Are you looking for a Union Bank review? You’ve come to the right place. In this blog post, we will take a close look at Union Bank and determine whether or not it is a scam. We will also discuss the pros and cons of using Union Bank so that you can make an informed decision about whether or not it is the right bank for you.
It is a legitimate bank that offers personal loans to consumers. However, Union Bank has been known to scam customers in the past. For example, in 2016 Union Bank was sued by the state of California for scamming customers out of millions of dollars.
So, is Union Bank a scam? The answer is yes and no. It is a legitimate bank, but it has been known to scam customers in the past. If you are considering borrowing money from them, be sure to read the fine print and understand all of the terms and conditions before signing anything.
Overall, Union Bank is a decent bank, but there are better options out there. If you are looking for a personal loan, be sure to shop around and compare rates. There are plenty of reputable banks that offer competitive interest rates and no prepayment penalties. Union Bank is not one of them.
Who owns Union Bank?
Union Bank is a subsidiary of Union Bankshares, Inc., which is owned by Mr. Masashi Oka, CEO, and President. Union Bankshares, Inc. is also the parent company of Union Community Bank. Union Community Bank is a federally chartered savings bank that was founded in 1864. It has branches in Virginia and North Carolina. Mr. James Vanderburg, Vice President of Customer Care, also owns Union Bankshares, Inc.
In October of 2016, the Federal Trade Commission (FTC) sued Union Community Bank for scamming its customers. The FTC alleged that Union Community Bank charged customers unauthorized fees and made misrepresentations about their personal loans. The bank agreed to pay $22 million to settle the lawsuit.
If you are a customer of this bank, be sure to read the FTC’s warning about the bank. Be aware of any unauthorized charges and make sure you understand the terms of your personal loan agreement. You may also want to consider switching banks.
Union Bank Personal Loans Pros and Cons
There are a lot of personal loans providers on the market, and Union Bank is one of them. You may be wondering if it is worth considering this option. Now, we will discuss the pros and cons.
- Their personal loans are unsecured, which means you don’t have to put up any collateral. This can be helpful if you don’t have any assets to use as security.
- The application process is simple and straightforward. You can apply online in minutes.
- You can get your money quickly, usually within a few days of approval.
- The interest rates are high.
- The minimum loan amount is $5000, which may be too high for some people.
- There have been complaints about the customer service. Some people have reported that they were not able to get help when they needed it.
- It has been involved in a few scam alerts recently. So, be careful and do your research before applying for a loan through this company.
Overall, their personal loans are not the best option out there. There are better providers with lower interest rates and more favorable terms. We recommend exploring other options before deciding on this bank.
Union Bank BBB Reviews
Despite the company’s long history and good BBB rating, Union bank is not accredited by the BBB and many customers have had negative experiences. Some have complained about the high-interest rates and fees charged by the bank, while others have accused them of being a scam.
Here are some Union Bank Consumer Affairs Reviews:
Bahaa of Salem, OR Aug. 10, 2021
[star rating = “1”]
Whatever business you do with this bank, I highly suggest you don’t get a mortgage loan unless you want to close late which was what happened to me. I also had to buy my rate after assuring I wasn’t. My calls/ emails are ignored with zero transparency.
Pop of Lewes, DE Dec. 3, 2021
[star rating = “1”]
They offered the best-fixed rate of the 5 banks I had spoken to with reasonable closing costs but a lower than a 3-star rating. What I found was a Processor working from home who was grossly unqualified and totally preoccupied with home issues that directly affected his ability to properly, accurately, and timely process our Refi. His supporting Staff, BC Law Firm, and Landel Title companies never seemed to have the information they needed and fell far short of providing accurate support.
Bob of Los Angeles, CA June 21, 2020
[star rating = “1”]
It is my considered opinion, that UB is fraudulent-they bought other banks, and thus their loans, HELOCS, etc. But when a mortgage(s) is paid the original documents if demanded must be surrendered-but alas UB is SO disorganized they could not produce these documents-thus the fraud-they used the telephone to defraud us out of our home-a very expensive home. Our attorneys will pursue MUFG instead of UB as they are the parent-they owe me a new home-and time will tell-but legally no footing at all for them-they cannot prevail-if anyone else had an assumed HELOC with UB do contact me-a matter of “Class” with extenuating circumstances is being considered by our contingent attorney.
Is Union Bank a legitimate company?
This is a question that has been on the minds of many consumers in recent months. There have been scam alerts and negative reviews about Union Bank popping up all over the internet, and now there is even a lawsuit filed by the FTC.
So, what is the truth? Is it a scam? Or are they a legitimate company that has had some bad luck lately?
Well, unfortunately, it appears that Union Bank may be more scam than legit. There have been numerous complaints from people who say they were scammed by Union Bank, and the FTC lawsuit seems to back these allegations up.
In short, if you are looking for a reliable and trustworthy bank, it would be best to steer clear of Union Bank. There are plenty of other banks out there that are much more reputable and will be a better choice for your banking needs.
If you have had a negative experience with Union Bank, we would love to hear about it. Please share your story in the comments section below. We want to help spread the word so that others can avoid Union Bank and all of the problems it has been causing lately. Thank you for your help!