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Waterfield Bank Complaints & Reviews

Waterfield Bank / &taking& money from a 3 year old

Ma

We opened a college savings account with UFB for my youngest son (now 3 years old) when he was born. Any money given by family, friends, etc goes in there for him. Few hundred dollars at this point - so not some huge account. Today I opened the statement we get and I noticed the bank hit him with an insufficient minimum balance charge. So I call up and ask what that is. It seems they were recently bought by Waterfield Bank and the new mgmt placed a minimum $10K balance on these types of accounts. The call center rep said they had notified all customers, but neither my wife or I recalls any letter...

Waterfield Bank - Oregon, Clackamas / Undisclosed fee leads to loss on savings account

Da

This bank operates online as UFB Direct and offers high interst savings accounts. I opened my account with a $500 deposit at a 4.00% APY. After two months the interst rate dropped to 2.02% APY. I decided to close my account, but was never told of a $30 "Closing Fee". So after 3 months I earned $2.99 in interest, but was charged a $30 fee to close my account, for a net loss to me of $27.01. Seems like a pretty good scam this bank has going. They don't tell you about a large fee that they charge that is likely to wipe out anything they pay you in interest. The end result is I didn't...