Founded in 1987 by a Massachusetts carpenters union, First Trade Union Bank has swiftly grown to hold total assets of over $665 million. The bank has its headquarters in Boston and branch offices in New York, Massachusetts, and Rhode Island.
Customers choose from two checking account options at First Trade Union Bank, neither of which has a minimum balance requirement or monthly service charge. The bank's Virtual Checking account program offers foreign ATM surcharge rebates in addition to free online banking, bill pay, and checks.
Most savings account options at First Trade Union Bank require a minimum balance of $10, except for their High and Mighty Savings account plan, which requires a $2,500 minimum and offers higher interest rates. Among investment choices, CD terms range from 3 months to 5 years, and the retail money market account plan offers tiered interest rates based on deposit amounts.
First Trade Union Bank offers fixed-rate, adjustable-rate, interest-only and jumbo home mortgages for purchase or refinance. Home equity lines of credit are available. The bank provides auto and truck loans as well as personal loans for residents of the New England states and New York.
The bank having been founded by a union, it is not surprising that First Trade provides banking services specific to the needs of union groups. First Trade also offers banking services to governments and their agencies involved with public finance.
First Trade Union Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.
As a regional bank and thrift, this bank is regulated by the Office of Thrift Supervision.
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