What is Union Bank?
Union Bank, also known as MUFG Union Bank, is an American bank that is owned by The Bank of Tokyo-Mitsubishi UFJ. Mitsubishi UFJ is one of the leading global financial groups with over 1,100 offices in over 49 countries.
In December 2015, the Mitsubishi UFJ Financial Group boasted over $2.5 trillion in total assets. Of those $2.5 trillion, Union Bank valued its assets at $115.4 billion in December 2015. This large global network provides a stable and secure banking environment for their clients.
Where is Union Bank Located?
Union Bank is primarily located in California, Oregon, and Washington. It has 398 physical branch locations across these three states.
For clients outside of this region who wish to use Union Bank, there are also branches located in key cities across the United States. Dallas, Chicago, Houston, and New York City all house a Union Bank office. As a matter of fact, the headquarters of Union Bank are in New York City.
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Why Choose Union Bank?
Union Bank offers a variety of services. These services range from checking and savings accounts to mortgage loans. Highlights of what Union Bank offers include:
- Checking and savings account
- Home loans
- Credit cards
- Investments and retirement
- Online and mobile banking
With over a dozen local banks, it can be difficult to decide which one to choose for your banking needs. We have compiled various Union Bank reviews on each of their highlighted services. Using this information, you can make an informed decision on whether Union Bank is right for you.
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Union Bank Checking and Savings Reviews
Union Bank, like most banks, offers checking and saving accounts. Their checking and saving accounts boast the following features:
- Online banking and bill pay
- Mobile banking and check deposit
- Debit cards
- Overdraft services
Union Bank offers the following account types:
- Standard Checking Account
- Standard Saving Account
- Union Bank Access Account
- Electric Transfer Account
- Nest Egg Savings Account
Two of the most popular features of Union Bank’s standard checking account are the debit cards and overdraft services. Union Bank charges a monthly fee for their overdraft protection. Some Union Bank reviewers feel that the overdraft fee is unnecessary, because other banks provide overdraft services for free; however, other reviewers have stated that the overdraft services are worth the premium.
If you are not looking for a traditional banking account, Union Bank offers the Union Bank Access Account. Many Union Bank reviewers like the Access Account because it has no monthly service fee if you set up a direct deposit of $25 or more each statement period. There are also no overdraft fees, money order fees are discounted, and the minimum opening deposit is a low $25. This makes the Access Account a popular alternative to the traditional checking account.
In a similar fashion, the Nest Egg Savings Account is the alternative to a traditional savings account. The Nest Egg Savings Account is targeted toward older couples, over 40, who are starting to think of saving for retirement. Union Bank reviews indicate a preference for the Nest Egg Account over the traditional account because it has better features. The Nest Egg account has no monthly service charge as long as you maintain a balance of $300 or more in the account.
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Union Bank Mortgage Reviews
Union Bank allows its clients to take out new home mortgages or refinance old mortgages. There are a few options available when taking out a new home mortgage. Union Bank offers the following mortgages types:
- Fixed rate loans
- Adjustable rate loans
- Conforming loans
- Jumbo loans
- Federal Housing Administration (FHA) loans
Many Union Bank mortgage reviewers stated that the process of applying for and being granted a home mortgage was fairly simple. A traditional fixed rate or adjustable rate loan requires 10-20% as a down payment. Union Bank mortgage reviewers indicated that those who did not have the full 10–20% down payment could take out a Federal Housing Administration loan. The FHA loans were reported to help the general public purchase houses while on a limited budget. Union Bank mortgage reviews are overwhelmingly positive, because Union Bank was extremely flexible in the type of mortgages offered.
Many Union Bank mortgage reviewers were also vocal about the excellent customer service they received. People who did not know the difference between a fixed-rate and adjustable-rate mortgage said that Union Bank coached them through the basics. Rather than trying to pull the wool over their eyes, Union Bank helped ordinary people get the best bang for their buck.
Other Union Bank mortgage reviews raved about the jumbo loans offered. Smaller banks typically do not offer jumbo loans, so many people choose Union Bank for them. Union Bank mortgage reviewers liked the fact that the jumbo mortgages could be used for:
- Securing a mortgage up to 5 million dollars
- Refinancing a current mortgage
- Purchasing a new house
Not only does Union Bank offer new home mortgages, but they also refinance pre-existing home loans. Union Bank mortgage reviewers stated that they were happy after refinancing with Union Bank for the following reasons:
- Reduced their monthly mortgage payment
- Locked in a lower mortgage interest rate
Union Bank is said to offer competitive interest rates on refinanced home mortgages. Some Union Bank mortgage reviews said that they are a bit selective on the homes that they choose to refinance. If a home is over a certain age or if the home does not meet certain safety criteria, then they will choose not to refinance. If this happens, you have the option to fix the problems before applying again or finding a different bank to refinance through.
