UFB Direct serves customers nationwide who are looking for a way to get higher savings rates and lower fees on FDIC insured products by leveraging their Efficient Banking Platform ™. Skip the long lines at the branch, skip the traffic, do all of your banking by Internet, by telephone, and by mail – it saves the Bank money and those savings are passed on to you. In the end, you get one of the highest savings rates in the country, lower fees, better benefits, and you never have to go into a branch again!
According to the Google Advisor, the UFB Direct accounts are FDIC insured. That is not true per the FDIC and even the fine print at the bottom of the bank's website.
I jumped through all their hoops to start an account (took over a week to get everything reviewed and approved. Nothing instantly approved on the web) only to find that they have a $2000 a day or $5000 a month limit on external account transfers. The only way you can transfer more than $2000 is to link an external account and make the transfers from there or write a check. I cannot link an external account to my checking account and dealing with paper checks is not acceptable. Be careful of starting an account if you need to transfer more than $2000 at a time or more than $5000 a month.
I read the posts about FDIC insurance. I reviewed my bank statements on accounts I have at UFB. August and September were printed on Bank of the Internet USA bank statements. October is on BofI Federal Bank Statement. On those statements it states UFB Direct accounts powered by Bank of the Internet etc.
I talked to the FDIC and they said they would not have a list of internet subsidiary banks of BofI Federal....that you should contact them directly, which I did, and they state that both B of Internet and UFB Direct are subsidiarys on the same FDIC Charter.
They are not insured seperately, so the totality of deposits at the banks divisions are subject to the insurance of the one FDIC certificate; account holder is insured to $250k in entirety for accounts owned by BofI Federal; is how I am understanding this.
If anyone has more info, I am interested in knowing how FDIC is not informed of all operating divisions of a Bank? This is pretty unsettling to me!
I just closed my account here. It was very problematic to even log on to the account. Every time, I had to request an "access code" (because they didn't recognize my computer?). And transferring money in and out of the account was also very complex. Forget about getting Quicken access. The customer service people sound very unknowledgeable, too. I'd love to get the 1.3% interest (I'm getting 1.1% now at Captial One), but I just don't trust this place. 5 stars for interest rate, one start for everything else.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 UFB Direct had $18.12 million in non-current loans and owned real-estate with $284.68 million in equity and loan loss allowances on hand to cover it. This gives UFB Direct a Texas Ratio of 6.36% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for UFB Direct decreased dramatically from 9.76% as of September 30, 2012 to 6.36% as of September 30, 2013, resulting in a positive change of 34.76%.This indicates that the balance sheet and financial strength for UFB Direct has improved dramatically in recent periods.
In the past year, UFB Direct has increased its total deposits by $344.5 million, resulting in 18.48% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth UFB Direct has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. UFB Direct has $3.28 billion in assets with $284.68 million in equity, resulting in a capitalization level of 8.67%, which is average.
|FDIC Certificate #||35546|
|Assets and Liabilities|
|Equity Capital||$270.13 million|
|Loan Loss Allowance||$14.55 million|
|Unbacked Noncurrent Loans||$15.65 million|
|Real Estate Owned||$2.47 million|
|Historic Data - September 2012|
|Equity Capital||$208.69 million|
|Loan Loss Allowance||$10.17 million|
|Unbacked Noncurrent Loans||$15.65 million|
|Real Estate Owned||$370,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.9%|
|Return on Assets||1.57%|
|Return on Equity||18.85%|
|Interest Income||$111.05 million|
Always verify rates and promotions with the bank or credit union. We are not UFB Direct, we are a rate comparison website and can not provide official rates or promotions.
|0.20%||-||-||Airline Rewards Savings|
UFB Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 4350 La Jolla Village Drive, - San Diego, CA 92122