United Bank of El Paso Del Norte: Spanish-American property

Overall rating of the bank

Advantages and disadvantages

Verification

Annual percentage return (APY)

Nothing

  • Advantages and disadvantages

  • Details


  • Advantages
    • No minimum opening deposit
    • Ability to waive monthly service charges
    • No overdraft fees
    • No out-of-network ATM fees
    • Refunds on up to 5 off-grid ATM transactions per month
    The inconvenients
    • $ 5 monthly service charge
    • No debit card
    • No ATM network
    • Fee of $ 0.25 per withdrawal if you make more than 12 check withdrawals per month
    • Bank owned by Hispanic Americans
    • 3 branches in Texas (Downtown El Paso, West El Paso, East El Paso)
    • No ATM network
    • No out-of-network ATM fees
    • Refunds on 5 off-network ATM transactions
    • To avoid monthly service charges, maintain at least $ 500 in your account daily
    • 12 free check withdrawals per month; $ 0.25 fee on each charge after the limit
    • FDIC member

    The United Bank of El Paso del Norte Basic Checking Account is a decent option if you are looking to open an account with no minimum opening deposit. To waive the monthly service charge of $ 5, you will need to keep at least $ 500 in your account daily.

    However, if you are looking for easy access to your money, this account has a few drawbacks. There is no debit card included and many other banks offer cards. There is also no ATM network available through the United Bank of El Paso del Norte. While there is no off-network ATM fee, you will only receive refunds on five off-network ATM transactions per month.

    There is also $ 0.25 on each check withdrawal that exceeds the limit of 12 monthly transactions.

    CD

    Annual percentage return (APY)

    0.05% to 0.20% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 500
    The inconvenients
    • Low APY
    • Early withdrawal penalties
    • Interest compounded monthly, not daily
    • Bank owned by Hispanic Americans
    • 3 branches in Texas (Downtown El Paso, West El Paso, East El Paso)
    • Early withdrawal penalties: Withdrawal penalties will depend on the amount you have deposited and the length of the mandate
    • The terms range from 6 months to 5 years
    • Interest compounded monthly, deposited monthly
    • FDIC member

    CDs can be opened with a minimum of $ 500 and for terms ranging from six months to five years.

    However, if you are looking for a high APY on a CD, you might prefer to check out some of the options in our best guide to CD rates.

    Money market account

    Annual percentage return (APY)

    0.01% to 0.05% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • No minimum opening deposit
    • Ability to waive monthly service charges
    • Check writing option
    The inconvenients
    • Low APY
    • No debit card
    • $ 5 monthly service charge
    • $ 5 fee on each check or withdrawal after the 3 month limit
    • Interest compounded monthly, not daily
    • Bank owned by Hispanic Americans
    • 3 branches in Texas (Downtown El Paso, West El Paso, East El Paso)
    • No ATM network
    • No out-of-network ATM fees
    • Monthly refunds on 5 off-network ATM transactions
    • To waive the $ 5 monthly service charge, keep at least $ 100 in your account daily
    • Graduated Interest Rate: Earn 0.01% APY on account balances between $ 0 and $ 9,999; Earn 0.02% APY on account balances between $ 10,000 and $ 49,999.99; Earn 0.04% APY on account balances between $ 50,000 and $ 99,999.99; Earn 0.05% APY on account balances over $ 100,000
    • Interest compounded monthly, deposited monthly
    • FDIC member

    The United Bank of El Paso del Norte Money Market Savings Account is the bank’s only savings account. This can be a decent option if you’re looking for an account that doesn’t require a minimum opening deposit.

    For a money market account, the United Bank of El Paso del Norte Money Market Savings Account does not have many ways to easily access your money. It only has a write-by-check option – no debit card – and will charge you $ 5 on every check or withdrawal that goes over its three-month transaction limit.

    How United Bank of El Paso del Norte works

    United Bank of El Paso del Norte is a Hispanic American bank with three branches in El Paso, Texas. The bank does not have an ATM network but reimburses up to five off-network ATM transactions.

    Customer service is available by phone or in bank branches Monday to Friday from 8:00 a.m. to 6:00 p.m.

    United Bank of El Paso del Norte’s mobile app currently has 5 Perfect Stars in the Google Play Store and 4.6 out of 5 stars in the Apple Store.

    As an FDIC insured bank, individual accounts are protected up to $ 250,000 and joint accounts are secure up to $ 500,000.

    East United Bank of El Paso del Norte reliable?

    In 2019, the

    Federal Reserve
    The board of directors has issued a cease and desist order on United Bank of El Paso Del Norte, saying the bank has poor risk management and compliance policies regarding money laundering regulation. The bank had to submit to the state government a plan and progress on how it would deal with these issues.

    To better understand how a bank handles customer service dilemmas, we take a look at Better Business Bureau ratings. United Bank of El Paso del Norte is rated A +. However, a good BBB rating does not guarantee that your interactions with a bank will be the same as the experiences of other customers.

    If you want to find out if United Bank of El Paso del Norte is a good option for you, you can talk to your friends and family if they’ve done any banking at the financial institution, or read customer reviews online. line.

    How? ‘Or’ What United Bank of El Paso del Norte compared

    We compared the United Bank of El Paso del Norte to two other Hispanic American banks in Texas: the Texas National Bank and the Rio Bank.

    United Bank of El Paso del Norte v National Bank of Texas

    If you’re looking for bank accounts that offer a higher APY, Texas National Bank will give you more compelling choices. The National Bank of Texas Personal Savings Account has structured interest with a decent rate on higher balances. Meanwhile, United Bank of El Paso del Norte has no savings account to compare.

    CD prices
    are also higher at the Texas National Bank.

    You may prefer United Bank of El Paso del Norte if you want to open an account with a low minimum opening deposit. You can open a checking or monetary account with $ 0, or a CD with $ 500. At Texas National Bank, you will need to deposit more, especially with CDs, which require at least $ 1,000 to open.

    United Bank of El Paso del Norte v Rio Bank

    If you’re looking for a Spanish American bank with a larger branch and presence on an ATM network, Rio Bank is likely to be more appealing. The bank has 15 branches in Texas and is part of the Allpoint ATM network, which provides access to more than 55,000 free ATMs.

    Both banks offer decent CD options, but choosing between the two will depend on your preferences. United Bank of El Paso del Norte has terms of less than one year and a lower minimum opening deposit. Rio Bank offers a higher APY and low early withdrawal penalties.

    About Scott Conley

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