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Umpqua Bank Review – A Review of Checking, Savings, Loans, and More

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Umpqua Bank fits the definition of a full-service bank. Not only do they offer hundreds of branch locations in their five-state area of operations, but they also offer complete online banking.

It enables you to earn high interest on CDs, and take advantage of all the services you would expect from a traditional brick-and-mortar bank – including physical locations.

Here is a quick overview of Umpqua Bank’s offerings, followed by a more extensive review of their products and services.

Umpqua Bank Review










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Summary

Umpqua Bank is a full-service bank with over 350 locations in the western portion of the US. They also offer full online and mobile banking services for those who do not live in their region. In addition to traditional banking services, such as checking, savings, and CDs, Umpqua Bank offers five different rewards credit cards, many of which are competitive with the offers found through the larger credit card issuers. Perhaps the biggest advantage Umpqua Bank has is their business banking. They offer the full range of business banking services, including business financing for equipment and real estate, and merchant services.

Umpqua Bank is a full-service bank with online availability. However, Umpqua Bank is only available to residents of five states – Oregon, Washington, California, Idaho, and Nevada.

But if you are a resident of one of those states, the bank offers a solid combination of high-interest CDs, along with credit cards with very generous rewards programs, the full range of business banking services, as well as investment services and private banking.

About Umpqua Bank

umpqua bank logoBased in Portland, Oregon, Umpqua Bank is a bank with a growing online presence, that has its roots as a small town Community Bank.

It was founded in 1953, in the small town of Canyonville, Oregon. But the bank has since grown into a major regional bank, with more than 350 branches in Oregon, Washington, California, Nevada, and Idaho. As of 2018, Umpqua Bank has assets of $26.5 billion, and deposits of $20.7 billion. It is one of the 60 largest banks in the US.

It’s parent company, Umpqua Holdings Corporation, is publicly traded (NASDAQ: UMPQ). The Corporation also owns Umpqua Investments, Inc., which operates out of Umpqua Bank stores and dedicated offices in Oregon.

In addition, there is also Umpqua Private Bank, which serves high net worth individuals and nonprofits, and provides trust and investment services.

Umpqua Bank Features

Umpqua Bank Features
Banking Account Types Checking, Savings, CDs, Money Markets and Business Banking
Other Account Types Credit Cards, Personal Loans, Home Loans, IRAs, Investments
Minimum Required Deposit to Open Account $25 – $100
Number of Branches 350
ATM Network Size Umpqua Bank ATMs in Oregon, Washington, California, Nevada, and Idaho
ATM Reimbursements Yes, see requirements under Umpqua Checking Accounts below
Remote Deposit Availability Yes
App Availability iOS, Android
Bill Pay Yes
Person to Person Money Transfers Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, Garmin Pay
Money Transfers ACH, Wire Transfers
Customer Service Types Phone, email
Customer Service Hours Mon-Fri, 7am-7pm
Sat-Sun, 8am-5pm
Member FDIC FDIC Certificate #17266
Routing Number / ABA Number #123205054
Current Promotions – $500 Home Loan Credit promotion. See site for details.
– See More Bank Promotions.

Umpqua Bank Financial Products & Services

In addition to offering online savings and checking, Umpqua Bank also provides many of the banking services you might expect to find in a full-service bank:

  • Savings Products, CDs & IRAs
  • Three different Checking Account offers
  • Credit Cards
  • Personal Loans & Home Loans
  • Investing and Private Banking
  • Business Banking

Visit the Umpqua Bank website for a full listing of available products, services, and current rates.

Umpqua Bank Checking Accounts

Access your account with an Umpqua Visa Debit Card. Umpqua Bank does not participate in a national ATM network. Its ATMs are available only in Oregon, Washington, California, Nevada, and Idaho. There is also a fee of $2.50 per transaction at non-Umpqua Bank ATMs.

There is no charge for paperless statements. However, there is a $3 per month charge if you prefer a paper statement. The fee is waived if the primary account holder is 62 or older.

