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Union Bank has been in business for over 145 years. Opening in 1864 as the Bank of California, it was the first incorporated commercial bank to open in the West. The name Union Bank came on the scene in the 1950s in Los Angeles. In 1996, Union Bank and the Bank of California and several other banks merged to create UnionBanCal Corporation. Union Bank is the primary subsidiary of this corporation. Today, it is one of California’s largest banks.
Account Incentives
One of the primary incentives offered by Union Bank to its personal banking customers is its Priority Banking services. Customers who work with this program have zero ATM fees, discounts on safe deposit boxes, free cashier’s and traveler’s checks or money orders, and two free checking accounts. They also receive discounts on loans.
Unique Offerings
Union Bank offers personal banking services, wealth management, and commercial banking products for corporations and small businesses. For personal banking customers, the bank offers traditional accounts, like checking and savings, as well as most types of personal loans, retirement savings plans, insurance, and investment services. The Priority Banking department offers a personal banker for each customer to ensure their financial goals are being met. Small business customers enjoy products like financing, cash management, merchant services, payroll services, and foreign exchange service. The global treasury management services help corporate clients with cash flow needs.
Awards and Accolades
Union Bank has several accolades pointing to its commitment to social responsibility. It received “Sister City Spirit Award” in 2009 from the San Diego-Yokohama Sister City Society. It also has earned several awards form the Latino community, including a high ranking in Hispanic Business Magazine and the Embracing Latina Leadership Alliance’s Dulcinea Award” in 2009.
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Union Bank has an A rating from the Better Business Bureau. In general, the bank receives good reviews from customers. The online banking and online bill pay services, for instance, are considered quite easy to use and understand. However, many point to high service charges on accounts, especially if you have bounced checks or allow your account balance to drop below 0. Some customers report dissatisfaction with the customer service they receive from the branch staff, with tellers in particular having a low approval rating. In general, this bank is an excellent bank to choose and offers good products, provided you can keep an eye on your accounts, balance your checkbook, and avoid fees.