. Because these issues won't dissipate over time, it's crucial to have your air conditioner examined if you hear loud, strange noises.

Frequent Repairs

Ladson AC repair is essential for keeping your air conditioner working efficiently. Sometimes, however, it makes more sense from a cost perspective to install a replacement system. This is especially true if your repairs are racking up. Some AC experts suggest using the "$5,000 rule" if you're considering a new AC install. Simply multiply the age of your air conditioner by the costs you have been paying to repair your unit. If that amount is over $5,000, it may make more financial sense to install a new air conditioner rather than pay for expensive repairs throughout the year.

Higher Energy Bills

If you notice that your energy bill has significantly increased in price, it could be a sign that your HVAC unit is struggling to cool your home effectively. Try to be mindful of your air conditioner's cooling cycles. If you notice frequent cycles, even in the summer, it could be the reason for your increased energy bill. In these cases, it's best to have an expert test your system to see if a repair or replacement option is best for your family.

Age of Air Conditioning Unit

This sign is a no-brainer and one of the easiest ways to tell if you need to install a new AC system. On average, your HVAC unit will have a lifespan of 12 to 15 years. If your unit is more than ten years old and doesn't have the "pizzaz" that it once had, it might be time to think about installing a new air conditioning unit.

R-22 Refrigerant

Old air conditioners usually require a type of refrigerant called R-22. This substance is very harmful to the environment and has been all but outlawed on newer HVAC systems. If your AC unit is old enough to require R-22, you should give serious thought to replacing your system with a newer, environmentally friendly solution.

Call Action Heating & Air Conditioning Today!

Over our 35+ year history, we have built our reputation on honesty, skilled workmanship, and reasonable pricing. If you are on the hunt for the highest quality air conditioning repair in Ladson, SC, give our office a call today.

Call us at 843-875-2993

Protecting Your Investment

Your air conditioning system works very hard every day, all year long to keep your home comfy and cool. Machines that work hard year-round are going to require maintenance and ongoing services to stay operational.

As a family-owned and operated HVAC company in Ladson, SC, we know better than anyone how expensive it can be to maintain an AC unit. We know that money doesn't grow on trees. We also understand that finding last-minute resources to fix an air conditioning system can be challenging. That is why we offer extended warranties for your new or existing AC equipment. With an extended warranty from Action Heating & Air Conditioning, you benefit from repairs, replacement, and additional services covered under warranty. That way, you can enjoy your HVAC products as long as possible.

 Heating And AC Services Ladson, SC
If you're having second thoughts about purchasing an extended warranty, consider these points:
  • Generally speaking, HVAC equipment lasts anywhere from 10 to 15 years. However, warranties provided by the factory will often expire before the service life of your cooling unit is over. With an extended warranty, your indoor comfort system is covered even if the factory warranty expires.
  • Having an extended warranty on your AC system gives you the chance to project and plan for any HVAC costs. This helps you balance your budget and anticipate expenses so you aren't caught off guard. Having a warranty will also help protect your budget against increases in labor and parts costs due to inflation.
  • If you're thinking of selling your home, having an extended warranty may help raise your home's value. You may also be able to transfer your extended warranty to your new home if you choose to do so.

Latest News in Ladson, SC

Fire destroys several units at Ladson storage facility

LADSON, S.C. (WCBD) – Several people are sifting through what is left of their belongings after a major fire broke out at a Ladson storage facility on Tuesday morning.The emergency call came in at 7:46 a.m. saying Ladson Self Storage was on fire. The fire destroyed a dozen units at the facility off Highway 78.Wesley Cliff, who owns Living Rock Landscapes, keeps tools, equipment, and some...

LADSON, S.C. (WCBD) – Several people are sifting through what is left of their belongings after a major fire broke out at a Ladson storage facility on Tuesday morning.

The emergency call came in at 7:46 a.m. saying Ladson Self Storage was on fire. The fire destroyed a dozen units at the facility off Highway 78.

Wesley Cliff, who owns Living Rock Landscapes, keeps tools, equipment, and some vehicles for his company at the storage facility.

“I was on my way to work this morning and I pull up to the front of the gate and there’s a guy out there – he’s bleeding from his head, and he just asked for help, and call 9-1-1,” said Cliff.

