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UNION BANK ANNOUNCES ACCESS ACCOUNT TO SERVE NEEDS OF LOW- TO MODERATE-INCOME COMMUNITIES
For Immediate Release
LOS ANGELES, CA, June 4, 2013 – In an effort to demonstrate its commitment to responsible banking and in response to customer needs, Union Bank, N.A., today announced its new Union Bank Access Account. One of the first of its kind, the new account helps illustrate the bank’s commitment to providing products that serve the needs of the low- to moderate-income (LMI) segment and other consumers who may not qualify for a traditional bank account.
The Union Bank Access Account is a low-cost product that offers features and functionalities to allow customers easier access to their account, while minimizing the likelihood of fees, such as overdraft or non-sufficient funds fees. Consumers on ChexSystems may also qualify for a Union Bank Access Account.
“Consumer and community groups have asked banks to address the needs of low and moderate income customers, and the Access Account is a result of that dialogue with Union Bank,” said Orson Aguilar, executive director of The Greenlining Institute. “We're glad to see Union Bank take a positive step to address the needs of these consumers.”
The Union Bank Access Account is a checkless account and is available in California, Washington and Oregon. Customers may visit a Union Bank branch to learn more or to open an account. There is no set up fee and direct deposit of a payroll or benefit payment is not required. Once the account is open, customers can make deposits and withdrawals in a branch or at an ATM. They can also use the account’s ATM card to perform point-of-sale transactions (with a personal identification number) at participating merchants.
“Empowering consumers and providing access to affordable financial services is part of our commitment to responsible banking,” said Union Bank Executive Vice President Julius Robinson, head of Corporate Social Responsibility. “At Union Bank, we believe in doing right, and that includes identifying opportunities where we can serve the LMI market segment.”
“Banks like Union Bank must make it easier for people to open bank accounts to build financial histories and credit records,” said Andrea Luquetta of the California Reinvestment Coalition. “People need more than prepaid cards and check cashing stores; they need banking relationships to build on. This is a step in the right direction.”
“The ongoing feedback we receive from our community partners and customers is critical to our product development,” said Union Bank Vice President and Senior Product Manager Rogger LaCruz. “We are proud to respond with an affordable product that offers the features typically offered on consumer checking accounts, while avoiding the risk of incurring overdraft and non-sufficient funds fees.”
For more information on the Union Bank Access Account please visit www.unionbank.com or visit your local Union Bank branch for further details.
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $97 billion at March 31, 2013. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 443 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on March 31, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world's largest financial organizations. Visit www.unionbank.com for more information.