Union Federal Bank - UFBDirect.com - Current Rate 4.0% APY - On High Yield Money Market Savings, No Min Balance!

This one has no fees and no minimums and is very close to 3.25%. ATM fees are rebated monthly. It has been going up about every week or every other week lately.

It will only be attractive if it is at least:

1. Household name brand
2. The Highest Yield
3. Check writing

Emigrant fits requirement 2. Capital one fits requirement 1.

Checking is not about having a linked account. I can link Emigrant with any other checking account too. The key is to be able to write a check, send it in the mail, wait for the party to deposit the check and collect interest during the entire period.

Cherry30303 said: Well, right now it's higher than capital one and as for the checkwriting ability, I was told that you can also open a their no miniumum, no fee checking account and transfer money from the savings to their free checking account and therefore have access to your money. A CSR told me that is what most people are doing. But your points are well taken. I haven't applied yet, but it did seem attractive. I am still thinking it over.

I am curious, but Emigrant Direct wasn't a household name either, but people still put their money into that account. I haven't done it yet though because the jury is still out on that one, too.

You can have "checkwriting" (aka as actually writing a paper check, not just linking!) ability with a ufbdirect.com money market account by doing the following.

1. Open a Ufbdirect.com money market account.
2. OPen a Ufbdirect.com FREE checking account with comes with a free set of actual paper checks.
3. link the two accounts so that you can transfer money out of the money market account into the FREE checking account therefore having INSTANT available of your money market cash, THEN you can write a check to yourself or others.
4. It's an extra step, yes, but just another alternative.

I don't think you have read my post at all. The FREE checking also interest FREE. Now read my post again.

Cherry30303 said: You can have "checkwriting" (aka as actually writing a paper check, not just linking!) ability with a ufbdirect.com money market account by doing the following.

1. Open a Ufbdirect.com money market account.
2. OPen a Ufbdirect.com FREE checking account with comes with a free set of actual paper checks.
3. link the two accounts so that you can transfer money out of the money market account into the FREE checking account therefore having INSTANT available of your money market cash, THEN you can write a check to yourself or others.
4. It's an extra step, yes, but just another alternative.

IF this is a true Money Market account, you should be able to write 3 checks a month against it. CSR might not know about it though.

Ahh, you can write checks :
Exceeding limit of 3 checks per statement cycle (Money Market Only)
($10 fee is assessed on each check over the limit of 3 per statement cycle)

Now at 3.30% APY!

scanchain said: So does anyone have this UFB high yield savings account? The main advantage is the reimbursed ATM card and the disadvantage is that this account does not offer ACH push/pull (any ACH transfers must be initiated from an external account).
According to their Bank Fees page,

ACH Items
Incoming Free
Outgoing Free

Of course, it may be just theoretical...
In any case, you can do in through E*Trade, Netbank and the like.

Checks also seem to be available - 3 checks per statement cycle (Money Market Only)

Really, I don't need ATM reimbursement but let it be

Adding 3.30%, it seems like the best current no minimum offer

So, I applied online and will see later if it's real good. They warned they would do a credit check but then they asked random no-sense questions and notified the application would be reviewed in 1-2 b/days.

ccrzhh said: ACH Items
Incoming Free
Outgoing Free

Of course, it may be just theoretical...
In any case, you can do in through E*Trade, Netbank and the like.

Checks also seem to be available - 3 checks per statement cycle (Money Market Only)

Really, I don't need ATM reimbursement but let it be

Adding 3.30%, it seems like the best current no minimum offer

So, I applied online and will see later if it's real good. They warned they would do a credit check but then they asked random no-sense questions and notified the application would be reviewed in 1-2 b/days.

I applied last night too. I must say I was a little disappointed that I did not even get an automated email to acknowledge my application.

How come that we still don't have neither link nor description in the thread?

http://www.ufbdirect.com/ufbdirect/savings.asp
- Earn high interest rate on balances (3.30% as of now)
- No minimum balance
- No monthly maintenance fee
- FDIC insured up to $100,000 per customer
- Online statement viewing with all transactions posted in real time
- All accounts come with an ATM card
- Unlimited access to your account and reimbursement of ATM Fees per ATM Reimbursement Policy
- Transfers to your other accounts such as checking can be made with the click of a button (What about "from"?)

