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.
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;
|Pacific Beach Branch
|1706 Garnet Avenue, San Diego, CA
|Santa Maria Branch
|2340 South Broadway, Santa Maria, CA
|Dallas Commercial Branch
|500 North Akard, Suite 4200, Dallas, TX
|1100 Louisiana St #4850, Houston, TX 77002
|133 Peachtree St NE #3450, Atlanta, GA
|1201 3rd Ave #950, Seattle, WA
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.
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;
|Checking Account Type
|Key Features and Benefits
|Interest Rates (APY)
|Simply Free Checking Account
|Basic checking with essential features for day-to-day banking.
|Simply Free Plus Checking Account
|Premium interest with no monthly fees.
|3.85% to 3.92% APY on balances up to $100,000; 1.00% to 1.30% APY for balances over $100,000 (activity requirements apply)
|Simply Free Student Checking Account
|Students (Aged 14-25)
|$50 bonus and $10 RoundUp credit, no monthly fees.
|Simply Free Platinum Checking Account
|Customers (Aged 50 and over)
|Interest-earning account with tiered interest rates.
|0.25% for $100 to $4,999.99 balances; 0.70% APY for $25,000 and over
|Simply Basic Checking Account
|No overdraft fees, includes a debit card, online BillPay, and more.
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
- Comes with a mobile app for easy access.
- Availability of physical branches.
- Offers a relatively low-interest rate.
- Requires a minimum deposit to open.
- A monthly maintenance fee is applicable.
- 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
- 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.
- The interest rate is significantly lower compared to other banks.
- 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
- 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;
|Banking Services Offered
|Deposit Accounts (Checking, CD, MM)
|Diverse range of accounts; Convenience of physical branches
|Consider convenience vs. interest rates; Online banks for higher rates
|Tailored loan solutions; Various types of loans
|Evaluate loan needs and terms; Compare with other lenders
|Wide range of credit card options
|Assess card features, rewards, and rates
|Investment options and advice
|Consider investment goals and risk tolerance
|Personalized financial plans
|Seek advice based on financial goals and circumstances
|Business Banking Solutions
|Comprehensive business banking services
|Assess business needs and banking requirements
Comparison Overview with Other Institutes
|Bank of America
|Branches & ATMs
|Strong presence in the West Coast with 398 branches, and commercial offices in cities like Dallas, Houston, Chicago, and New York
|Over 4,700 branches and 16,000 ATMs nationwide
|About 3,900 branches and around 15,000 ATMs nationwide
|Generally lower interest rates for savings and CD accounts compared to online banks
|Competitive interest rates, with promotional offers for new customers
|Offers interest rates that are typically in line with other large national banks
|Offers a range of financial products with lower minimum deposit requirements for CDs and savings accounts
|Known for excellent sign-up bonuses for checking accounts and extensive customer support
|Offers a polished online experience and a virtual financial assistant in the mobile app
|Online & Mobile Banking
|Provides online and mobile banking options
|Strong online and mobile banking platforms with extensive features
|Advanced mobile banking app with user-friendly features
|Mixed reviews, with some highlighting helpful customer service
|Known for reliable customer service and support
|Offers effective customer support and financial advisory services
Pros and Cons Analysis of Union Bank
- 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.
- 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.
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.
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.
Union Bank’s savings account rates are generally lower than those offered by online banks. The exact rates vary and should be confirmed directly with the bank.
Yes, certain accounts like the money market account and Priority Checking account can be opened online.
Yes, Union Bank’s deposit accounts are FDIC-insured up to the applicable limits.
The minimum deposit is $2,500 for short-term CDs (7 to 31 days) and $350 for longer durations, including promotional offers.
Union Bank does not charge for using Union Bank ATMs. Some accounts offer rebates for fees incurred at non-Union Bank ATMs.