OneUnited Bank Review: Bank With a Black-owned Business and Receive Your Paycheck up to 2 Days Early

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

OneUnited Bank: Overall Bank Rating

OneUnited Bank: Pros and Cons

OneUnited Bank Black Wall Street Checking Account

You might like the OneUnited Bank Black Wall Street Checking Account if you want to receive your paycheck up to two days early, and don't want to worry about monthly service fees.

You may want to look elsewhere if you're worried about overdrawing, though. OneUnited lets you set up overdraft protection by connecting your checking account to another OneUnited account, but you'll have to pay $20 each time you tap into overdraft protection.

OneUnited Bank BankBlack Savings Account

The OneUnited Bank BankBlack Savings Account could be a good fit if you set up direct deposits to waive the monthly fee.

The interest rate is lower than what you'll earn at other brick-and-mortar banks. You must also keep a $200 balance to earn interest.

OneUnited Bank UNITY Gold E-CD

You only need OneUnited Bank UNITY Gold E-CD to open a CD with OneUnited, while generally, banks require at least $1,000. Interest rates are low compared to the best online banks, though.

How OneUnited Bank Works

OneUnited is a Black-owned bank with three branches in the Boston area (the Roxbury branch is temporarily closed), four in the Los Angeles area, and one in Miami. But if you don't live near a branch, you can bank online with OneUnited nationwide.

OneUnited has around 100,000 free ATMs around the country. The bank won't charge you a fee if you use an out-of-network ATM, but the ATM provider may.

The OneUnited mobile app has 4.7 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.

Call customer support Monday through Friday, 8 a.m. to 7 p.m. ET. Customer support is not available on weekends.

Your accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.

The Role of Black-led Financial Institutions

There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.

OneUnited Bank is certificated as a community development financial institution (CDFI). CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.

If you have a negative bank account history, OneUnited Bank offers a second chance checking account. The bank account doesn't offer checks, but you can send transfers and use a debit card.

The bank also hosts financial literacy events in its communities, such as #BankBlackMiami and Smart Money Summer School workshops.

OneUnited Bank Trustworthiness and BBB Rating

The Better Business Bureau gives OneUnited an A rating because it has a high volume of customer complaints. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business. A good BBB rating will not ensure that you will have a good relationship with a bank, so it's important to also get an alternative perspective from friends, family, or online customer reviews.

OneUnited doesn't have a history of public scandals. 

You may like banking with OneUnited if you want to use a Black-owned bank that invests resources in its communities.

OneUnited Bank Review vs. Citizens Trust Bank Review

If you prefer in-person banking, your choice between OneUnited and Citizens Trust will probably come down to location. OneUnited has branches in Los Angeles, Boston, and Miami, while Citizens Trust is in Georgia and Alabama.

But if you're banking online, there are a few other ways to decide between the two banks. You may prefer OneUnited if you want to get your direct deposits up to two days early. But Citizens Trust has several types of checking accounts, so you may find one that better suits your needs.

OneUnited Bank Review vs. Liberty Bank and Trust Review

Liberty Bank and Trust has branches in more states than OneUnited, but it has significantly fewer free ATMs. If you use ATMs often, you may want to go with OneUnited.

If you're after a good interest rate on savings or CDs, you might prefer Liberty. If you would prefer to open a CD with less than $1,000, you might lean more toward OneUnited.

OneUnited Bank: Frequently Asked Questions

Is OneUnited a good bank?

OneUnited Bank might be worth considering if you're searching for a checking account. The OneUnited Bank Black Wall Street Checking Account has a low minimum opening deposit and charges zero monthly service fees. You can also receive your paycheck up to two days early because the account offers early direct deposit.

You also might consider OneUnited Bank if you've struggled to open a bank account due to your bank account history. OneUnited Bank offers a second chance checking account, which means it doesn't take into consideration your history in Chexsystems.

Does OneUnited Bank have monthly fees?

The OneUnited Bank BankBlack Savings Account charges a $5 monthly service fee unless you have monthly direct deposits. 

As for the checking accounts, it will depend on which one you would like to open. The OneUnited Bank Black Wall Street Checking Account doesn't charge any monthly service fees, but the bank's second chance checking account has a $12 monthly service fee that can't be waived.