Cliff said he was just trying to figure out what was going on.

“I look in through the gate and I see up there, I mean there’s smoke everywhere. So, I drive to the back and there’s multiple units on fire,” he recalled.

The fire was ripping through the storage units.

“There was another guy running from the back- he’s coming up to the front saying call 911, and about that time these guys were already here, and they pulled in there and they started getting everything unloaded and started fighting the fire and cutting the doors open. It was a pretty big fire. Got pretty big for a minute,” said Cliff.

12 units were destroyed by fire or heavy smoke damage.

“Units went to work immediately pulling hand lines, starting to extinguish the fire,” explained Battalion Chief Charles Evans with C&B Fire Department.

Numerous fire departments responded. The cause of the fire is undetermined at this point.

And as for the man with blood on his head, officials told News 2 he had minor injuries that did not require EMS transportation.

“Sounds like he was in the unit, perhaps fell down a ladder or some stairs, and one of the units when he was trying to get away to report the fire,” said Batt. Chief Evans.

“Luckily for us, it wasn’t one of our units. But unfortunately, there were some other contractors back there. It was their units; it’s a total loss for those guys. It’s sad that that stuff happens, but they got here fast, they got it put out pretty quickly,” said Cliff.

Crews were on the scene for several hours as they worked to extinguish the flames.

Coastal Carolina Fair opens in Ladson

LADSON, S.C. (WCBD)- The annual Coastal Carolina Fair is underway at Exchange Park in Ladson.Most fairgoers have their eyes and stomachs on fair food for the first day.“They always have good food and it’s just a good time to spend with family. They have a little arts and crafts center where you can see the students’ local talents,” said Jasmine Kelly.“Sausage dogs and French fries. Walk around and look and see what’s going on,” said Woody Barsha.One of the new food items o...

LADSON, S.C. (WCBD)- The annual Coastal Carolina Fair is underway at Exchange Park in Ladson.

Most fairgoers have their eyes and stomachs on fair food for the first day.

“They always have good food and it’s just a good time to spend with family. They have a little arts and crafts center where you can see the students’ local talents,” said Jasmine Kelly.

“Sausage dogs and French fries. Walk around and look and see what’s going on,” said Woody Barsha.

One of the new food items on the menu is an Oreo cookie crusted turkey leg.

“No I don’t think so I’ll stick to French fries,” said Barsha.

“I can’t eat that much, but I will have an elephant ear,” said Kelly.

There are 10 new rides this year as well. One of them is a Ferris Wheel that’s 12 stories tall and comes from The Netherlands.

Fair organizers say that those new attraction and food items are great additions, but having a full-scale fair is also something to celebrate.

“We’re really excited about opening up because this is the first really big open fair we’ve had since COVID-19 has happened. We say ‘New in 22,’ and that’s what we’re doing because we have brand new rides, we have many new food vendors so we’re really excited about starting the year off right,” said Gary Leonard from the office of Media and Publicity Relations at the Coastal Carolina Fair.

Most families make the fair a tradition, but it’s even more special for Dan Caskey.

“Today’s my birthday. Every year I have a party and bring this to town to share with everybody else. It’s a great tradition. We love coming out here and having a fun time with the family,” said Caskey.

The fair runs for 12 days and hours of operation can be found here. A calendar of events can be found here.

Everything you need to know for this year's Coastal Carolina Fair

LADSON, S.C. (WCIV) — It's that time of year again! The annual Coastal Carolina Fair kicks off this week in Ladson with some brand new rides and foods.The fair opens this Thursday and Friday from 3 to 9 p.m.This year's fair will run from Thursday, Oct. 27 to Sunday, Nov. 6.RIDESThere will be around 65 rides in total this year, including some new ones.Thrill seekers will be excited to see the largest rol...

LADSON, S.C. (WCIV) — It's that time of year again! The annual Coastal Carolina Fair kicks off this week in Ladson with some brand new rides and foods.

The fair opens this Thursday and Friday from 3 to 9 p.m.

This year's fair will run from Thursday, Oct. 27 to Sunday, Nov. 6.

RIDES

There will be around 65 rides in total this year, including some new ones.

Thrill seekers will be excited to see the largest rollercoaster AND Ferris wheel they've had yet. The Ferris wheel is over 100-ft tall.

