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First new checking account in five years, Bank Freely, offers simplicity, low cost, convenience for clientsUnion Bank® has launched its first new major checking product in five years – a low-cost account that carries the name Bank FreelyTM.
“Bank Freely was created in response to feedback we heard from consumers, who told us they don’t like fees or sometimes find them confusing,” said Pierre P. Habis, Head of Consumer Banking.
“It’s a very competitive product and we think it will drive new client relationships for us,” Habis said.
As the name suggests, Bank Freely gives clients the opportunity to do their bank-ing without paying fees that checking accounts traditionally carry. Bank Freely features include:
• No Monthly Service Charge.
• No minimum balance requirement to open.
• No Union Bank ATM fee for ATM access worldwide; plus Union Bank will rebate the first two surcharges assessed by non-Union Bank ATM owners or operators per statement period.
• No Deposit Overdraft Protection Transfer Fees. (Overdraft Fees may still apply.)
• No overdraft fees for overdrawn Avail-able Balances of less than $5.
“We’ve designed Bank Freely with the features that today’s consumers want most in a checking account,” said Dan Goldman, Head of Consumer and Small
Business Deposit Products.
“This new checking account lets clients bank without impediments or what I like to call ‘fee friction.’ It’s easy to understand, has no monthly fees, and offers conve-nient access to cash,” Goldman said.
Elaine Genevro, Head of Branch Banking, said Bank Freely will help the bank attract new, first-time clients.
“We expect there will be a lot of people who have never banked with Union Bank who will be excited about what Bank Free-ly has to offer,” she said.
While the new product is designed to offer consumers a high value proposition, it is also expected to bring great value to Union Bank, said Brian Milton, Head of Retail Products and Payments.
“Growing the bank’s portfolio of primary consumer checking accounts is a top priority,” he said.
“When we talk about primary accounts, we mean accounts that people use for di-rect deposit, everyday purchases, and bill payments, whether it’s done using their debit card, online bill pay, checks, or cash they withdraw from an ATM,” Milton said.
“Customers who use us as their primary checking are of high value to the bank, as they stay with us 30% longer, and have over three times more products than our non-primary account-holders,” he said.
Currently, Bank Freely can be opened by visiting a Union Bank branch, with plans to launch Online Banking account open-ing soon.
Confidential - For Internal Use Only
Newsletter of the MUFG Union Bank, N.A., Retiree Association
May 2019Retiree Association News
Mortgage Consultant provides clients in traumatic situation a memorable experienceWhen a husband and wife who are Home Loans clients were going through a trau-matic situation that they’ll never forget, the Union Bank team that serves them provided a client experience they will always remember.
With the wife being pregnant, the couple wanted to refinance their mortgage to an interest-only product so they could lower their monthly payment and free up funds to cover their rising expenses.
“I had done two loans for the husband previously and we had a very good relationship, so when they needed a refinance, they came to me,” said Jeremy Colonna, Private Mortgage Consultant.
“Midway through the loan process, he kind of disappeared,” Colonna said. “After texting him to check in, he informed me that his son had been born at 24 weeks, was in the NICU (neonatal intensive care unit), and had less than a 50 percent chance of surviving.”
The husband kept the loan application moving throughout the ordeal, and Col-onna was in touch with him regularly.
“His situation hit very close to home for me,” Colonna said. “When my son was about 18 months old, he had an undiag-nosed heart defect.”
After three heart surgeries, Colonna’s son was on the mend and is now a healthy 7-year-old.
“I was able to talk about things with (the husband) because I know what it’s like to live for a month at a hospital and not know if your child is going to live,” Col-onna said. “I know what it’s like to pace around a hospital pulling your hair out because there’s nothing you can do.”
Throughout their conversations, the hus-band maintained a good sense of humor and positive attitude, Colonna said.
“It was very inspiring,” he said. “I reached out to Jessica Cota and Brooke Shea, the processor and underwriter for the loan, to ask for prayers for the family.”
The baby boy kept fighting and his health improved. He made it out of intensive care and off a ventilator, and is continuing to grow and get stronger.
“The family expects him to come home shortly after the first of the year,” Colonna said.
Meanwhile, the couple’s loan closed and was funded, reducing the couple’s monthly payment.
In keeping with the business’s goal of providing “AWEsome” client experienc-
es, Colonna ordered a pair of miniature boxing gloves, mounted them in a clear trophy case and added a plaque with the boy’s name and “Born Fighter” engraved on it.
Colonna sent the couple the gift, along with a card and handwritten note from him and Senior Sales Associate Paula Becking.
When the clients received it, their re-sponse was, “We have no words. Thank you.”
Confidential - For Internal Use Only
Top, the miniature boxing gloves were encased in a trophy with the baby’s name (blurred here for privacy) and “Born Fighter” engraved on it. Bottom, the letter Jeremy Colonna and Paula Becking sent the clients. The family’s name is blurred here to protect their privacy.
May 2019Retiree Association News
Intrepid Investment Bankers joins Union Bank familyMUFG Union Bank in January complet-ed its acquisition of Intrepid Investment Bankers, a leading, Los Angeles-based, regional middle market investment banking firm. The acquisition expands the bank’s client service capabilities to offer mergers and acquisitions and capital mar-kets advisory services, delivering a unique value proposition to business owners and middle market companies.
The approximately 40 Intrepid profession-als are now Union Bank employees and the business continues to go to market under the Intrepid brand. Intrepid is head-ed by CEO and Managing Director Ed Bagdasarian, who reports to Tim Wennes, West Coast President.
Founded in 2010, Intrepid has built a reputation for guiding clients through value-defining events throughout the lifecycle of their businesses, including mergers and acquisitions, shareholder liquidity, raising capital, and business succession planning.
Intrepid team members work closely with Commercial Banking colleagues to pro-vide their expertise, advice, and services to Union Bank middle market clients.
The new partnership also provides Intrep-id clients with access to the broad range of Wealth Markets products and advice offered by The Private Bank at Union
Bank.
“We are very pleased to welcome the Intrepid team to the Union Bank family,” Wennes said. “We have shared a collab-orative and productive relationship with this prestigious firm and its founding partners for over 20 years and have seen the significant expertise and tremendous value they deliver to entrepreneurs and middle market companies.”
“The combination of our two companies is projected to have significantly positive implications for clients of both institu-tions, fully supporting the goal of both firms to serve as their clients’ trusted advi-sor and help them succeed financially,” he said.
“This transaction brings two highly re-spected organizations together to deliver best-of-class services throughout the lifecycle of the business enterprise,” said Bagdasarian.
“As it grows, every successful business needs to access capital, make strategic acquisitions, use sophisticated financial and treasury management services, and ultimately deliver liquidity to its sharehold-ers with expert wealth and generational transfer planning. Imagine one institution that can do all that with its customers’ best interests as its guiding objective,” he added.
Loans subject to credit and collateral approval. Not all loan programs are available in all states for all loan amounts. Terms and conditions subject to change. ©2019 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc., and is used by MUFG Union Bank, N.A., with permission. Member FDIC.
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To submit news and updates or provide feedback, send an email to [email protected] or you can write to:
Total Rewards MUFG Union Bank, N.A. 350 California Street, 7th Floor San Francisco, CA 94104
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Recent Retirees: if you have retired within the past 90 days, please update your mailing address by contacting HR Direct by phone at 323-278-6882.
President Barbara Bocek [email protected]
Vice President Mercedes Ayala
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Los Angeles Chair Mercedes Ayala
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Retiree Relations – Corporate Benefits Department Contact Mark Tang [email protected]
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Board member contactsIn memoriam
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