details here:
https://www.oneunited.com/2008/CICO/default.asp
+ Must be a new direct deposit of a payroll, social security check, or other recurring deposit that occurs at least monthly to a consumer account. $50 will be deposited into your account in good standing automatically within 15 days after a new recurring direct deposit occurs over three consecutive months OR 20 OneUnited Bank Visa Debit card transactions per month occurs over three consecutive months. Offer expires June 30, 2008.
To expedite getting access to your account, register for online banking immediately after registering for your account
OneUnited Bank Routing Number: 011001276
Open an account with $1000 minimum to earn 3.60% APY!
Truth in Lending Disclosure
Question:
Do you review credit information when opening accounts?
Answer: No. Our account opening system only uses credit information to verify your identity. This information is not reviewed or retained by OneUnited Bank.
Question: Are there any fees?
Answer: There are no monthly maintenance fees. However, there are fees if you deposit a check with insufficient funds and other fees for services. Please review our Online Truth In Savings Disclosures and Funds Transfer Agreement.
I added some of there FAQ to the quick summary:
$1000 minimum opening deposit and it appears balances below $1000 do not earn 5.30% APY
No hard pull
No Maint. fees.
Press Release
OneUnited Bank Cited by Money Magazine for Its High Rate Internet Savings Account
Wednesday January 23, 4:04 pm ET
LOS ANGELES--(BUSINESS WIRE)--OneUnited Bank was cited by Money Magazine for its high rate internet savings account in its January 2008 issue “The Best Money Websites”. The magazine article entitled “The Party isn’t Over for Savers” cites OneUnited Bank for offering 5.30% APY(1).
“OneUnited Bank is committed to offering great rates that are comparable to other online financial service providers to encourage our customers and community to save,” stated Kevin Cohee, Chairman & CEO of OneUnited Bank. “We have been promoting increased savings since 2006 when we became the first Black-owned internet bank in the country. During these difficult financial times, OneUnited Bank hopes our community will become believers in the importance of saving money to support their dreams and aspirations and protect them during difficult times.”
In its January 2008 issue, Money Magazine stated that despite two recent Fed rate cuts, you can still obtain high yields on your cash. OneUnited Bank was cited along with four other financial institutions for high rate money market and savings accounts. OneUnited Bank has offered its current rate since May 15, 2007.
OneUnited Bank (www.oneunited.com) is the first inter-state and fastest growing Black-owned bank in the U.S. with $640 million in assets and branches in Massachusetts, Florida and California. The Bank’s mission is to be the premier bank serving urban communities by offering affordable financial services, while maintaining superior financial performance. The FDIC insured Bank has grown through a combination of organic growth and by acquiring community banks in Massachusetts, Florida and California that share its mission. OneUnited Bank is a certified Community Development Financial Institution by the Department of Treasury and an Equal Housing Lender.
(1) The interest rate (5.20%) and annual percentage yield (APY) (5.30%) are effective today and have been effective as of May 15, 2007. $1,000.00 minimum balance to open and earn disclosed APY. All rates are subject to change daily. Interest on savings is compounded and credited quarterly. Fees may reduce earnings on the account. For more information, including how interest is calculated and fees, please review our Online Truth in Savings Disclosures or speak with our Financial Service Representatives. Please call 1-877-One-United or 877-663-8648 for current rate or further detailed information.
I wonder how long it will take to cut their rate after they are flooded with deposits.
FYI, searched other FW finance threads and OneUnited has rep for terrible customer service.
A couple of other things to keep in mind:
Interest is credited quaterly. If your avg daily balance is <$1000 during a quarter, you will earn no interest. Truth in Lending Statement
Accrued interest will not be paid if you close an account before the accrued interest has been credited (end of quarter).
Balance Computation Method - The Bank uses an average daily balance method to compute interest on
all accounts. When we use the average daily balance method, we apply a periodic rate to the average daily
balance of the account for the statement period.
Average Daily Balance: The “average daily balance” is determined by adding the daily balance of funds
for all of the days during the statement period and dividing the sum by the numbers of days in the period.
They also have an ACH Withdrawal Fee $1.00 (not sure if this pertains to ACH push initiated via their bank) ** This appears to apply to debits/withdrawals in excess of 3 in a month**
Has anyone double checked all there FDIC credentials. I figure I'll give them a go.
VerbalK said:Has anyone double checked all there FDIC credentials. I figure I'll give them a go.From the FDIC site:
OneUnited Bank (FDIC Cert: 23966)
is a Federal Reserve Non-member and has been FDIC insured since August 2, 1982.
It was established on August 2, 1982.
Its main office (headquarters) is located at:
100 Franklin Street
Boston, Massachusetts 02110
County of Suffolk
OneUnited Bank's reported (or primary) website. http://www.oneunited.com:80/
The primary regulator is Federal Deposit Insurance Corporation (FDIC).
For consumer assistance regarding an issue with this institution, please contact the FDIC directly.