“We’ve got a brand-new carnival. It’s a big deal for us. We had a very long relationship with the last one, and this one had some opportunities to bring some new coasters, rollercoasters in. Some great rides, and we just couldn’t pass it up,” said Coastal Carolina Fair’s media relations spokesperson, Jay Wallace.

The Coastal Carolina Fair returns Thursday, Oct. 27, 2022. ABC News 4 reporter Sean Mahoney spoke to organizers about fair rides. (WCIV)

FOOD

A wide variety of tasty treats are on the menus: barbeque sandwiches, cinnamon rolls, bread pudding, funnel cakes, deep fried brownies- and the list goes on and gets more creative.

Some other options will include funnel cakes, elephant ears, and award-winning jalapeno corndogs.

Be sure to look out for the Oreo-encrusted turkey leg!

ENTERTAINMENT

In addition to rides and food, fairgoers will find lots of other entertainment.

The Coastal Carolina Fair returns Thursday, Oct. 27, 2022. ABC News 4 reporter Sean Mahoney spoke to organizers about the petting zoo. (WCIV)

TICKETS

Coastal Carolina Fair officials suspended online ticket sales until further notice after fraudulent activity was detected Wednesday.

Tickets can be purchased at Circle K stores or at the fair gates for the time being.

Credit and cash are accepted at the gate ticket booths, but only credit is accepted at the kiosks located at each entry gate.

Fair officials said do not buy tickets from people that approach you or posted online.

Check the fair's calendar for special discount days for seniors and more.

TICKET PRICES THROUGH OCTOBER 26TH:

TICKET PRICES BEGINNING OCTOBER 27TH:

The Coastal Carolina Fair returns Thursday, Oct. 27, 2022. ABC News 4 reporter Sean Mahoney spoke to organizers about fair safety, attendance expectations, and charities helped. (WCIV)

SAFETY

The use of metal detectors and a clear plastic bag policy will continue for this season, and that there will be plenty of security. Some of it will be around the clock during the fair’s two-week run.

“The No. 1 rule we have around here that tells us if we’ve had a good fair is if we’ve had a safe fair," said Coastal Carolina Fair’s media relations spokesperson Jay Wallace.

All rides are inspected by multiple agencies, Grimm said.

Culver’s ButterBurger and HomeGoods ready to open in Ladson, North Charleston

A new frozen custard and burger restaurant soon will welcome customers in Ladson, and a home decor store is opening in a new shopping center in North Charleston.Culver’s plans to open at 10 a.m. Aug. 29 at 3848 Ladson Road next to Gilligan’s Seafood Restaurant, according to Marilyn Knox, the franchise owner who opened the first Charleston-area Culver’s in 2019 on U.S. Highway 17A in Berkeley County.The location also includes a drive-thru and patio, where live ...

A new frozen custard and burger restaurant soon will welcome customers in Ladson, and a home decor store is opening in a new shopping center in North Charleston.

Culver’s plans to open at 10 a.m. Aug. 29 at 3848 Ladson Road next to Gilligan’s Seafood Restaurant, according to Marilyn Knox, the franchise owner who opened the first Charleston-area Culver’s in 2019 on U.S. Highway 17A in Berkeley County.

The location also includes a drive-thru and patio, where live music will be available on opening evening and possibly once a week, Knox said. A ribbon-cutting ceremony is set for 10 a.m. opening day.

Culver’s specializes in its signature ButterBurgers and frozen custard. It also offers other meat sandwiches along with sides and salads.

The planned Culver’s is a few miles north of competitor Freddy’s Frozen Custard and Steakburgers, which opened last fall at 4540 Ladson Road near Stars and Strikes bowling and arcade center on the edge of Summerville.

Come on in

Another new retailer is ready to open its doors in a North Charleston retail center.

HomeGoods plans to host a grand opening Aug. 18, starting at 8 a.m., in the new Cedar Grove Shopping Center at 8821 Dorchester Road.

The 22,000-square-foot home decor shop is the latest merchant to join the new retail center. Already open are Ross Dress for Less, discount shop Five Below and cosmetics purveyor Ulta.