One of the other downsides noted in Union Bank mortgage reviews is that they do not finance home loans in other states. One individual fell into the tricky predicament of moving to a new state and attempting to finance the new house through Union Bank. Union Bank will only finance houses in California, Oregon, and Washington.
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Union Bank Secured Credit Card Reviews
Union Bank offers two different kinds of credit: lines of credit and credit cards. Lines of credit through Union Bank are at a variable rate and are boasted to have a better rate than credit cards. Union Bank reviewers state that their line of credit can have an interest rate anywhere from 4% to 18%. This puts their interest rates lower than the standard 21% that is applied to credit cards.
Other Union Bank reviews stated that, with a decent credit score, consumers were approved for up to $250,000. However, if your credit score is not up to par, you may not be approved for anywhere near that amount. One reviewer stated that with a credit score in the 600s, he was approved for a measly $5,000.
Union Bank offers a 0% annual percentage rate (APR) on any new credit cards opened. The APR after the introductory period depends on your credit score. Some Union Bank secured credit card reviewers stated that after the introductory period, their APR jumped to 21%. However, other reviewers bragged about their 10.9% APRs. The APR really does depend on your credit score and previous credit re-payment history.
Many Union Bank secured credit card reviews raved about how secure and safe the credit card is. There were many stories of credit card information being stolen and how Union Bank was on top of the ball to get to the bottom of the issue. Union Bank also has a copious amount of security education information on how to avoid fraud scams. Based on the overall reviews, Union Bank is a safe establishment to trust with your money.
Other Union Bank secured credit card reviews indicated that the users were initially started with a low limit on their credit cards. The trend among reviewers looked as though Union Bank is conservative on the amount of credit that they offer up front. After a period of time has passed and they get a feel for the type of client that you are, they will increase your credit limit. All in all, most Union Bank credit card holders were pleased with the amount of credit they were offered after an extended period (2+ years in some cases) of time has passed.
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Union Bank Investments and Retirement Reviews
Union Bank offers various investment services. They assist their customers in investing in a variety of options and can help find the right one for you. Their most popular investment options are:
- Stocks
- Fixed-income investments
- Annuities
Reviewers liked the fact that the investment professionals at Union Bank were able to find the right investment type for their lifestyle. Many reviewers said that they went through their options with Union Bank thoroughly until they settled on the right investment portfolio. Those who are looking for a long-term, high risk/return investment were told to look into stocks. For those looking to have a stable retirement income with a low risk/return, annuities were the best ways to go.
As far as retirement is concerned, Union Bank also offers a variety of retirement accounts. In addition to annuities, people have the option of opening a rollover IRA, mutual funds, or brokered CD services. Reviews were generally positive in regards to Union Bank’s retirement accounts. They stated that Union Bank assisted them in opening the account and maintaining it in the long run. Because Union Bank is a large subsidiary bank, there is also no reason to worry that your retirement account will disappear ten or twenty years down the line.
Online and Mobile Banking Union Bank Reviews
Union Bank has been brought into the 21st century and now offers mobile and online banking. The application is available for iPhones, iPads, Androids, or Blackberries. Union Bank reviews showed overall satisfaction with the online banking because it is easy and simple to use. Online banking offers the following features:
- Pay bills, schedule payments, and transfer funds online
- Securely check statements, banking images, and tax documents
- Receive account details and alerts straight to your email inbox
With the rise of smart phones, mobile banking has become increasing popular. Union Bank’s mobile banking allows you to do all of the following straight from your phone:
- View account balances and transactions
- Move money between Union Bank accounts or between other banking institutions
- Pay bills and view pending payments
But, despite the number of services provided, the reviews were overwhelmingly negative, all coming to a consensus that the interface on the mobile banking was clunky and not easy to use.
There were also complaints that the mobile banking did not function properly. One particular Union Bank review stated that they attempted to transfer money between bank accounts multiple times, but the transaction never went through on the mobile banking application. Once they were able to check their account balance on a computer, they found that the transaction went through multiple times!
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How to Contact Union Bank
Union Bank can be contacted Monday through Friday between the hours of 8:00 am and 6:00 pm or Saturday between the hours of 9:00 am and 1:00 pm. They may be reached at 1-866-UB-LOANS.
The majority of Union Bank reviewers stated that they were satisfied with the level of customer service they received by dialing this number. The major complaint was that the customer service line was not available 24 hours a day, seven days a week, which may be a problem if an emergency comes up with a credit or banking account.
For those who live in the California, Oregon, or Washington area, Union Bank branches are typically open Monday through Saturday. There are staff members on hand to assist you with opening a checking, savings, credit, or mortgage account.
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