Union Bank, one of California’s top four banks with over $60 billion in deposits, is introducing a new checking account service called ‘Banking By Design.’ Although Union Bank operates branches in California, Oregon, and Washington, this new feature is currently only available to California residents. The user-friendly online platform allows potential customers to select various services and immediately calculates the monthly costs as they make their choices.
The basic monthly service charge is $3, but this can be waived if the customer sets up a direct deposit of $250 or more each month, instead of $100. You can open an account with a minimum deposit of $100. Various services such as debit and credit card usage, online banking, online statements, mobile banking, and email and text alerts are all free.
There’s a $1.50 monthly fee for online bill pay, but this fee will be waived through 2013. Additional services like paper statements, unlimited check supply, incoming wire transfers, money orders, traveler’s checks, and cashier’s checks cost $1 per month each. The highest fee is $3 per month for using non-Union Bank ATMs, limited to two transactions per month.
You can customize your account at bankingbydesign.com and then contact or visit a local Union Bank branch to open it. While you currently have to call or visit a branch to activate your account, the full online process will be available by January 2013.
‘Banking By Design’ offers a new way to manage checking accounts with clear and optional features, many of which are free. There are plans to enhance this platform further in 2013. The platform was developed by Michael Neuman, a former Human Factors Engineer at Apple®.
Most customers may not need all the features available through the ‘Banking By Design’ tool, but some of them could help save money. Union Bank differentiates itself from other banks by clearly detailing all account fees, except for overdraft fees and protection options, which are not included. While some customers may find it difficult to understand the total costs at other major banks like Chase and Citibank, Union Bank’s tool makes it easy by automatically calculating the monthly charges, ensuring transparency about how much customers will spend each month.