+ 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. Edit by Moderator: Clarified Title
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.
jayK
Senior Member - JayK
posted: Jan. 25, 2008 @ 11:20a
I wonder how long it will take to cut their rate after they are flooded with deposits.
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.
kjgco
Senior Member - 1K
posted: Jan. 25, 2008 @ 1:02p
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
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.
+ 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
lesarrow
New Member
posted: Jan. 27, 2008 @ 4:24a
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.
zjts
Senior Member
posted: Jan. 27, 2008 @ 11:06a
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?
lesarrow
New Member
posted: Jan. 27, 2008 @ 6:24p
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.
glxpass
Senior Member - 5K
posted: Jan. 27, 2008 @ 11:23p
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.
beerman2
Member
posted: Jan. 30, 2008 @ 1:22p
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."
I didn't get a hard pull. It sounds very confusing, though.
glxpass
Senior Member - 5K
posted: Jan. 30, 2008 @ 10:14p
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...
glxpass
Senior Member - 5K
posted: Jan. 30, 2008 @ 10:30p
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.
zjts
Senior Member
posted: Feb. 1, 2008 @ 11:17a
Is there a maximum on which the 5.30%APY can be earned?
Does anyone know whether the $1 fee applies to ACHs that initiate from external institutions ?
Fees on Inactive Accounts All accounts are subject to the Bank’s standard service fees whether or not the account is active. In addition, if there has been no activity (such as deposit or withdrawal) on a account for a period of 2 years (other than posting of interest), the account will be considered to be “inactive” and will be subject to a monthly inactivity fee.
glxpass
Senior Member - 5K
posted: Feb. 4, 2008 @ 9:07p
APY down from 5.30% to 5.15% effective today, 2/4.
OP, you might want to change the thread title and fix your link. Click on https instead of http. Thanks.
DreamKrusher said: They also have an ACH Withdrawal Fee $1.00 (not sure if this pertains to ACH push initiated via their bank)Where did you see this? The closest to this I can find is a $1.00 fee for each 'debit' in excess of 3 per month.
KeNDoGG
Charter Member
posted: Feb. 4, 2008 @ 11:05p
decent rate compared to whats being currently offered by other banks. Opened and funded the account. Thanks OP!
Glitch99 said: DreamKrusher said: They also have an ACH Withdrawal Fee $1.00 (not sure if this pertains to ACH push initiated via their bank)Where did you see this? The closest to this I can find is a $1.00 fee for each 'debit' in excess of 3 per month.
It seems like the only way to get funds out without loosing interest is to do an ACH pull from another institution. Does OneUnited allow this?
brushwood
Greedy Member
posted: Feb. 5, 2008 @ 9:35a
DreamKrusher said: Glitch99 said: DreamKrusher said: They also have an ACH Withdrawal Fee $1.00 (not sure if this pertains to ACH push initiated via their bank)Where did you see this? The closest to this I can find is a $1.00 fee for each 'debit' in excess of 3 per month.
Look in the fee schedule table on pg 2 or Search for "debit"
Are you looking at this on page 2?
For all Savings Accounts: $1.00 for eachh withdrawal (including preauthorized debits) in excess of 3 per month
That's pretty clear that it is $1.00 for each withdrawal over 3 per month. I see nothing else in their Truth in Lending that indicates a $1.00 charge per ACH.
Somebody at Bankdeals noticed that the Better Business Bureau gave them a rating of F. F means "We strongly question the company’s reliability for reasons such as that they have failed to respond to complaints, their advertising is grossly misleading, they are not in compliance with the law’s licensing or registration requirements, their complaints contain especially serious allegations, or the company’s industry is known for its fraudulent business practices."
daGerm
New Member
posted: Feb. 10, 2008 @ 1:37p
Hope you do better than I did. I opened a One United account and had $1000 taken out of my regular bank account on 1/31. As of 2/11, I had not been able to logon to access my account. One United never gave me the opportunity to choose a logon ID or password. I tried calling them several times, but no one in "Customer Service" answers the phone. I can reach the Loan Department, but they won't do anything to help me. I've e-mailed them several times but still no answer. I'm at the point where I've made a complaint to the FDIC and have sent them a certified letter demanding my money back. Next step is to visit my Congressman's Office and find out what to do about their apparent Internet Banking Fraud.
