UFB Direct
Is This Your Business?1.0
LAST UPDATED: April 22nd, 2021
UFB Direct is a commercial lending institution that is based in San Diego, California. Gregory Garrabrants is the CEO. It opened in 2000 as a component of Bofi Holding, Inc. UFB offers a variety of savings, checking and mortgage loans. This is an online bank with no branch offices. UFB is FDIC insured and is an equal housing lender. They specialize in personal banking and mortgages. UFB Direct is also in partnership with American Airlines. Their mobile apps can be downloaded for free, whether the user chooses to use Google or Apple. UFB has been in business for 15 years. Here is a detailed account of the advantages of their products and services:
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The Good
- Features and benefits
- Personal checking
- Services
Features and Benefits
UFB Direct has several products for the personal banker. The personal savings accounts comes with free online and mobile banking, UFB transfers, check deposits, ATM cards, and even postage-paid envelopes. There is no monthly fee, regardless of the account balance. UFB's money market allows the holder to save and write checks. For a minimum deposit of $5000, account holders can write checks, transfer funds (internal), deposit checks, pay bills (depending on type of account), and utilize postage-paid envelopes for free. UFB account holders can mobile bank. That includes transferring funds, paying bills, or merely check account summaries with 24/7 access.Personal Checking
The UFB checking account is one of its best products. Commonly referred to as Airline Rewards Checking, the account holder earns airplane miles each time they use their debit card. For approximately every $3 purchase, they receive 1 airplane mile, up to 120,000 miles a year. Once enough miles have been accumulated for the desired trip, redeem them by contacting that department at American Airlines. Order the first set of UFB checks for free. UFB checking accounts also has free online and mobile banking, and free unlimited ATM access anywhere in the world. As if that is not enough, earn cash when using the debit card. And regardless of the account balance, there is no monthly maintenance fees. Using ATMs is very convenient at UFB. Customers can use any ATM machine at any bank or business location in the USA, as many times as they need or want to. In replace of a convenient ATM, the customer can receive cash back at participating stores and gas stations for free.Services
Popmoney is a service that UFB offers clients as an alternative to Western Union or Money Gram. To send money, complete an external transfer to a bank account using the receiver's bank account number, cell phone number or email address. To receive money, respond to an email or text message alert and decide on which chosen account, or a Popmoney account, the money will be received. It is nothing extra, but UFB has good mobile banking service. Of course, the ability to deposit checks from your phone is always a plus. Download the mobile app for free.The Bad
- Only online
- Poor business practices
- Issues with services
Only Online
Any online bank that has no option for customers to receive person-to-person service is at an automatic disadvantage. There are those specific cases when navigating on a website or talking on the telephone is not sufficient.Poor Business Practices
Customers accuse UFB of poor business practices. The interest rate is unstable and can drop from 1.25% to as low as .9%. This usually happens after the account has opened and a substantial amount of money gets deposited. When dissatisfied customers decide to move their money to another bank, UFB's low withdrawal amounts make this process lengthy and risky.Issues with Services
- Transfers:
- Savings Accounts:
- Loans:
The Bottom Line
- Quality personal checking
- Popmoney feature
- Air travel discounts
- Low savings account interest rates
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Bill Cate Muskegon, MI
UFB is not worth the time and effort. They are slow to respond to inquiries. They consider a matter closed when they respond whether or not the customer is satisfied. Their advertised phone numbers get you nowhere except an interminably long wait queue. The only thing they did quickly and correctly for me was to transfer all my funds to my credit union after the worst three-month banking experience of my life. Save yourself a lot of grief and frustration: avoid UFB like COVID-19.
4 years ago
