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One United Bank – Everything You Need to Know About the Largest Black Owned Bank

  • Banking
one-united-bank

One United Bank is the nation’s largest black owned bank offering basic checking accounts, interest checking accounts, a second chance checking account, early direct deposit, savings accounts, a high limit secured credit card and mortgage loans.

One United Bank originally began nearly 50 years ago with the opening of Unity Bank & Trust in Boston, Massachusetts.

The bank re-branded as OneUnited Bank by combining several black owned banks across the country – Founders National Bank of Commerce in Los Angeles, Family Savings Bank in Los Angeles, Peoples National Bank of Commerce in Miami and Boston Bank of Commerce.

As the first Black online bank, One United Bank has branch offices in Los Angeles, Boston and Miami for customers that prefer in-branch banking.

During Black History Month, One United Bank found itself in some controversy over its new debit card offering featuring Harriett Tubman. It appears as though Harriet Tubman is throwing up the ‘Wakanda Forever’ sign. The bank denies it, saying instead, the debit card displays the sign language gesture for Love…You decide?

To One United Bank’s creativity, they offer a variety of debit card designs with powerful and radiant images along with a stylish all-black debit card. Plus, all of OneUnited’s debit cards are “contactless” Visa Debit Cards where you can tap your card to make purchases and complete transactions in seconds.

One United Bank is a designated Community Development Financial Institution

One United Bank is certified as a community development financial institution (CDFI) by the United States Department of Treasury.

As a Community Development Financial Institution (CDFI), OneUnited Bank is dedicated to offering affordable lending options to low-to-moderate income communities. This little known federal program designates special banks and credit unions that focus on revitalizing underserved and low-to-moderate income communities across the United States.

Through the CDFI program, One United Bank concentrates lending efforts on the community first with affordable housing, financing small businesses, micro-enterprises, nonprofit organizations and commercial real estate.

CDFI banks and credit unions are more community-oriented than big banks. Because CDFI-certified banks are required to be focused primarily on improving underserved communities, they put community first, not the shareholder.

Branch locations of One United Bank offer a creative space to community organizations for meetings, events and workshops, at no cost.

OneUnited Bank, Los Angeles, CA Branch – Community Room

Who Is One United Bank Best For?

One United Bank is available to people in ALL States.

So, if you’re ready to join the more than two-thirds of Americans who do most or all of their banking online, rather than at a local branch office, One United Bank is worth serious consideration.

OneUnited Bank may be a good fit for customers who want one or more of the following:

  • Earn a competitive return on savings.
  • Open a free checking account.
  • Open a second chance checking account.
  • Get paid up to 2 days early with direct deposit.
  • Obtain Cash, Surcharge Free at Over 30,000 ATMs Nationwide
  • Earn more on their cash with CDs.
  • Money money easily using Zelle, Cash App or Venmo with your OneUnited Bank Visa Debit Card.

One United Bank is a hassle-free solution to your online banking needs.

Types of Accounts offered by One United Bank

One United Bank offers several types of accounts that are FDIC-insured up to $250,000 per depositor. This is great for peace of mind, when dealing with primarily online-only banks.

  • #BankBlack Checking
  • U2 E-Checking (Second Chance Checking Account
  • #BankBlack Savings Account
  • Unity® Gold E-CD Account
  • Unity Visa® Secured Credit Card
  • Mortgage Loan Options (Home, Commercial and Multi-Family Loans)

#BankBlack Checking

If you need an account for everyday spending, the #BankBlack Checking Account is an excellent option. You can easily pay bills online, easily transfer money to friends and family and you get a debit card for cash withdrawals and everyday spending. You can get paid up to 2 days early with direct deposit.

This product offers features that you’d like to see in a checking account, such as:

  • No fee with a monthly direct deposit and 10 card purchase transactions.
  • $50 minimum deposit to open (No fee to open an account).
  • Early direct deposit (Get paid up to 2 days early).
  • Free Online/Mobile Banking.
  • Obtain Cash, Surcharge Free at Over 30,000 ATMs Nationwide.
  • Deposit checks through our mobile app using Mobile Remote Deposit Capture.

