UFB Direct Bank Review – a subsidiery of Affinity Financial Corporation
Posted on December 15th, 2009 in Bank Reviews | No Comments »
The following is a review for UFB Direct. The account I used for testing purposes has been open over 1 year.
I’ll try to answer the following for you:
- Is UFB Direct safe to use?
- Who is UFB Direct?
- Is it easy to set up an account here?
- Once I have an account, what can I expect?
UFB Direct is a subsidiery of Affinity Financial Corporation and is a safe and reliable place to park your cash. They also often have very decent rates for Certificates of Deposit (CDs). How do I know it is safe? You ask, well…the bank is an FDIC member. Check out their FDIC information by click here.
The drawback here is the lack of ACH transfers, at least not free ones.
Link(s):
Signing Up:
Signing up was pretty simple and standard 10 minute process. I did have to wait for a signature card to come via snail mail and this was an annoyance but necessary with many other banks. In the long run, I’ve always felt that taking the extra step to protect security and identity comes prioritized of convenience (to a degree). From starting the application until everything is set up and account is funded took about 8 business days.
Support:
I Made several calls to ask random questions, one of which was about the free ACH (or lack thereof) transfers. Via phone call, I got the answer needed quickly. Hold time was only about 7 minutes. I emailed them to get some FDIC information from them. Could have done the research but wanted to see how quick and willing they were to hand over that material. It took 2 days Overall, support was as it should be. No complaints.
Website: Not very intuitive.
Interest Payments: When this account was first opened, it was paying more than FNBO and so I decided to switch over here. Throughout the least year or two, interest rates have gone over and under the par of high yield savings and money market accounts. Interest rate moved below competitors for a while (5+ months) and has recently started an upward trend again. I don’t allocate all my money here, but it pays to let some of it sit here.
