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OneUnited Bank Review – Get details about the largest Black Owned Bank

  • Banking
one-united-bank

OneUnited Bank is the nation’s largest black owned bank offering checking accounts, savings accounts, second chance banking, early direct deposit, a secured credit card to rebuild credit and mortgage loans.

Why it stands out: OneUnited Bank is the first Black online bank and is a designated Community Development Financial Institution (CDFI) serving low to moderate-income communities. Plus, OneUnited Bank is committed to increasing financial literacy through workshops and events.

What to look out for: The only branch locations are located in Los Angeles, Compton, Boston, and Miami.

History of OneUnited Bank

OneUnited Bank originally began over 50 years ago with the opening of Unity Bank & Trust in Boston, MA, but 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, OneUnited has locations in Los Angeles, Compton, Boston, and Miami for customers that prefer in-branch banking.

Who Is OneUnited Bank Best For?

OneUnited Bank is available to United States residents in ALL States, 18-years or older. 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, OneUnited Bank is worth serious consideration.

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

  • A variety of checking account options.
  • Need a second chance checking account to rebuild banking history.
  • Desire early paycheck deposit including employer checks, benefit checks, or retirement checks.
  • Obtain cash, surcharge free at over 35,000 ATMs nationwide.
  • Deposit cash on your debit card at over 90,000 retail locations nationwide including Walmart, Walgreens and more.
  • Earn more interest with Certificate of Deposits.
  • Move money easily using Zelle, Cash App or Venmo with your OneUnited Bank Visa Debit Card.
  • Desire a hassle-free solution to your online banking needs.
  • Rewards program that allows you to get cash back with your OneUnited Bank Visa Debit Card while making everyday purchases.

#BankBlack – OneUnited Bank Review 

Our OneUnited Bank review found several types of account options that are FDIC-insured up to $250,000 per depositor. This is great for peace of mind when dealing with primarily online-only banks.

OneUnited Bank

Types of Accounts

Black Wall Street Checking Black Wall Street Checking
U2 E-Checking U2 Second Chance Checking
BankBlack Savings Account #BankBlack Savings Account
Unity® Gold E-CD Account Unity® Gold E-CD Account
Unity Visa® Secured Credit Card Unity Visa® Secured Credit Card
Mortgage Loan Options Mortgage Loan Options

Black Wall Street 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.

Black Wall Street Checking Account Features:

    • No fee with a monthly direct deposit and 10 card purchase transactions.
    • $25 Minimum deposit to open.
    • Get paid up to 2 days early with direct deposit.
    • Free Online/Mobile Banking.
    • Obtain Cash, Surcharge Free at Over 35,000 ATMs Nationwide.
    • Deposit checks using Mobile Remote Deposit Capture.
    • Get rewards using your debit card to pay for your everyday purchases and earn points.

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.

U2 E-Second Chance Checking Account Features:

      • $25 minimum deposit to open.
      • Get paid up to 2 days early with direct deposit.
      • $12 Monthly account maintenance fee.
      • Free mobile banking, online banking and bill pay.
      • Obtain Cash, Surcharge Free at Over 35,000 ATMs Nationwide.
      • Deposit checks using Mobile Remote Deposit Capture.
      • Get rewards using your debit card to pay for your everyday purchases and earn points.

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.

Bank Black Savings Account Features:

      • 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 35,000 ATMs Nationwide.
      • Deposit checks using Mobile Remote Deposit Capture.

Unity® Gold E-CD

If you are hesitant about betting on the stock market, a Certificate of Deposit can be a safer choice. OneUnited 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.

Unity® Gold E-CD Account Features:

      • Automatic Renewals.
      • $500 minimum deposit to open.
      • Free mobile banking and online banking.
      • No monthly account maintenance fees.
      • Monthly deposits of interest to the account of your choice.
      • Convenient personal service by phone.

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 may be right for you. Unlike other bank secured credit cards, the Unity Visa® secured credit card is a high-limit secured credit card up to $10,000.

Unity Visa® Secured Credit Card Features:

      • Reports to the major credit bureaus.
      • Provides How to Rebuild Credit Program.
      • Visa credit card, not a prepaid card.
      • Fixed rate, not variable.
      • Manage your account online.
      • No application fee or penalty rate.
      • Security deposit FDIC insured.

Mortgage Loan Options

OneUnited 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.

Mortgage Loan Features:

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

Creative debit card designs

During Black History Month 2020, OneUnited Bank found itself in some controversy over its debut of a debit card 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?

harriett-tubman-debit-card-design

But to OneUnited Bank’s creativity, they offer a variety of debit card designs that feature powerful 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.
oneunited-bank-debit-card-designs


OneUnited Bank is a designated Community Development Financial Institution

OneUnited 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, OneUnited 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 OneUnited Bank offer a creative space to community organizations for meetings, events and workshops, at no cost.

OneUnited Bank, Los Angeles, CA Branch – Community Room

Opening an account at OneUnited Bank is easy

You must 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, OneUnited Bank is a well-established online bank with approximately $634 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 don’t live in one of those states. But if you want to park your money in an online savings, checking, or CD account OneUnited Bank is a good option.

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