When UFB Direct increases their rate, it only applies to the newly named account. Previous named accounts opened at a lower rate do not receive the new higher rate, unless a conversion to the newly named account is requested. I have converted to the newly named account 4 times now. The last time I requested a conversion, it took 2 weeks to get the higher rate applied to my account. Most other banks apply rate increases to their customer's existing accounts. UFB Direct does not. Apparently, they profit by paying less interest on previously opened accounts, where the stays the same, unless YOU request the account be converted to the NEWLY advertised account NAME and HIGHER RATE. UFB Direct will continue this practice until depositors realize they are getting taken to the cleaners.
Review on the Parent Bank
RAPG
Dec 21, 2024
Correction: Apparently, they profit by paying less interest on previously opened accounts, where the lower rate stays the same, unless YOU request the account be converted to the NEWLY advertised account NAME and HIGHER RATE. UFB Direct will continue this practice until depositors realize they are getting taken to the cleaners.
FredB
January 6, 2023 |
Ugh! I filled in all of the info requested, and received an email asking for documents (driver's license and utility bills). I sent them. Then I received a second request, this time with a link to go to for upload. I uploaded the documents, hit 'upload,' and got a message that my documents were not saved. I tried again with same result. I replied to the next two emails requesting documents (one of which told me to submit my driver's license and utility bill twice!), but never heard back. Complete waste of my time.
Review on the Parent Bank
Georgie
November 22, 2022 |
Pretty neat cycle here. They raise their rate. I think my rate was raised. Learn later that the higher rate is for a different account. Call and bicker and then need to apply for a new account. Meanwhile, I have been making a non-competitive rate. It has happened twice now. This time I will open a new account. At a different bank.
Review on the Parent Bank
Roger That
October 11, 2022 |
Roger that It is awful and condescending.
Review on the Parent Bank
Roger That
Dec 21, 2024
To be clear, my review was 1/2 star because the system wouldn't accept no stars. The system then changed it to one star. Should be no stars.
RoyT
September 28, 2022 |
Stay away from UFB Direct. This will end in real frustration and loss of your money and time.
RAPG
March 13, 2023 |
When UFB Direct increases their rate, it only applies to the newly named account. Previous named accounts opened at a lower rate do not receive the new higher rate, unless a conversion to the newly named account is requested. I have converted to the newly named account 4 times now. The last time I requested a conversion, it took 2 weeks to get the higher rate applied to my account. Most other banks apply rate increases to their customer's existing accounts. UFB Direct does not. Apparently, they profit by paying less interest on previously opened accounts, where the stays the same, unless YOU request the account be converted to the NEWLY advertised account NAME and HIGHER RATE. UFB Direct will continue this practice until depositors realize they are getting taken to the cleaners.
Review on the Parent BankRAPG
Dec 21, 2024
Correction: Apparently, they profit by paying less interest on previously opened accounts, where the lower rate stays the same, unless YOU request the account be converted to the NEWLY advertised account NAME and HIGHER RATE. UFB Direct will continue this practice until depositors realize they are getting taken to the cleaners.
FredB
January 6, 2023 |
Ugh! I filled in all of the info requested, and received an email asking for documents (driver's license and utility bills). I sent them. Then I received a second request, this time with a link to go to for upload. I uploaded the documents, hit 'upload,' and got a message that my documents were not saved. I tried again with same result. I replied to the next two emails requesting documents (one of which told me to submit my driver's license and utility bill twice!), but never heard back. Complete waste of my time.
Review on the Parent BankGeorgie
November 22, 2022 |
Pretty neat cycle here. They raise their rate. I think my rate was raised. Learn later that the higher rate is for a different account. Call and bicker and then need to apply for a new account. Meanwhile, I have been making a non-competitive rate. It has happened twice now. This time I will open a new account. At a different bank.
Review on the Parent BankRoger That
October 11, 2022 |
Roger that It is awful and condescending.
Review on the Parent BankRoger That
Dec 21, 2024
To be clear, my review was 1/2 star because the system wouldn't accept no stars. The system then changed it to one star. Should be no stars.
RoyT
September 28, 2022 |
Stay away from UFB Direct. This will end in real frustration and loss of your money and time.
Review on the Parent Bank