Universal Bank began its operations in the year 1954. However, despite being in business for almost seven decades, the bank is still classified as small. Their headquarters are located in California. Its total assets amount to $375 million, and out of these, it has deposits of $317 million.
These numbers put the bank in excellent financial health and make it a safe option for opening a basic account. Universal Bank also offers banking services, including CDs, IRAs, online banking, and savings plus checking accounts.
How to Log in
The process of online banking with Universal Bank is extremely easy. Their website is simple and does not have a complex layout. You should open the website of the bank, which is universalbank.com. You will see two options on the homepage, labeled “Personal” and “Business.” For accessing personal banking services, click on the “Personal” option and enter your User ID.
However, signing up for these services is not hard if you have not opted for online banking with Universal Bank. On the homepage, under the Personal and Business options, you will see a link saying “Online Banking Registration”. Clicking on this link will take you to the enrollment process.
This is a three-step process. In the first step, you will need to enter your basic information. This includes your tax and account information so that the Bank can confirm your credentials.
Once these have been confirmed, you will be prompted to create your sign-on information, such as your user ID and password.
In the third step, you will be asked to review this information for inconsistencies. After all of this, your enrollment will be complete. Once it is, you can open the Universal Bank homepage again and enter your login details.
Universal Bank Review
Universal Bank’s headquarters are based in California, and according to finance experts, the bank is in good financial health. It is also FDIC-insured, which means that even if the bank fails, your money is secured up to $250,000.
Universal Bank offers low service rates, which makes it cheaper to open a basic current account in this bank than other banks. It is ideal for people who want a traditional, simple banking experience and do not engage in major online transactions.
One of the main cons of Universal Bank is the low savings rate that it provides. Their savings rate is lower than the national average, so this bank is not the best option for people who want a high return on their savings. In addition to this, it is a relatively small bank, so for people who are looking for in-person service, Universal Bank is not ideal since customers may have to travel a long distance to find their nearest branch.
The bank does not have 24/7 live customer services when it comes to online services. This can be problematic for people who heavily rely on online banking, because of which universal Bank is better for a traditional banking experience but not for the latest online services.