Bank VIP programs and accounts can often be worth it if you can meet the minimum requirements, which is often a high deposit or investment amount that isn’t possible for many regular banking customers. In exchange for keeping higher amounts with the bank, you get benefits and perks, including better investment options and rates.
All banks offer some type of VIP program or private banking options for their wealthier customers that are looking to invest or just keep a lot of money in the bank and use its services; this includes the big banks like Chase, Bank of America Private Bank, Citi, and Wells Fargo.
Is Union Bank Private Advantage Checking Account Worth It?
The Union Bank Private Advantage Checking account is absolutely worth it for your day-to-day banking needs. However, you must be a Union Bank Private customer before opening the checking account, and that requires $250,000 minimum daily in your Union Bank accounts, which includes the checking account and any investments and savings.
Union Bank Private is best for high wealth individuals that want to invest but still have easy access to their money if the need arises, so they offer lower yield investments with easier access to liquify those investments and flexible higher rate deposit accounts.
- No monthly fees across up to 20 accounts
- Preferred rates on savings accounts
- No ATM fees worldwide
- Free wire transfers domestic and international
- Access to a Union Bank Private Mastercard
- No overdraft fees
The account is not for anybody who can’t keep the minimum balance across all of their accounts; it’s meant to benefit wealthier customers rather than standard day-to-day customers.
How Does Union Bank Private Advantage Checking Account Work?
The Union Bank Private Advantage Checking account is only available to Union Bank Private customers, so it’s more of a benefit to being a customer with minimum levels of money invested with Union Bank Private. Its primary advantage is that almost all fees are waived for your day-to-day banking use.
As a Union Bank Private customer, you get access to a team of investment specialists who can help you keep your money available while still earning the best interest possible so that if you need access, you can get it easily and with limited costs for early removal.
How is Union Bank Private Advantage Checking Account Different?
The Union Bank Private Advantage Checking account offers several advantages over standard Union Bank checking accounts by offering no fees at any point, no transaction fees locally or internally, and no overdraft fees, and you get access to personalized service.
With a standard Union Bank checking account, you don’t get any personal service, and you just deal with anybody available. You also have fees for non-MUFG ATMs if used more than twice per month and fees for international transactions.
Union Bank Private Advantage Checking Account Pros & Cons
What are the Main Reasons People Sign Up for a Union Bank Private Advantage Checking Account?
The primary reason to sign up for a Union Bank Private Advantage Checking account is that you want lower fees on local and international transactions and access to higher limits on transactions and withdrawals. The account comes as a perk as a Union Bank Private customer only.
Customers wanting personalized service from a team dedicated to their needs will need to sign up for Union Bank Private. Anybody tired of dealing with too many people that don’t understand their needs see a massive benefit from working with Union Bank Private.
Flexible Investment Options
Customers can choose Union Bank Private as a way to invest large amounts of money into flexible investment options that make it easy to liquify if needed.
Many other private investment banks or VIP programs will invest money into opportunities that can’t easily be liquified, so the money is locked into long-term investments, which isn’t ideal for every customer.
Union Bank Private Advantage Checking Account vs. Competitors
|Wells Fargo Private||Chase Private Client||Bank of America Private||Citigold||Union Bank Private|
|Monthly Cost||$0||$0 – $35||$0||$0||$0|
|Fees Waived On Checking Accounts||✓||✓||✓||✓||✓|
|Dedicated Advisor Team||✓||✓|
|Day-to-Day Banking and Saving||✓||✓||✓||✓||✓|
|Loans Backed By Investments||✓||✓||✓|
|Commission Free Online Trading||✓|
How Do I Open a Union Bank Private Advantage Checking Account?
To sign up for the Union Bank Private Advantage Checking account, you first must open a Union Bank Private account. You can connect with Union Bank Private on their website.
Once you provide the required information, they will call you back to discuss your requirements and ensure you and the bank are a good fit.
You must have a $250,000 minimum to open the account and keep it available each month; this can be left in your checking account, savings accounts, or any investment accounts with Union Bank.
Without this minimum, you won’t be able to open the account or keep it open, and you will be converted to a standard Union Bank customer.
Union Bank Standard Checking Account
If the Union Bank Private Advantage Checking account is not possible, you can review other options with Union Bank. They provide similar standard checking accounts with no monthly fees and no minimum deposit requirements, though transaction fees are applicable.
Union Bank Priority Checking Account
Your other option is the Union Bank priority checking account, which offers very similar services and either a $35 monthly fee or if you keep a $25,000 minimum across your accounts, or if you have a linked Union Bank mortgage.
This is actually a better option than the Union Bank Private checking account if you don’t specifically want to use other Union Bank Private services.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.