Union Bank Reviews

In the world of financial institutes, the Union Bank is standing out as a major regional bank that is predominantly serving the West Coast.

All the branches of the bank are known to offer a variety of financial products. To provide you with a thorough analysis of these financial institutes, here is a detailed perspective stated below.

The analysis will cover details about; savings accounts, checking accounts, CDs, money market accounts, and mortgages. The bank is overall appealing to stand with a mix of both pros and cons across different products.

Bank Overview

Union Bank has another name and officially it is known as MUFG Union Bank. The bank has an extraordinary investment platform along with a rich history dating back to its establishment.

It was established in 1864, but at that time, it was called The Bank of California.

The bank has gained various other names. It was;

• Union Bank of California in 1996
• UnionBank in 2008

It was a prominent American national bank that has its origin in California, Washington, and Oregon. Apart from these areas, the setup is boasted with other 398 branches.

At the initial stage of establishment, the bank was owned by MUFG Americas Holdings Corporation. This ownership lasted until December 2022, after which it was acquired by U.S. Bancorp.

Union Bank Locations

The primary and most significant locations of the Union Bank are;

From 10:00 AM to 4:00 PM, the consumers can get the services from branches. This timing falls from Monday to Friday with weekends off. However, some branches may have different hours or temporary closures, so to find even more details about it, you can check the official website for the most updated information.

Checking Accounts

Union Bank is known to provide a variety of checking accounts. These accounts are designed after careful consideration by the experts for the authentic & different customer needs. Each account type has specific features, which have been explained below;

Saving Accounts

As far as the concept of the savings account is concerned, Union Bank delivers a couple of different savings account options. The details of the accounts are;

Union Bank Regular Savings Account

Pros:

• Comes with a mobile app for easy access.
• Availability of physical branches.

Cons:

• Offers a relatively low-interest rate.
• Requires a minimum deposit to open.
• A monthly maintenance fee is applicable.

Features:

• A $50 minimum opening deposit, which is lower than many other banks.
• Interest is compounded daily and paid quarterly.
• No minimum balance requirement after opening.
• A $4 monthly service fee is charged, but it can be waived by maintaining a $300 minimum daily balance or making a minimum monthly deposit of $25.
• Excess withdrawal fee of $15 for each transaction exceeding six per month.

Union Bank Bank Freely Savings Account

Pros:

• Rebates for up to two non-Union Bank ATM fees per statement period.
• Very low minimum deposit requirement (as little as $0.01).
• Provision of free paper statements.
• Access to branch banking.

Cons:

• The interest rate is significantly lower compared to other banks.

Features:

• No minimum balance requirement to avoid a monthly service charge.
• No monthly maintenance fees.
• Other fees include $10 for deposit overdraft protection and varying fees for domestic and international wire transfers.
• The account includes an ATM card, although it’s not designed for bill payments or purchases.
• Overdraft protection is available with a fee of $10 per transfer.

Union Bank CD Rates and Money Market Accounts

CD Rates

• Interest Rates: CDs generally offer higher interest rates than savings, checking, or money market accounts.
• Terms: Union Bank provides CDs with terms ranging from 7 days to 60 months, allowing flexibility in choosing the duration that fits your needs.
• Early Withdrawal Penalties: The penalties vary based on the terms of the CD. They can be substantial, especially for longer-term CDs.
• Minimum Deposit Requirements:
  • Short-term CDs (less than 32 days) require a $2,500 deposit.
  • For terms of 32 days or more, the minimum deposit is $350.
• Promotional CD Rates: As of early 2023, Union Bank offered promotional CDs with attractive rates for 15, 18, and 24-month terms.
• IRA CDs: Union Bank also offers CDs within both traditional and Roth IRAs.

In addition to all this, the Union Bank also holds the Money Market IRA Savings Accounts. These accounts provide compatible interest rates that mainly vary as per the balance on your account. These accounts are FDIC-insured enough to provide an extra level of security.

Additional Products and Services

A detailed perspective describing the extent of the horizon is described below;

Comparison Overview with Other Institutes

Pros and Cons Analysis of Union Bank

Pros:

• Physical Branch Access – With numerous branches across the West Coast and major cities, customers have access to in-person banking services.
• ATM Fee Rebates – Some savings accounts offer rebates for non-Union Bank ATM fees.
• Low Minimum Deposit Requirements – Certain accounts, like the Bank Freely Savings Account, have very low minimum opening deposit requirements.
• Mobile and Online Banking – Union Bank provides convenient online and mobile banking options.

Cons:

• Compared to online banks, Union Bank’s interest rates on savings and CD accounts are relatively low.
• For those seeking high-yield savings, Union Bank may not offer the most competitive rates.

Customer Reviews

Union Bank generally receives mixed reviews from customers. Positive feedback often highlights the convenience of physical branches and helpful customer service. However, there are also concerns about the low-interest rates offered and fees associated with some accounts.

Final Personal Review

The bank’s reach to client’s service comes into sight to be immersed around ease of access, with multiple branches, and puts a cornerstone on physically personal interactions. Online and E-banking facilities magnify reliability for technology-literate clients.

However, the bank’s interest rates and fee structures may not align with the best interests of all customers, especially those seeking high returns on savings.

Conclusion

Union Bank is for sure a jewel in the crown for customers who value physical branch way in and multiple account options. Despite that, for those who put high interest rates and lower fees at the top, E-banking options might be more captivating. Without exception, prospective clients need to contemplate their various financial needs and inclinations before choosing a bank.

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