Raise your hand if you actually use every one of the features offered by your banking account. Raise your hand if you even know what extra services your banking account has …
If you’ve ever wanted to pick and choose which features and services your checking account has, then you should know someone was listening. Recently I was able to interview the Senior Vice President of Union Bank about their latest product Banking by Design. Although I do not personally have an account with Union Bank, I wanted to find out what this service was all about and see how it compares to other bank products.
How Does Banking by Design Work?
Banking By Design allows consumers to configure the checking account they want online, choosing from a range of 16 different options. Consumers can design their account at bankingbydesign.com and then call or visit a Union Bank branch to open the account. Banking By Design accounts can also be designed in a Union Bank branch with the support of a personal banker, and consumers will have the ability to open their account online in early 2013, giving them yet another convenient option.
Who is Union Bank?
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $88.2 billion at September 30, 2012. Its primary subsidiary, Union Bank, N.A., is a full service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 402 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on September 30, 2012. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations.
What Are the Benefits I May Select From?
Consumers can choose from a range of 16 different options:
• Online Banking
• Online Statements
• Mobile Banking
• Email Alerts
• Text Alerts
• Online Bill Pay
• Paper Statements
• Unlimited Check Supply
• Incoming Wire Transfers
• Money Orders, Travelers Checks, Cashiers Checks
• Expedited Card Delivery
• Express Phone Customer Service
• Savings or Money Market Account
• Safe Deposit Box
• Non-Union Bank ATM Transactions
Is There a Bonus for New Customers?
Unfortunately, no. At this time, there are no sign-up bonuses or other offers for new customers.
Are There Any Fees Associated With This Account?
The base cost of $3 per month can easily be waived if the customer makes one direct deposit of $250 or more each statement period.
How Do I Access My Money?
Customers may access their money through the ways they would normally access funds from a checking account (i.e., via their debit/ATM card, ATM, at the branch, checks)
How is This Account Better Than Other Products Out There?
Banking By Design is the first of its kind to give consumers this level of control. Banking By Design accounts are FDIC insured and give consumers an affordable option to banking, a relationship that is important as your financial needs expand to include important milestones, such as buying or refinancing a home, investing for college or retirement, or starting a new business.
What Other Competitive Products Does Union Bank Offer?
Union Bank offers a wide range of savings and money market options to help meet the financial needs of clients of varying budgets. Please visit Union Bank’s website for more information or speak with one of our bankers.
Image Credit: Union Bank