Who is UFB Direct Bank?
This UFB Direct review has uncovered the pros and cons of banking with UFB Direct Bank; a division of Bofl Federal Bank. Bofl Federal was founded in 1999 and is an FDIC insured bank. UFB Direct is a division under Bofl Federal that works as an online bank. UFB Direct rewards you for everyday banking necessities with airline mileage that can be redeemed through participating airline partners.
UFB Direct offers excellent interest rates for anyone hoping to open an online savings account. Their fees are lower from other banks and they provide FDIC insured banking products. The online bank can pass along their cost savings to you by having people use their online site versus coming into a physical branch.
In this UFB Direct Review we’ve found quite a few benefits. They have excellent customer service, and are prompt to reply to phone calls and emails. Other than having excellent customer service, there are other benefits which include:
- Free online bill pay services.
- UFB Direct offers 100% safety guarantee for any losses due to withdrawals without your authorization.
- Free mobile deposit and mobile banking.
- There is no minimum balance required for the checking account
- No monthly maintenance fees.
- Unlimited ATM reimbursements for transactions on ATMs in the United States
To bring new customers and to provide loyal service to existing customers, UFB Direct provides and airline rewards program for checking accounts. For every $2 of debit transaction that is posted to your account, you will earn 1 mile. Those points can be redeemed for airline tickets.
In this UFB Direct Review we’ve discovered several cons. To open an account there is a minimum requirement of $100, and the interest rates offered by UFB Direct are significantly lower from other online banks. Other drawbacks include:
- You are limited to 120,000 airline miles you can earn in one calendar year.
- Not all airlines are participating in UFB Directs airline rewards plan.
- To open an account there is a minimum required opening balance of $100.
- In order to earn the highest interest rates offered on the savings account, you have to have over $24,999.99 in the account.
- You can only withdraw $310 a day from an ATM.
- The minimum amount required to open a money market account is $5,000.
- For the money market account, there is no monthly maintenance fee as long as you keep $5,000 in the account. If the amount drops below that amount, the fee is $10 a month.
The interest rate for the savings account is very good if you have over $25,000 in the account. If you have anything under that amount, the interest rate is considerably lower than other online banks.
Is UFB Direct a Good Choice?
We know that finding an online bank can be a difficult decision. At the end of this UFB Bank Review we’ve determined that if you are an avid traveler and want to earn miles through a checking account, then UFB Direct is a great option for you. UFB Direct also has great customer service.
Otherwise, their interest rates are not as competitive as other banks. If you are looking for an online bank to provide the best interest rates for your money, there are other banks available with considerably higher interest to help you grow more money.
PO BOX 509127
San Diego, CA 92150-9948
Customer Service Number