| Areas of Banking |
Similarities |
UFB Innovations |
Bank License |
Existing Banks are licensed as a Commercial and or an Investment Bank by the State in which they operate. UFB's will also be licensed by State. |
Operational transparency allows investment and commercial lending sides to work together for the benefit of the local community. |
State and Federal Regulation |
Both existing Banks and UFBs are State and Federally regulated. |
UFB's will be committed by contract and charter to a level of community partnership not seen before by regulators or the public. |
Credit Unions
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"What about Credit Unions? Why can't a credit union do what UFB proposes to do?" First, a Credit Union is NOT a bank, and can not leverage deposits, or loan or invest money the way a bank typically can. |
UFB's are being created to be fully regulated State Chartered Banks (see above). Read about how UFB improves how a bank partners with local community on our HOW IT WORKS page. |
Checking and Savings |
UFB's will offer Checking and Savings Deposit accounts at competitive rates and fees. |
Checking accounts will process transactions real time through master license of new software that removes “the float”. Savings accounts will offer competitive interest plus participation in the profitability of the bank based on time weighted value of deposits. UFB will offer premium discounted commercial loan rates to borrowers willing to commit to quadruple bottom line improvements in their businesses, with the support of UFB business expert consultants to help all our borrowers be successful. |
| Certificates of Deposit |
UFB's will offer Certificates of Deposit (CD's) with a base interest rate highly competitive with other banks. UFBs will also provide federally regulated investment opportunities. |
UFB CD's and in house investment products will be tied to first to bank investments in local sustainable infrastructure projects and second to regional bank formation and larger projects. UFB depositors will have access to information about what their funds are being invested in, how those investments are performing and how much they earn through sharing in the returns from their local UFB investments. |
| Credit Cards |
UFB credit cards will have competitive interest rates and lower, simplified fee structures. |
UFB is exploring various credit card innovations that create incentive points for progress in all 9 areas of sustainability such as Community Supported Agriculture (CSA) membership, energy savings, use of public or non fossil fuel transportation, home gardens, water efficiency and compost systems, sustainable education programs, purchasing recycled clothing, home and personal items, etc. Points can be used for airline travel, towards purchase of a hybrid or electric car, renewable energy systems, etc. |
| Loans |
UFB's will offer competitive business loans, home buying and home improvement loans, auto and personal loans. |
UFB will offer rate incentives on loan programs, including premium commercial loans to companies willing to make quadruple bottom line commitments. UFB business education and support programs will help our borrowers be successful. |
FDIC Insurance |
Like existing Banks, UFBs will maintain FDIC Insurance on deposits |
UFB is also committed to creating additional deposit insurance support for the FDIC. |
Brick and Mortar
Bank Offices |
UFBs will have a brick and mortar presence in your community. Over time you will see branch offices in cities, rural communities and everywhere in between. |
Our brick and mortar banks will have most of the functions you’re used to. UFBs will also house community activities: education, cutting edge multimedia, gardens, exhibits and events to make UFBs a resource for learning about sustainability and a gathering place for the community. Basic design aspects of our banks will be recognizable as part of the UFB system while each bank will also be customized to reflect local community culture. Our system will provide 24/7 live customer support. |
Tellers |
UFB tellers and other personnel will be there to assist you with the highest standard of customer service. |
Bank branch personnel will be trained in multiple areas of service related to business and sustainable community development. Our customer support information system will also facilitate learning experiences and opportunities with customers who want more from their banking experience. |
ATM Machines |
Our ATMs will be integrated into the existing bankcard system. |
Our ATM kiosks will also be portals into our Media Center which includes news, information and education about sustainability. |
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