daGerm
New Member
posted: Feb. 10, 2008 @ 6:39p
Be careful I opened a One United account and haven't been able to access my money. One United accepted my $1000 deposit but hasn't given me an opportunity to create a logon ID or password. I've tried calling their "customer service" department, but no one ever answers the phone. I called 5x and was on hold for a half-an-hour each time. They don't return messages and won't answer e-mails. I sent a certified letter demanding my money back and have filed a complaint with the FDIC.
daGerm said: Be careful I opened a One United account and haven't been able to access my money. One United accepted my $1000 deposit but hasn't given me an opportunity to create a logon ID or password. I've tried calling their "customer service" department, but no one ever answers the phone. I called 5x and was on hold for a half-an-hour each time. They don't return messages and won't answer e-mails. I sent a certified letter demanding my money back and have filed a complaint with the FDIC.Did you enroll/register for online banking? That form has a place for your initial userID and password, then takes a couple days to process before the ID is activated.
Wow, I read this thread a couple days ago and was about to open the account today, but decided to check to see if there were any new posts. Glad I did. Has anyone had any good experiences with them? daGerm said: Hope you do better than I did. I opened a One United account and had $1000 taken out of my regular bank account on 1/31. As of 2/11, I had not been able to logon to access my account. One United never gave me the opportunity to choose a logon ID or password. I tried calling them several times, but no one in "Customer Service" answers the phone. I can reach the Loan Department, but they won't do anything to help me. I've e-mailed them several times but still no answer. I'm at the point where I've made a complaint to the FDIC and have sent them a certified letter demanding my money back. Next step is to visit my Congressman's Office and find out what to do about their apparent Internet Banking Fraud.
deepblue2
Member
posted: Feb. 10, 2008 @ 11:01p
I opened One United Account a few hours ago; I funded with $1000 and registered for online banking.
Right away, they sent email conforming the opening of my new account and they said the account will be accessible online in 2-5 business days. So I'll be watchin' them and report back.
zjts
Senior Member
posted: Feb. 11, 2008 @ 10:07a
You will not earn any interest unless the avg daily balance over the statement cycle is $1000. Do not know if the statement cycle is monthly or quarterly for this calculation. If anyone finds out, please post
illmitch
Senior Member
posted: Feb. 13, 2008 @ 8:33a
I set up mine this morning and received this e-mail:
"Due to a temporary system outage, we are not able to verify your identity at this time. Identity verification is important because it helps us protect you and your financial information. You should continue with the rest of your application now, but please return at a later time to verify your identity.
If you wish to discuss this further with a Customer Service Representative, please send an email to customersupport@oneunited.com or call 877-663-8648. Please reference your applicant ID # when you contact us.
Thank you for choosing OneUnited Bank for your financial needs."
Anyone else seen this? Too many FW'ers signing ups for accounts?
daGerm said: Hope you do better than I did. I opened a One United account and had $1000 taken out of my regular bank account on 1/31. As of 2/11, I had not been able to logon to access my account. One United never gave me the opportunity to choose a logon ID or password. I tried calling them several times, but no one in "Customer Service" answers the phone. I can reach the Loan Department, but they won't do anything to help me. I've e-mailed them several times but still no answer. I'm at the point where I've made a complaint to the FDIC and have sent them a certified letter demanding my money back. Next step is to visit my Congressman's Office and find out what to do about their apparent Internet Banking Fraud.Any update? Is there still an issue, or had you in fact skipped the online enrollment step?
I applied and was approved on 2/7, and also filled out the registration for online banking at that time. I confirmed my trial deposits on 2/11, on 2/12 received an email saying my opening deposit had been processed (withdrawn from checking account 2/12). Also on 2/12, I got a second email saying that my account was ready to be opened - "Within 3 business days, the account will be opened, funded, and ready for use".
I tried using the login info provided on the online banking registration (l/p: SS#/last 4 digits of SS#) but it kept coming back as invalid. Today, 2/14, the login worked, I updated the login ID and password, and started to creat links to my other accounts.
So the timeline seems to be: 1)Submit application and online enrollment form 2)Confirm trial deposits 3)Money withdrawn from source account 4)New account opened within 3 days of #3 5)Online access activated following completion of #4
beerman2
Member
posted: Feb. 15, 2008 @ 8:03a
Same thing happened to me. To expedite the process, you need to sign up for online banking immediately after signing up for an account. Took me a few days but I finally have access to my account.
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