OneUnited Bank is the first Black online bank and a designated Community Development Financial Institution (CDFI) serving low to moderate-income communities. OneUnited Bank’s commitment to increasing financial literacy through workshops and events makes them a valuable asset.
History of OneUnited Bank
OneUnited Bank originally began over 50 years ago with the opening of Unity Bank & Trust in Boston, MA. Later, 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 all became what we know today as OneUnited Bank.
OneUnited Bank Locations
OneUnited Bank operates primarily online, but it also has physical branch locations. Here are the current OneUnited Bank branch locations:
- Boston, Massachusetts: 100 Franklin Street, Suite 600, Boston, MA 02110
- Los Angeles, California: 3683 Crenshaw Boulevard, Los Angeles, CA 90016
- Compton, California: 1495 N Wilmington Ave, Compton, CA 90222
- Miami, Florida: 3275 NW 79th Street, Miami, FL 33147
- Miami, Florida: 1000 NW 3rd Avenue, Suite 170, Miami, FL 33136
OneUnited Bank Pros and Cons
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OneUnited Bank Review – #BankBlack
Our OneUnited Bank review found several types of account option. All checking, savings and CD accounts are FDIC-insured up to $250,000 per depositor. This is great for peace of mind when dealing with online-only banks.
- Black Wall Street Checking
- U2 Second Chance Checking
- #BankBlack Savings Account
- Unity® Gold E-CD Account
- No-Credit Check Loan
- Unity Visa® Secured Credit Card
- Mortgage Loan Options
- Business Loans
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.
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.
U2 E-Checking (Second Chance Account)
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.
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.
#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.
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.
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.
No-Credit Check Loan
OneUnited checking account customers can apply for a no-credit check personal loan called CashPlease. The available loan amount varies based on your individual checking account activity. Your checking must be in good standing and active with recurring deposits and usage. Repayment option to automatically deduct from your checking account with 3 installments over 3 months or you may make your payment online through online or mobile banking
Features:
- Apply 24/7
- No credit check
- 90-day pay-off term
- Loan amounts from $200 to $1,000
- Upon approval, loan funds deposited within 4 hours
- Quick, secure, convenient.
OneUnited Bank Credit Card
The OneUnited Bank credit card is secured If you need to rebuild your credit history. The Unity Visa® secured credit card is a high-limit secured credit card up to $10,000.
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.
Loan Features:
- Single-family property.
- First-time buyer loan programs.
- Refinancing home loans
- Multi-family property.
- Commercial property.
Business Loan Options
OneUnited Bank partners with Lendistry to offer small business term loans, non-revolving lines of credit, and SBA Community Advantage loans. Lendistry is a Black-led fintech providing equal access to capital for small business owners since 2015.
Loan funds can be used for:
- Working capital to support a thriving business
- Responsible funds to grow or expand a business
- Financing for tenant/leasehold improvements
- Low-cost loans to buy an existing business
- Funds for the consolidation of debt
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 40,000 ATMs nationwide.
- Deposit cash on your debit card at over 90,000 retail locations nationwide including Walmart, Walgreens and more.
- Have access to a short-term loan with no credit check.
- 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.
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.
APPLY NOW
Oneunited Bank Customer Service
OneUnited Bank
Customer Support
Phone: (877) 663-8648
Fax: (323) 290-8245
WebSite: www.oneunited.com
OneUnited Bank is a designated CDFI
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.
Final take
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.
