The Bad:
-Quarterly Interest
-Lacking Customer Support, long hold times
-Forfeit of interest if canceling within a quarter.

Overall:
Basically, not as bad as some say but certainly not as good as those who give it a 5/5. The rate is competitive and the minimum is the lowest vs the rate as of the date of this post.

However, customer service is poor and slow and the quaterly payouts remain an annoyance. However, if you use a MM account for emergency savings, it’s fine, as that it shouldnt be touched anyways. The whole point is to have liquid funds in the event of an emergency.

If you’re looking to make big bucks off of a MM account, you’re putting your money in the wrong place.

I apologize if you interpreted my post as suggesting one lie.

Anyone is eligible to join the PTA, so lying is unnecessary. The National PTA (search for it online) costs $25 to join. And again, anyone of any age anywhere can become a member and thus qualify to open an account at Alliant.

If $25 is too much, one can join their local PTA for much less money.

You were too busy misunderstanding my post to write about the main relevant thing of how OneUnited is taking advantage of people’s money by only paying out quarterly (and again, 99% of all other banks pay monthly!).

If one was forced to close their account because they needed the money prior to the quarterly posting, they would lose the accrued interest. Highly unfair!

I was initially impressed by their website and the efficiency with which the forms were presented. They even deposited 56 cents in my account to veriy my identity and account. After I was done giving them all the information, one question remained before I could make a deposit. I made repeated calls, left messages sent emails but never ever got any call back or response to my querry. In the name of service this bank is a big zero.

Just because a bank chooses to only have African American people on their Website doesn’t mean the bank is racist.

This bank caters to not-so-intelligent people of all races. I say not-so-intelligent because one has to be not-so-intelligent to put their money in a bank that only pays interest every 3 months.

Please do not draw the conclusion that they are predominantly going after the African American customer because they feel the African American person will be more willing to accept quarterly interest.

I myself am African American, and while I don’t mind the quarterly interest, I do mind the bank’s horrible customer service. My wait times on the phone exceed one hour sometimes.

And you are losing the point of quarterly interest postings. It’s not about the APY. It’s about the availability of the money. If you close your account before the quarterly posting, you lose the accrued interest since the last posting.

Most every other bank lets you have access to your interest with monthly postings. This is fair.

It is not fair for the bank to get to hold your interest money for those two extra months.

99% of every other bank in the country pays their interest monthly.

They get to make interest off our money right away. Why should we have to wait 90 days to get our interest money?

Over all worst bank ever.

I posted a while ago that OneUnited would slowly lower their rate. There is no way OneUnited or any bank can afford to pay such high rates on a checking or savings account.

Now that OneUnited is down to the same rate as ING Checking and others, there is no reason anyone should keep their money with OneUnited, since they post interest quarterly. If everyone now pulls their money out of OneUnited, OneUnited will be forced to change their interest postings to monthly.

Anyway, OneUnited and others like WaMu Online Savings and ING Checking will continue to lower their rates below 4% as the Fed Funds Rate will be cut, as confirmed today by President Bush. The Fed Funds Rate will go down to 2% and maybe more this year, which means bank and CU rates will fall and fall and fall.

The first Black owned bank and they do a dumb thing like posting interest quarterly. Or maybe it is a smart thing…smart for the bank, as they will make more money. They get to keep all the interest if you close your account between quarterly postings.

And their rate will drop very fast once the Fed Fund Rate drops to 2% this year.

After half an hour on the phone, I’m transferred to a voice mail.

Don’t bother this absurd organization. They have no idea what they’re doing.

I’m now trying to get my money back. What a mess!

http://www.bankrate.com/

Customer Service is terrible and I have waited up to 40 mintues before talking with someone.

If I ever get this account open I will close it. There rate which continues to drop is not worth the hassel. There are e-checking account that are currently paying 6.01%.

If you want to risk putting your money in a bank as sketchy as this one, go right ahead. It is your choice to take what I consider a more aggressive investment. As for me, I will not do business with a company that:
1) has less than average customer service (though not terrible)
2) gives preferential treatment based on race (illegally might I add)

Because of the posting of interest quarterly instead of monthly, and because of the awful customer service, I have decided to skip this bank in spite of their high rate. And their rate will probably come down eventually.

The first problem is they contracted out their signup process, so there is probably a delay in the communication. I signed up, added an account, and even verified trial deposits, and now I have no idea what to do. Is one united going to contact me with what to do next? Do I have to do something? Nothing is clear.

I’ve written one united a couple days ago and haven’t heard back. At this point, I’m not really comfortable with handing them my money, regardless of how good the rate is.

At the time of this post–interest is compounded and credited to the account quarterly.

from page one of the Personal Deposit Account Agreement

Checking Accounts. If you have a Checking Account with
us, you can make a withdrawal by writing a check.

Savings Accounts. You can make withdrawals from your
Savings Account in person or by mail by using our withdrawal
slips.

Sorry if I do not want to read 100 pages of disclosures to find the truth, maybe you can do more with online banking, I do not know

I called the bank’s toll free phone number and the recording said to leave a message and they would call me back tomorrow? WTF

I do not trust this bank.