It sounds like a pretty solid deal, no?
The catch, however, is that unlike other cash back checking account’s we’ve covered, this is strictly a promotional offer and the window in which you can receive the 5% cash back is finite, and in our opinion, not very rewarding. Plus, this deal is only available to banking consumers within Union Bank’s geographical scope which consists only of the west coast.
How this account and promotional offer from Union Bank break down:
- For a limited time (through February 2012) you can apply for this debit/checking account with Union Bank and simply mention the 5% cash back promotion and be eligible for it so long as you can dump at least $100 into the account.
- What’s disclosed in the fine print, however, is a little less enticing. For starters, you’ll only earn this advertised 5% cash back on debit card purchases up to $250 from now (or whenever you open the account) until the end of May. So by my calculation you’ll only stand to earn $12.50 if you max out the cash back program. Plus, they wont even plop this measly sum into your new checking account until the end of June.
- Another word of caution with this account is the monthly service fees. While Union Bank is certainly less stringent on rules concerning fee’s than most of the country’s other large banks, they do still exist. On the most basic of their checking accounts, the “Union Bank Essentials Checking” you’ll be able to avoid their monthly fees (which we believe vary between $8 and $11 monthly) if you set up a direct deposit of at least $100 a month into the account. So again, far more lenient than these checking accounts.
If you’re young and opening your very first checking account, this may be a decent deal, just remember you’ll need to deposit $100 into the account every month to avoid fees. And pay close attention to your balance before making purchases or cash withdrawals because you’ll suffer a loss of $33.00 if you overdraft the account.
You can contact Union Bank regarding this offer at: 1-800-818-6060.