A 16,000-square-foot PetSmart pet supply shop is expected to open in September, and other shops are on the way to a newly constructed outparcel building closer to Dorchester Road.

Shopping center plans call for three more retail structures on the south side where land is currently being cleared next to Riverbluff Parkway in front of Cedar Grove Apartments.

What’s cooking?

A new restaurant is ready to welcome customers at the site of a recently closed dining spot in Mount Pleasant.

Pasture & Grain will officially open at 11 a.m. Aug. 19 at 1701 Shoremeade Road in Indigo Square Shopping Center on U.S. Highway 17.

It’s in the same retail center where national sporting goods retailer REI is upfitting the former Publix GreenWise Market grocery store space for an opening in the fall.

The restaurant is taking over the space vacated in May by Blaze Pizza, which closed after three years.

Pasture & Grain owner and operator Ira Hill said the 2,800-square-foot venue will serve American fare priced from $8 to $18.

Meats, vegetables, grains, hot and cold sandwiches, salads and toast with spreads are on the menu. Sous chef is Brandon Brown. The new restaurant will be open until 9 p.m. daily.

On the way

A Florida-based grocery chain with several stores in the Charleston area has rolled out curbside prescription pickup in four states. Publix Pharmacy started offering the service Aug. 10 in Alabama, Florida, Georgia and Virginia. South Carolina and North Carolina locations will be added in the future as the company expands the program throughout its entire operations in the Southeast.

Tan lines

A new tanning salon has opened in Mount Pleasant.

City Tan can be found at 1167 Basketweave Drive in the Cirque Salon Studios off U.S. Highway 17 near Six Mile Road. The owner is Liz Bailey, who also owns Bikini Bronze Charleston at 10 Exchange St. on the peninsula.

Ready to Rumble

A group boxing workout studio plans to make its South Carolina debut with three new sites.

Rumble Boxing plans to open in Charleston and Hilton Head Island. Locations have not been announced.

Rumble President Shaun Grove said boxing workouts are geared to all fitness levels and abilities and the company plans to continue its expansion across the nation.

The boxing-inspired studio delivers 45-minute, 10-round strength and conditioning group workouts crafted around teardrop-style aqua boxing bags and high-intensity strength-training circuits. Rumble is designed to build strength and relieve stress.

The New York City-based company has 25 franchise locations open across the U.S. Others are in development.

New RV superstore headed to Ladson near Goose Creek

LADSON — A new recreational vehicle vendor is setting up shop in the Charleston area.RV One Superstores, owned by RV Retailers LLC of Fort Lauderdale, Fla., plans to build a new location on Treeland Drive in Ladson near the College Park Road exit at Interstate 26.An affiliate of the company bought the nearly 16-acre site next to American Biker in late August for $2.95 million, according to Berkeley County land records.Under plans filed with state environmental regulators, the retailer is applying for a stormwater p...

LADSON — A new recreational vehicle vendor is setting up shop in the Charleston area.

RV One Superstores, owned by RV Retailers LLC of Fort Lauderdale, Fla., plans to build a new location on Treeland Drive in Ladson near the College Park Road exit at Interstate 26.

An affiliate of the company bought the nearly 16-acre site next to American Biker in late August for $2.95 million, according to Berkeley County land records.

Under plans filed with state environmental regulators, the retailer is applying for a stormwater permit for 13.3 acres. The wooded site abuts a creek, but the applicant says no wetlands will be disturbed. Part of the property to the east where wetlands are located is not included in the development, according to the company’s site plan.

The company doesn’t have a target date for construction to begin, but the new recreational vehicle store is expected to open sometime in 2021, according to RV Retailers President CEO Jon Ferrando.

“Charleston is an excellent, growing market, and we look forward to creating new jobs in the area and selling and servicing RVs for customers living in and traveling through Charleston,” Ferrando said.

The size of the sales and service center has not been determined, but a store that recently broke ground in Tyler, Texas, is about 24,000 square feet. The number of employees can range between 25 and 60.

RV One offers 11 locations in the U.S., including another one in South Carolina in Myrtle Beach, which opened in July 2019. Others are in Florida, New York and Iowa.

RV Retailers LLC is the parent of seven other recreational vehicle companies.

They include Camper Clinic, CCRV, Cousins RV, Explorer USA, Motor Home Specialists, Sunny’s RV and Tom’s Camperland.