Free ATM Use
...Not only do we never charge you to withdraw cash, the Bank will reimburse you for fees other banks might charge you for using their ATM network. Reimbursements are per statement period... High Yield MM Savings - $4.50
...
We are a part of the MAC, CIRRUS, HONOR and STAR networks, and you can withdraw money at any of these ATMs.
Many grocery stores, hotels and other merchants that allow you to make debit purchases with your ATM/Debit card will give you CashBack at no charge.

Disclosure
- No minimum deposit required to open account.
- No monthly minimum balance fees.
- No minimum balance is required to earn interest.
- Customers with negative balances for over 5 calendar days will, however, be charged a daily fee until sufficient funds are deposited to bring the balance positive.$1.50 per calendar day, after 5 days
- Interest is compounded daily and credited monthly based on the ending daily collected principal balance. Funds are deemed collected based on our Funds Availability Policy. Interest rates and annual percentage yields may change at any time solely at the Bank’s discretion. You will be provided a monthly statement. A total of six (6) pre-authorized transfers are permitted per cycle period. A penalty may be imposed if your account exceeds the pre-authorized transfer limit.
- The Bank addressed, pre-stamped envelopes are supplied for mail-in deposits. Wire transfers are also accepted as well as direct deposits from you employer or funds originator.
- The interest rate and method of calculation, compounding and payment of interest on your account are determined by the Bank and may vary during the life of the account. Interest rates are tiered and based on competitive rates. For specific details please see the Bank’s web site.

From Fees
Wire Transfers - Incoming - Free
Outgoing Domestic - $10

Stop Payments - Free
Cashier's Check - Free

Early Closing Fee (within 120 days) - $30

Exceeding limit of 3 checks per statement cycle - $10 ($10 fee is assessed on each check over the limit of 3 per statement cycle)

Who we are
UFB Direct is a service that has been hundreds of years in the making... Union Federal Bank, the bank that actually houses your account, was founded in 1887, over 100 years ago. It was acquired by The Waterfield Group in 1986. The Waterfield Group, which is one of the largest private financial organizations in America...

Union Federal Bank proudly provides deposit products and services to the Affinity Financial Corporation Distribution Network, which includes the UFB Direct customer base and over 30 million additional affinity group members, qualified employees, customers and policyholders. Union is a member of The Waterfield Group; one of the largest privately owned financial service organizations in the country.

Waterfield has earned its reputation in the secondary mortgage market as the largest private mortgage servicing operation in the nation... $17 billion in loans for scores of institutional investors.

...one of the largest savings institutions in Indiana... Union Federal Bank.

...in February 2000, we officially became Union Federal Bank of Indianapolis.

B&M bank website
Money Market Savings
$2,500-$9,999 - 0.60%
$10,000-$49,999 - 1.00%
Over $50,000 - 1.25%
$8.50 monthly service charge if the balance falls below $2500 during the month
Locations

Bankrate - Research your bank
bankrate.com Star Rating ** of ***** (Below industry average)
Safe & Sound CAELSM Rating 4 (Below industry average)

...a below average condition, characterized by normal overall, sustainable profitability, satisfactory asset quality, below standard capitalization, and lower than normal liquidity

...approximately average return on equity. A higher than peer differential between asset yield and funding expense; solid levels of noninterest income; and higher than average overhead ratios

...satisfactory asset quality. That conclusion incorporates our analysis of data depicting regional real estate loan quality, as well as our computations of a substantially higher than standard December 31, 2004 nonperforming asset ratio; very sizable holdings of one-to-four family mortgage loans; and apparently acceptable quality, or no greater than average combined investments in commercial real estate and construction loans, two categories that have, in the past, produced credit quality deterioration within the thrift industry. Consumer loans, which may carry more than usual default potential, should not have a substantial negative impact upon results for ensuing reporting periods. Excessive loan yield can also be an indicator of existing or future credit problems, and our loan review suggests that the institution has assumed a seemingly prudent position between credit risk and financial reward

Does anyone have an account already and can attest to the fact that UFBdirect does not let you ACH your money out? Do you really have to do a wire transfer?