Learn more→

U2 E-Checking

If you’ve been unable to open a checking account due to ChexSystems or EWS, then the U2 E-Checking Account may work for you. The U2 E-Checking account is a second chance checking account and is the best choice if you have a less than perfect banking history.

This product offers features that are the same as a regular checking account, such as:

  • Second Chance Checking.
  • $50 minimum deposit to open (No fee to open an account).
  • Early direct deposit (Get paid up to 2 days early).
  • Free Online/Mobile Banking.
  • Obtain Cash, Surcharge Free at Over 30,000 ATMs Nationwide.
  • Deposit checks through our mobile app using Mobile Remote Deposit Capture.

Learn more→

#BankBlack Savings

With low minimum deposits to open, automatic savings plans and low to no maintenance fees, BankBlack Savings are great options for banking on the go.

This product offers features that you’d like to see in a savings account, such as:

  • No fee with monthly direct deposit.
  • $50 minimum deposit to open (No fee to open an account).
  • Free ATM card.
  • Free Online/Mobile Banking.
  • Obtain Cash, Surcharge Free at Over 30,000 ATMs Nationwide.
  • Deposit checks through our mobile app using Mobile Remote Deposit Capture.

Learn more→

Unity® Gold E-CD

If you are hesitant about betting on the stock market, CDs can be a safer choice. One United Bank has you covered if you want a safe, FDIC-insured savings plan. With no maintenance fees and competitive rates CDs are available for both taxable accounts and IRAs.

This product offers features that you’d like to see in a certificate of deposit account, such as:

  • Automatic Renewals.
  • $500 minimum deposit to open (No fee to open an account).
  • Free Online/Mobile Banking.
  • No monthly account maintenance fees.
  • Monthly deposits of interest to the account of your choice.

Learn more→

Unity Visa® Secured Credit Card

If you need to rebuild your credit history but have trouble opening a credit card, the Unity Visa® secured credit card is for you. Unlike other bank secured credit cards, the Unity Visa® secured credit card has a limit up to $10,000. You get reporting to the 3 major credit bureaus.

This product offers features that you’d like to see in a secured credit card, such as:

  • Unlike your Prepaid Card, UNITY Visa secured card can help you build your credit. Apply online in less than 5 minutes, and you could be approved today!
  • No Minimum Credit Score required; low fixed interest rate of 17.99%; Fully refundable FDIC security deposit* required at time of application; if you have a min of $250 to deposit immediately, you can start now!
  • No application fee or penalty rate.
  • Monthly reporting to all 3 major credit bureaus.
  • 24/7 online access to your account.
  • *See the Cardholder Agreement for more details.

Learn more→

Mortgage Loan Options

One United Bank offers home loans in Massachusetts (Suffolk, Middlesex and Norfolk Counties), California (Los Angeles, Orange and Ventura Counties) and Florida (Miami-Dade County) as well as Resources to find the best solution for your needs.

This product offers loans for the following:

  • Single-family property.
  • First-time buyer loan programs.
  • Refinancing home loans
  • Multi-family property.
  • Commercial property.

Opening an account at One United Bank is easy

You do have to provide information about your identity (including your Social Security number) and answer questions that all banks have to ask as a result of the PATRIOT Act. However, it’s relatively painless, and it’s possible to open a variety of accounts, including CDs and checking accounts, from the same screen, without the need to fill out the same information over and over again.

Final thoughts

Overall, One United Bank is a well-established online bank with approximately $661.2 million in total assets offering good checking and savings account options and even has a second chance checking for people with ChexSystems records.

With branches limited to California, Florida and Massachusetts, you have to be comfortable banking in an online-only environment if you do not live in one of those states. But if you want to park your money in an online savings, checking or CD account One United Bank is a good option.

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