Union Bank, which has a strong presence on the West Coast, offers basic accounts with premium features. Its customizable checking accounts let customers pick and choose their own perks. But these optional features come with monthly fees.
The bottom line
- Union Bank has checking accounts with optional premium features, such as ATM fee reimbursements and unlimited money orders
- Savings accounts and CDs earn below average rates, compared with competitors
- Bank branches are primarily in California and Washington, with a few more in Oregon
» Want to compare with other banks? Check out NerdWallet’s best banks and credit unions
Read on for details about Union Bank’s checking and savings accounts, CDs, bank experience and fees.
3.5 / 5.0
Union Bank has four checking accounts designed for a range of customers, including teens just starting their banking journey as well as those who maintain a balance of $50,000 or more and want to earn interest. Banking by Design, the most basic account for adults, is available in California, Oregon and Washington, where Union Bank has branches.
Customizable options: Banking by Design is one of two Union Bank accounts — the other is Ready to Go Checking — that let customers add optional features for a fee. For example, you can sign up for two non-Union Bank ATM transactions a month with no Union Bank surcharge; the fee is usually $2 each. But the benefit itself costs $3 a month, and that’s on top of any monthly fees. Other customizable features cost about $1 per month. They include:
- Unlimited cashier’s checks and money orders
- Unlimited incoming wire transfers
- Unlimited premium checks
- Expedited card delivery for $1 per month
It’s good to have choices, but once you sign up for an extra, the charge is assessed regardless of whether you use it. So it may be cheaper to skip the add-ons if you don’t plan on using them often.
» Want to explore more options? Explore NerdWallet’s best checking accounts
2.5 / 5.0
With just a $50 minimum deposit, It’s easy to open a Union Bank regular savings account. But watch out for the $4 monthly fee. If you don’t want to lose money in your savings account, there are two ways to avoid the monthly charge: Keep a balance of at least $300, or make a savings deposit of at least $25 each month.
» Want higher rates and lower fees? Browse NerdWallet’s best savings accounts
Certificates of deposit
1.5 / 5.0
Union Bank has CDs with terms from seven days to five years, though the yields are nothing to get excited about. The highest is 0.50% APY, and that’s for a five-year CD with a balance of at least $50,000. You can, however, find CD with higher APYs.
» Looking for the best yields? Read our list of this month’s top CD rates.
3.5 / 5.0
Union Bank offers its customers 365 branches across the West Coast. In addition, customer service representatives are available by phone 7 a.m. to 9 p.m. Monday through Friday, and 8 a.m. to 5 p.m. Saturdays (Pacific time). It’s not a 24/7 operation, but the extended hours are convenient.
The bank also has online and mobile banking, so you can pay bills, check your account balance and transfer money without visiting a branch. The mobile app earns a solid four stars out of five in the Android store, but only 2 stars out of 5 for iOS devices.
2.0 / 5.0
Overdrafts cost a hefty $33 each. If you’re not careful, you can rack up as many as five per day, for a total of $165 in penalties. In addition, Union Bank charges a continued overdraft fee for accounts that remain negative for six days in a row. On Day 7, the account is charged $6 a day for up to five business days.
You can guard against overdrafts by linking to a separate checking or savings account, credit card or cash reserve line of credit. Even then, you’ll pay a $10 fee for each day you make an overdraft transfer.
Union Bank is a West Coast option
There are, however, other affordable banks and credit unions along the Pacific coast that might be a good fit.
Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org. Twitter: @margarette.
Updated Aug. 28, 2017.
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.
Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.