OneUnited Bank


Overview / Commentary
617-457-4400
100 Franklin St
Boston, MA 02110

OneUnited Bank prides itself on being the nation’s first Black internet bank and, at the time of this writing, the largest Black-owned bank in the United States. Headquartered in Boston, MA, the bank was originally established in 1982 as the Boston Bank of Commerce. It changed its name to OneUnited Bank in 2002, and opened its internet “branch” in 2006.

The bank focuses on gathering deposit funds in order to provide mortgage loans to urban communities. OneUnited therefore offers its personal banking customers checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). The bank provides both interest and non-interest-bearing checking accounts, including a checking account for those with poor ChexSystems reports. OneUnited’s savings and money market accounts offer better interest rates for higher account balances, and their CD terms range from 90 days to 4 years. IRAs are available as CDs, with the same range of terms. OneUnited offers its customers convenient and secure access to their funds through online and mobile banking. It also provides access to online bill payment services.

OneUnited Bank also provides business checking accounts, business savings accounts, business money market accounts, and business CDs. The business checking, savings, and money market accounts can be linked together to avoid monthly fees.

Reviews (2)

Stay Far Away From Oneunited Bank

Posted by: |

I would give this bank a negative 5-star if I could. My husband complains every month about this bank regarding a secured card he opted for to build his credit so we can purchase a home. Long story short, they only allow you to make 1 payment per month. In turn, if you need to pay your balance off for a rescore with the credit bureaus to show your score increased to get preapproval for a mortgage - this company will not be in your favor to assist you in doing so. One thing I am is an advocate for what's right. I legitimately researched the company's CEO, COO, and whoever else is at the top of the food chain. They're all on LinkedIn! You can even access their email addresses through Google. My husband reached out asking them to please allow him to pay off his balance. Do you know this so-called "black bank" sent an email stating they only allow 1 payment - even after pleading that we are trying to purchase a home? Stay far away from this bank. Go to Capital One, Credit Unions, and other reputable banks that will help whether you are black or not! I am just disgusted by their ability to even have a mission statement that does the opposite of what they are actively doing to customers. You all should be ashamed of yourselves! We will be filing a complaint with the BBB and FDIC.

Can Not Get Anyone To Help Me

Posted by: |

I have an issue with my credit card and it has been extremely frustrating trying to find someone who can help me with my issue. All they can do is connect me with someone who handles lost or stolen cards and that is NOT my issue. I have called many times and have had no luck. I would not recommend this bank even to my worst enemy.



Health
B+

Health Grade Components

Overall
FDIC Certificate #23966
Year Established1982
Employees118
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.37%
Return on Equity - YTD4.14%
Annual Interest Income$18.1MM
Assets and Liabilities
AssetsQ3 2024vs Q3 2023$572.7MM$593.6MM
LoansQ3 2024vs Q3 2023$419.5MM$446.4MM
DepositsQ3 2024vs Q3 2023$507.2MM$511.7MM
Equity CapitalQ3 2024vs Q3 2023$59.5MM$52.1MM
Loan Loss AllowanceQ3 2024vs Q3 2023$1.7MM$1.7MM
Unbacked Noncurrent LoansQ3 2024vs Q3 2023$527K$973K
Real Estate OwnedQ3 2024vs Q3 2023$0$0
Rates

Rates for OneUnited Bank are currently being reviewed.

Locations


OneUnited Bank Locations
Oneunited Bank100 Franklin StBoston, MA 02110
Roxbury Branch2343 Washington StreetBoston, MA 02108
79th Street Branch3275 N.W. 79th StreetMiami, FL 33147
Crenshaw Branch3683 Crenshaw BoulevardLos Angeles, CA 90016
Grove Hall Branch648 Warren StreetDorchester, MA 02121

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