Occupying the fourth spot among Californian banks with over $60 billion in deposits, Union Bank is unveiling a new strategy for offering checking accounts and additional services to its clientele, named ‘Banking By Design.’ While Union Bank boasts branches in California, Oregon, and Washington, this exciting feature is presently accessible only to those residing in California. The appealing online platform displays an array of service options to potential customers and instantly calculates the monthly cost as more selections are made.
The root service charge is $3 monthly. However, this can be waived if the customer sets up a direct deposit of $250 or more each statement period, as opposed to $100. The account can be initiated with a minimum deposit of $100. Services such as debit and credit card usage, online banking, online statements, mobile banking, and email and text alerts are provided at zero cost.
Online bill pay is charged at $1.50 a month, but this fee will be waived throughout 2013. Other features – including paper statements, unlimited check supply, incoming wire transfers, money orders, traveler’s checks, and cashier’s checks – are all billed at $1 each month. The highest fee charged is the $3 monthly cost for non-Union Bank ATM transactions, with a limit of two per statement period.
Consumers can craft their unique account at bankingbydesign.com. On finalizing the customization, they can contact or visit a local Union Bank branch to open the account. Though presently, customers must call or visit a branch to activate their accounts, the complete online process will be available in just two months, from January 2013.
‘Banking By Design’ breaks down the traditional checking account and offers myriad optional features, each with transparent fees. Numerous features are available free of cost. Furthermore, additional feature enhancements for ‘Banking By Design’ are already slated for 2013, elevating the platform’s original offering to new heights. The brains behind the platform include Michael Neuman, a Human Factors Engineer previously affiliated with Apple®.
Most clients may not require all the services outlined in the ‘Banking By Design’ tool, but some features may help save money. Union Bank stands out in the competition by simply and transparently detailing all applicable account fees (the noticeable exception being overdraft fees and protection options that seem to be absent). Large national banks like Chase and Citibank are increasingly opting for more consumer-friendly fee disclosures. However, some customers might find comprehending the total costs challenging. By contrast, Union Bank’s tool automatically computes monthly charges, making it clear how much each customer will spend per month.
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Union Bank unveils ‘Banking By Design’ (fool.com)
