This review is for: Money Market
Being a native New Englander, I really wanted to like Union Federal Savings Bank (they're based in Providence, RI) - I think they have a great website, and their rates have been very competitive with other banks - not at the top, but very respectable. So I was a little disappointed with some of the details I found out when I gave them a call.
I spoke to a really helpful customer service rep - really friendly, helpful and knowledgeable about the Money Market account. And he was able to answer all my questions - unfortunately some of the answers weren't that great.
First - you can only have 1 linked account. And *there's no way to change that linked account...ever* I asked him at least 3 times. I asked what you had to do if you wanted to transfer money to/from a different bank account, and he said that you'd need to initiate the transfer from their side. Not outrageous, as you see this type of thing with smaller banks, although usually in the form of very limited ACH transfer limits (for which UFSB has none!) but it's still just really surprising, and makes me worry about what other types of smaller details that I would normally take for granted might be missing. As just another example - you can get online statements with the account, but you need to call them to stop the paper statements from coming...
For me, being able to mail in check deposits is a big deal - I get enough checks throughout the months that I'd like to send them directly to whatever bank I need them in - unfortunately UFSB doesn't accept them, and that's a big of a show stopper for me - Now I suppose you could argue that it's not a big deal if you mail your checks to a checking account at a different bank, and then move your money over - just be sure if you want that to be your linked account that you set it up right the first time!
Posted by SmallBizMan -- March 20, 2009
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