Because it seems weird that it would say

"Transfers to your other accounts such as checking can be made with the click of a button"

and this other thing on the fees page:

ACH Items

Incoming
Free

Outgoing
Free

http://www.ufbdirect.com/ufbdirect/fees.asp

Does any one know if opening and closing online accounts with UFBDirect, INGDirect or EmigrandDirect count negative on your credit report?

CSR wrote:

The high yield money market savings account does not have check writing
privileges.

We do not provide the service of ach initiation. We do however allow
the transactions on the accounts without a service charge on our end.

So, better open a checking account at the same time

So what exactly is the difference in UFBDirect.com and a regular checking account?

I understand that you can only write a maximum of 3 checks a month, but I only write one a month for my rent anyways.

Can I have as many atm withdrawals a month as I want? All the fees I incrue are paid back to me correct?

What about if I want to pay my credit card bill online, can I use this?

Anyone linked this with ING Direct? Is there a max on the accounts you can link this too?

How long does it take to transfer money to your usual checking account and from you checking account to UFGDirect?

From what I understand, this is a cross between a Checking and Savings account with the benefits of both.

driggers said: What kind of debit card is this? I know it says you can use it at MAC, CIRRUS, HONOR and STAR networks atm's, but what big banks use those? BoA, Wachovia, BB&T?
Cirrus is a MasterCard Network
Star Systems (STAR®), a First Data company, is a top coast-to-coast electronic payments network. The STAR Network serves over 6,200 financial institutions across the U.S. and provides cardholders with account access at 241,000 participating ATMs and 1,001,000 retail locations.
You should be fine

ccrzhh said: driggers said: What kind of debit card is this? I know it says you can use it at MAC, CIRRUS, HONOR and STAR networks atm's, but what big banks use those? BoA, Wachovia, BB&T?
Cirrus is a MasterCard Network
Star Systems (STAR®), a First Data company, is a top coast-to-coast electronic payments network. The STAR Network serves over 6,200 financial institutions across the U.S. and provides cardholders with account access at 241,000 participating ATMs and 1,001,000 retail locations.
You should be fine

So I went to that website and put in my Zip code. Any of those locations should be free? I see a Bank of America on there.
Is there a limit to the amount of times you can use the debit card? how many times you can goto the ATM?
The 3 checks is for the money market account, or is it 3 checks in the checking account?
Can you link it to your local banking account?

I received an email from UFB this morning that my application on 4/6 was approved. I can now logon with previously selected user ID and password.

The next step is for me to fund the account. I guess I can already link up this account with CapitalOne or another account with ACH capability (since the account number is provided when you logon) but I will wait for the welcome package to arrive and then send in a paper check in the pre-paid envelopes.

ccrzhh said: I've been approved too.

Interesting option -

...fund your account...
* Send via UPS through our partnership with Mail Boxes, Etc. Visit
any of the more than 3,000 Mail Boxes, Etc. locations throughout the
country with your non-cash deposit and the MBE deposit form located at
http://www.ufbdirect.com/nibssi_unionfed/forms/_mbe_workorder.pdf MBE
will ship your deposit to us at no cost to you via UPS and give you a
tracking number so you can track your deposit at www.ups.com

Please use routing number 083914265 for Direct Deposit

Wire transfer money from another bank account into your new
account(s)at The UFB Banking Center. Reference the routing number 274070484
and your new account number and your money will be moved electronically.

So, which one is for ACH?
I suspect it is the second one (because it is on one of their wire-transfer form). I could have called them but I fired them an email instead to see how fast they would respond. This will determine how much of my savings gets transferred there.

so how does one fund your UFBDirect account through your local bank without hassle of mailing in everything? or is it possible?