Answer: For our checking accounts, statements are provided monthly. For our savings accounts, statements are provided quarterly.
Bank statements are provided by mail or you can enroll in our eStatement Delivery Service and receive your statements online. To receive eStatements, simply select the “eStatements” tab in Online Banking. There is a $1 per month fee to receive paper statements for online checking accounts. You can save this fee by enrolling in our eStatement Delivery Service.
For savings accounts, you will may receive a monthly Interim Statement in the mail (or online if you enroll in eStatements) if you conduct electronic transactions (such as ACH deposits or withdrawals) during the month. This Interim Statement will provide information on your transactions only (not interest).
There is no bank statement for our online E-CD account.
Answer: Yes. If you have a checking, savings or money market account, you can enroll in the OneUnited Bank eStatement Delivery Service and receive your statements and images of canceled checks online. With OneUnited Bank’s eStatement Delivery Service, we will provide you with a free, convenient and environmentally friendly electronic version of your account statements and other documents, disclosures and communications. To receive eStatements, simply select the “eStatements” tab in Online Banking. (If you have not enrolled in Online Banking, simply enroll by clicking here.)
Answer: For security purposes, we must receive your change of address request by mail or fax with a clear, readable copy of a government issued identification card. You can mail your request to OneUnited Bank, Internet Banking, 3683 Crenshaw Blvd. Los Angeles, CA 90016 or fax your request to (323) 290-8245. Please be sure to include your name, account number, old address, new address, updated telephone number, email address, your signature and a copy of your identification.
Answer: Yes. OneUnited Bank is an FDIC insured institution. If you would like more information on deposit insurance coverage, please visit the FDIC website (www.fdic.gov) or contact the FDIC.
Answer: Yes, OneUnited Bank is really Black owned. Our majority owners are our Chairman & Chief Executive Officer, Kevin Cohee and our President & Chief Operating Officer, Teri Williams. All of our board of directors and management team, the majority of which are African American, also own shares in OneUnited Bank. The FDIC has a website for Minority Depository Institutions or MDIs that provides information on Black banks including Black owned banks. Please visit the FDIC website for more information and to confirm our status as Black owned. Please visit our website for more information on OneUnited Bank by clicking here.
Answer: Yes, OneUnited Bank is an FDIC insured and regulated financial institution, which means your deposits are insured up to $250,000. However, the deposit insurance and regulations by the FDIC are unrelated to who owns the bank. Many people do not know that banks are owned by people, similar to other businesses. Some banks are publicly held, while many are privately owned. OneUnited Bank is a privately owned, Black owned bank.
Answer: Yes! OneUnited Bank encourages everyone to not only move your money, but to also move your mind to do more business with Black owned businesses. So…to not only #BankBlack, but also #BuyBlack. Black owned banks are more likely to lend to Black people and Black owned businesses are more likely to hire Black people, have offices and provide services in Black communities. By circulating more dollars in the Black community and practicing collective economics, we can build wealth.
According to the FDIC MDI Research Study 2001-2013, minority depository institutions (MDIs) are significantly more likely to lend in low to moderate income (LMI) communities and to minority borrowers than non-MDIs. According to the FDIC study, “African American MDIs appear to be particularly successful in their mission of serving African American borrowers.” The study shows that the share of home loans made to Black borrowers in 2011 was 67 percent for Black banks, compared to less than 1 percent for other community banks in that year. All funds deposited in OneUnited Bank are used for loans.
Maggie Anderson, activist and author of “Our Black Year” has written extensively about her family’s experience buying exclusively from Black owned businesses for one year. She taught us that we can increase jobs in the Black community by simply spending more of our dollars with Black owned businesses that are more likely to hire Black people. According to Maggie, if we increased the percentage of our $1.2 trillion in annual spending to Black owned businesses from 2% to 10%, we could generate over 1 million jobs.
Question: Are you going to open more branches?
Answer: We do not have plans to open more branches at this time. Depending on the location, operating a bank branch can cost $250,000 to $500,000 per year. OneUnited Bank made the decision to invest in technology, such as online banking, mobile banking and bill pay and offer lower fees and higher rates on deposits to benefit our customers rather than open more branches.
Technology is changing the way many people use banking services. For instance, today the volume of electronic payments like bill pay and debit or credit cards, exceeds the volume of checks. Many people are accessing their accounts to check their balance, transfer funds or pay bills using mobile banking on their cell phones rather than coming into a bank branch. As an example of how technology is changing the world, you may remember Blockbuster, which had thousands of stores that were replaced by online streaming services like Netflix or Hulu. We hope you will give our online banking services a chance. We are confident that you will enjoy the experience and continue to #BankBlack.
Answer: We are a Community Development Financial Institution. The majority of our lending is done in low-to-moderate income communities. For ten years, we were a Bank Enterprise Award by the U.S. Department of Treasury for our community development lending. For more information, visit our website (www.oneunited.com) under the Chairman’s Letter section.