In South Carolina the company also owns Sunny’s RV in Duncan near Spartanburg.

Altogether, RV Retailers operates 34 dealerships offering more than 35 brands in eight states. In addition to the Palmetto State, they are located in Arizona, Colorado, Florida, Iowa, New York, North Carolina and Texas.

Profits are mixed, but South Carolina-based banks are holding their own on the deposit front based on the early returns.

The first few out of the gate in issuing their quarterly updates hauled in a combined $958 million from new and existing customers in the first quarter of the year, led by a nine-figure inflow at United Community Bank.

The issue of how much money federally insured lenders are entrusted with to redeploy into the economy came into sharp focus last week, when a problem child of the industry released its latest results. First Republic revealed that its customers withdrew a stunning $102 billion last quarter, driven largely by concerns about the San Francisco bank’s health after two other financial institutions bit the dust in mid-March.

The so-called contagion from the failures didn’t show up in the first-quarter figures for the Palmetto State.

Greenville-based United Community, for instance, reported that its customer deposits increased $525 million through March 31 across its multistate franchise, not including the accounts it picked up from a recent acquisition, while crosstown rival Southern First added $293 million.

Myrtle Beach’s South Atlantic pulled in more than $40 million in new money for the same period at its 12 offices up and down the coast, bringing the total to $1.26 billion.

“While deposits and liquidity in the banking system have been called into focus in recent weeks, our deposits grew 13.2 percent ... on an annualized basis,” CEO Wayne Wicker said Tuesday.

Lexington-based First Community Bank was singing a similar tune.

“A strength of our bank has been and continues to be the value of our deposit franchise,” CEO Michael Crapps said earlier this month, pointing to a nearly $35 million influx.

“Notably, while the banking industry experienced some turmoil in March ... we actually saw some nice deposit growth,” he added.

Other community banks around the state that reported gains included First Reliance of Florence, up $38 million, Myrtle Beach’s Coastal Carolina National, up $25 million, and Walhalla-based Community First, up $13 million.

“We continue to experience solid growth metrics as we successfully navigate the current volatility in the overall banking industry,” Coastal Carolina National CEO Laurence Bolchoz said.

Lenders across South Carolina and the rest of the country were awash in cash during the Covid-19 crisis, as consumers and businesses socked away government aid money into savings and checking accounts. As of last July 1, the 76 banks with offices in the state reported $128 billion in deposits, up 9 percent from a year earlier, according to the latest government figures.

It wasn’t long ago that those funds weren’t earning much. Banks for years were able to pay miserly interest rates to their depositors, typically less than 1 percent, reflecting the Federal Reserve’s long campaign to keep borrowing costs low.

The calculus has changed, driven by the sudden burst of inflation.

The Fed got the ball rolling more than a year ago. It has cranked up its benchmark borrowing rate nine times since March 2022, taking it from nearly zero to roughly 5 percent, in an effort to cool the economy down. Meanwhile, savers have had to dip into their accounts to help pay for higher-priced goods.

Most lenders are now offering higher returns to attract and retain yield-chasing depositors — and it’s starting to pinch the bottom line.

United Community, the largest bank headquartered in South Carolina, noted that its “net interest margin” — the difference between what it takes in from borrowers and pays out in interest — contracted 3.6 percent last quarter from the end of 2022 “due to increased deposit costs,” according to CEO Lynn Harton.

Similarly, Southern First reported a decline in that key metric, saying it was driven by an “increase in interest expense on our deposit accounts related to the Federal Reserve’s ... interest rate hikes during the past 12 months.”

It was much the same at South Atlantic and First Community.

In Charleston, the Bank of South Carolina said it missed its profitability target for the first quarter, even though its earnings rose almost 9 percent from a year earlier.

“This outcome is the result of precipitous increases in our deposit costs to meet the intense competition amongst banks, brokerages and the U.S. Treasury,” CEO Fleetwood Hassell said in a written statement. “Although loan interest income has increased, our margins remain thin.”

He added that the prospects for more increases by the Fed “is uncertain.”

The short-term answer will come Wednesday, when the central bank wraps up its next policy meeting. It’s widely expected to bump up rates another notch.

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