Now, what counts as s DD? Doing a total of 60 debit card transactions doesn't sound particularly appealing 
eh, I'm a federal worker. It takes me about 2 minutes to set up new allottments on the dfas system, so the d.d. requirements are never a problem for me.
jazzhands said:details here:
https://www.oneunited.com/2008/CICO/default.asp
+ Must be a new direct deposit of a payroll, social security check, or other recurring deposit that occurs at least monthly to a consumer account. $50 will be deposited into your account in good standing automatically within 15 days after a new recurring direct deposit occurs over three consecutive months OR 20 OneUnited Bank Visa Debit card transactions per month occurs over three consecutive months. Offer expires June 30, 2008.
Am I correct: this is not a OneUnited Bank, 5.30% savings, $50 account opening bonus but a bonus for anyone with an account whe sets up DD
5.30 is a darn good deal for an FDIC insured savings account even with interest compounding quarterly. Essentially it's acting as a 3-mo CD, but more liquid.
The only thing I see that bothers me in the disclosure is the $2.50 monthly non-activity fee.
lesarrow said:5.30 is a darn good deal for an FDIC insured savings account even with interest compounding quarterly. Essentially it's acting as a 3-mo CD, but more liquid.
The only thing I see that bothers me in the disclosure is the $2.50 monthly non-activity fee.
what counts as activity?
zjts said:lesarrow said:5.30 is a darn good deal for an FDIC insured savings account even with interest compounding quarterly. Essentially it's acting as a 3-mo CD, but more liquid.
The only thing I see that bothers me in the disclosure is the $2.50 monthly non-activity fee.
what counts as activity?
Good question. I didn't see it spelled out, but I also didn't look very hard.
Another question I had was regarding changes to rates. If they change the rate in the middle of a quarter, is that retroactive to the beginning of the quarter? I would guess no, but would like to see it in writing.
lesarrow said:zjts said:lesarrow said:5.30 is a darn good deal for an FDIC insured savings account even with interest compounding quarterly. Essentially it's acting as a 3-mo CD, but more liquid.
The only thing I see that bothers me in the disclosure is the $2.50 monthly non-activity fee.
what counts as activity?
Good question. I didn't see it spelled out, but I also didn't look very hard.
Another question I had was regarding changes to rates. If they change the rate in the middle of a quarter, is that retroactive to the beginning of the quarter? I would guess no, but would like to see it in writing.
They can't make a rate change retroactive. It looks like they compute the average statement balance for a statement period (I'd guess a month), and apply the periodic rate to that. So if the rate changed mid-statement period, I'd think they'd figure out the number of days for each rate and calculate the interest accordingly.
If you want to move the funds elsewhere, since the interest is compounded and credited quarterly, it seems important to keep the maximum in the account during a statement period, then withdraw most of the funds, but don't close the account until the quarter has ended and interest has been posted. From their Online Truth In Savings Disclosures:
Balance Computation Method - The Bank uses an average daily balance method to compute interest on
all accounts. When we use the average daily balance method, we apply a periodic rate to the average daily
balance of the account for the statement period.
Average Daily Balance: The “average daily balance” is determined by adding the daily balance of funds
for all of the days during the statement period and dividing the sum by the numbers of days in the period.
For purposes of computing interest, including for purposes of determining the average daily balance on
which interest is paid, any daily balance of zero or less will be treated as a zero balance.
Well I started app and funded with $1k minimum on Friday. Money was withdrawn yesterday, and I verified the trial deposits in FNBO today. Still no word as to having been accepted. I've got a bunch in Fido MMA that I will transfer once accepted, and pull it back out (save $1k) if they drop the rate. The $50 bonus might at least cover the interest lost in transfers.
What does this mean: "Our account opening system only uses credit information to verify your identity. This information is not reviewed or retained by OneUnited Bank."
Does that mean soft pull?
I didn't get a hard pull. It sounds very confusing, though.
beerman2 said:What does this mean: "Our account opening system only uses credit information to verify your identity. This information is not reviewed or retained by OneUnited Bank."
Does that mean soft pull?
Identity verification only isn't a hard pull. Not sure about if it's a soft pull. My guess is that it depends on with what they're using to verify your identity, e.g. ChexSystems, Equifax, Experian, TransUnion, or...
DreamKrusher said:A couple of other things to keep in mind:
Interest is credited quaterly. If your avg daily balance is <$1000 during a quarter, you will earn no interest. Truth in Lending Statement
Accrued interest will not be paid if you close an account before the accrued interest has been credited (end of quarter).
Balance Computation Method - The Bank uses an average daily balance method to compute interest on
all accounts. When we use the average daily balance method, we apply a periodic rate to the average daily
balance of the account for the statement period.
Average Daily Balance: The “average daily balance” is determined by adding the daily balance of funds
for all of the days during the statement period and dividing the sum by the numbers of days in the period.
They also have an ACH Withdrawal Fee $1.00 (not sure if this pertains to ACH push initiated via their bank)
Are you sure about the statement I bolded? Average daily balance is calculated by statement period, not quarter. The statement period is a month. Even though the interest is compounded and credited quarterly, it's using the average daily balance method for the statement period.
For example, after the end of a statement period, you could move the money elsewhere, leaving the minimum in the account (perhaps even 0), and at the end of the quarter, you'd get the pro-rated interest using the daily periodic rate through the statement period that your money was in the account. At least, it seems to me this would be the case. I'd verify with the bank about how this works.
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