United Bank of El Paso del Norte bank review: Hispanic American-owned with low minimum opening deposits

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United Bank of El Paso del Norte has 3 branch locations in El Paso, Texas.

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The bottom line: United Bank of El Paso del Norte Basic Checking Account is a Hispanic American-owned bank in Texas with low minimum opening deposits. However, you may want to consider other options if you’re looking for a savings account or more competitive interest rates on accounts.

Overall bank rating

FeatureInsider rating (out of 5)Checking3.25Money market3CD3Trustworthiness3Total:3.06

Pros and cons

ProsConsHispanic American-owned bankLow minimum opening deposit on accountsPossible to waive monthly service feesOnly available in TexasNo savings accountLow APY on accountsMonthly service fees on checking and money market accountInterest compounded monthly, not daily

Checking

United Bank of El Paso del Norte Basic Checking Account

The United Bank of El Paso del Norte Basic Checking Account is a decent option if you are looking to open an account with no minimum opening deposit. To waive the $5 monthly service fee, you’ll need to maintain at least $500 in your account daily.

However, if you are looking for easy access to your money, there are a couple of downsides to this account. There isn’t a debit card included, and many other banks offer cards. There also isn’t an ATM network available through the United Bank of El Paso del Norte. While there isn’t an out-of-network ATM fee, you’ll only receive reimbursements on five out-of-network ATM transactions per month.

There’s also a $0.25 on each check withdrawal that exceeds the 12 monthly transaction limit.

CD

United Bank el Paso del Norte Certificate of Deposit

United Bank of El Paso del Norte Certificate of Deposit can be opened with a minimum of $500 and in terms from six months to five years.

However, if you’re looking for a high APY on a CD, you may prefer looking at some of the options on our best CD rates guide.

Money market account

United Bank el Paso del Norte Money Market Savings Account

The United Bank of El Paso del Norte Money Market Savings Account is the bank’s only savings account. It may be a decent option if you’re looking for an account that doesn’t require a minimum opening deposit.

For a money market account, the United Bank of El Paso del Norte Money Market Savings Account doesn’t provide many ways to easily access your money. It has only a checking writing option – no debit card – and will charge you $5 on each check or withdrawal that surpasses its three monthly transaction limit.

How United Bank of El Paso del Norte works

United Bank of El Paso del Norte Basic Checking Account is a Hispanic American-owned bank with three branches in El Paso, Texas. The bank doesn’t have an ATM network but provides reimbursements on up to five out-of-network ATM transactions.

Customer service is available over the phone or at the bank branches Monday through Friday from 8:00 a.m. to 6:00 p.m.

United Bank of El Paso del Norte’s mobile app currently has a perfect 5 stars on the Google Play store and 4.6 out of 5 stars on the Apple Store.

As an FDIC-insured bank, individuals accounts are protected up to $250,000 and joint accounts are secured up to $500,000.

Is United Bank of El Paso del Norte trustworthy?

In 2019, the Federal Reserve Board issued a cease-and-desist order to United Bank of El Paso Del Norte, stating that the bank had poor risk management and compliance policies regarding money laundering regulation. The bank had to submit a plan and progress on how it would address these issues to the state government.

To get a better understanding of how a bank deals with customer service dilemmas, we look at Better Business Bureau ratings. United Bank of El Paso del Norte has an A+ rating. A good BBB rating won’t guarantee your interactions with a bank will be the same as other customers’ experiences, though.

If you want to determine whether United Bank of El Paso del Norte is a good option for you, you can talk to friends and family if they’ve banked at the financial institution, or read online customer reviews.

How United Bank of El Paso del Norte compares

We compared the United Bank of El Paso del Norte to two other Hispanic American-owned banks in Texas: Texas National Bank and Rio Bank.

Texas locations

3 (Downtown El Paso, West El Paso, East El Paso)

Texas locations

7 (Edinburg, Elsa, McAllen, Mercedes, Mission, San Juan, Weslaco)

Texas locations

15 (Brownsville, Edcouch, Edinburg, Elsa, Harlingen, Palmview, Rio Grande City, Roma, San Juan, McAllen, Weslaco)

Standout feature

CDs

Standout feature

Savings

Standout feature

CDs

United Bank of El Paso del Norte Basic Checking AccountTexas National Bank Checking AccountRio Bank Bonus Checking Account

United Bank of El Paso del Norte vs. Texas National Bank

If you’re searching for bank accounts that offer a higher APY, Texas National Bank will offer more compelling choices. The Texas National Bank Personal Savings Account has a tiered interest with a decent rate on higher balances. Meanwhile, United Bank of El Paso del Norte doesn’t have a savings account to compare. CD rates are also higher at Texas National Bank.

You may prefer United Bank of El Paso del Norte if you want to open an account with a low minimum opening deposit. You can open a checking or money market account with $0, or a CD with $500. At Texas National Bank you’ll have to deposit more – especially with CDs, which require at least $1,000 to open.

United Bank of El Paso del Norte vs. Rio Bank

If you’re looking for a Hispanic American-owned bank with a larger branch and ATM network presence, Rio Bank will likely be more appealing. The bank has 15 branch locations in Texas and is part of the Allpoint ATM network, which provides access to over free 55,000 ATMs.

Both banks offer decent CD options, but deciding between the two will depend on your preferences. United Bank of El Paso del Norte has terms that are less than one year and a lower minimum opening deposit. Rio Bank offers a higher APY and low early withdrawal penalties.

Related Content Module: More Savings Coverage

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