OneUnited Bank Rates & Review

OneUnited Bank Review

OneUnited Bank is the first black Internet bank and the largest black-owned bank in the U.S. It has offices in Los Angeles, Boston and Miami. The bank was established by combining black-owned banks across the country with the shared mission of serving urban communities.

The story began in the early 1960s with the opening of Unity Bank & Trust in Boston. Along with other banks, Unity Bank & Trust was acquired by the Boston Bank of Commerce in 1982 and the parent bank became known as OneUnited Bank in 2002.

In years 2004 through 2008 the bank was awarded the highest Bank Enterprise Award by the U.S. Department of Treasury for its community development lending. It also is a designated Community Development Financial Institution (CDFI). The bank has established relationships with many community organizations. It has financed loans for churches, affordable housing, office buildings and retail stores, mostly in low- to moderate-income communities.

Personal accounts

OneUnited Bank offers several memberships that have different levels of service and accounts. Membership options include Internet, FreeStyle, Gold, Senior, US and Youth. Depending upon the membership level chosen by the customer, the bank provides access to various types of checking account, savings account and money market account, as well as CD accounts with a variety of terms.

Business accounts

Different membership accounts also are available for business customers: sole-proprietorship, commercial, and non-profit/faith-based. Business customers have access to checking accounts, savings, money market accounts and CD products. The bank offers commercial and residential mortgages, with a focus on church loans.

Deposit insurance

OneUnited Bank is a member bank of the Federal Deposit Insurance Corporation. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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