Umpqua Bank charges $15 for each domestic or international wire transfer into your account unless waived for a specific checking account.

Banking on the go is easy with the Umpqua Bank Mobile App, which features mobile check deposits, mobile bill pay, instant internal transfers, custom alerts, and Touch ID/Fingerprint login.

Umpqua Bank offers three different checking accounts:

Embark Checking. No-frills checking account, with no monthly maintenance fee. You can get $10 in non-Umpqua ATM fee rebates per month, with an average monthly balance of at least $2,500. You can also get a Grow Savings account with no monthly maintenance fee when you complete a monthly transfer from your Embark Checking into you Grow Savings account. Minimum opening balance, $25.

Access Checking. Comes with $5 monthly service fee, waived with 10 or more posted debit card purchases or payments per month, or one direct deposit of $500 or more per month, or one mobile deposit of $250 or more per month.

Up to four non-network ATM fees will be rebated each month. You can also have up to three Grow Savings or Thrive Money Market accounts with no monthly service fee. One incoming wire transfer fee per month is refunded on this account. Minimum opening balance, $25.

Attain Checking. Interest-bearing bearing checking account. $20 monthly service fee, waived with a $15,000 minimum daily balance, or $25,000 in combined deposits and outstanding loan balances in eligible accounts (excludes mortgages and credit cards).

Receive up to $25 per month in non-network ATM fee rebates. Up to five Grow Savings or Thrive Money Markets accounts with no monthly service fee. Receive free wallet Umpqua checks when ordering through Harland Clarke.

Bonus interest eligible at the time of opening a new CD or during the CD grace period. Complimentary incoming wire transfers. Minimum opening balance, $200.

Visit Umpqua Bank for more information or to open an account.

Compare these accounts with the best free online checking accounts.

Umpqua Bank Savings Accounts, Money Market, CDs, and IRAs

Umpqua Bank offers a variety of savings accounts. These accounts do have a monthly service charge, which can be waived with a minimum daily balance (varies by account). You can compare these Umpqua Bank savings accounts with the best online savings accounts to see which meets your needs.

Grow Savings. This is an interest-bearing account that also comes with ATM access. It requires a minimum of $25 to open and has a $3 monthly service charge. That charge can be waived with $200 or more daily balance, or the primary signer is under 19, or over 54.

It can also be waived when you complete a monthly transfer from an Umpqua personal deposit account. You can get three complementary (no monthly service fee) Grow Savings or Thrive Money Market accounts when linked to Access Checking, and up to five when linked to Attain Checking.

Thrive Money Market. This is an interest-bearing account, with a minimum initial deposit of $100. A $10 monthly service charge is waived with a $1,000 minimum daily balance.

Link to an Access Checking and get up to three Grow Savings and Thrive Money Market accounts with no monthly service charge, or up to five accounts when you link to an Attain Checking account. Check deposits in excess of 50 per month are charged a fee of $0.25 per check.

Prosper Money Market. This is an interest-bearing account with a minimum initial deposit of $100. A $15 monthly service charge waived with $10,000 minimum daily balance, or $25,000 combined deposit and outstanding loan balance in eligible accounts (excludes mortgages and credit cards).

You can earn higher interest rates when your account is linked to an active personal checking account (with at least one transaction per month). Check deposits in excess of 50 per month are charged a fee of $0.25 per check.

Certificates of Deposit (CDs). Umpqua Bank CDs require a minimum initial deposit of $1,000 and charge no monthly service fee. Visit site for current rates.

Business CD Term Account. Minimum initial deposit of $1,000, with no monthly service fee. Multiple term options available.

IRA Accounts. Both traditional IRA and Roth IRA accounts are available, using either a savings account or a CD.

Visit Umpqua Bank for more information or to open an account.

Umpqua Home Loans and Personal Loans

Umpqua offers six different types of loans:

  • Home Mortgages. Umpqua Bank offers fixed and adjustable-rate home loans. Available for first-time homebuyers, construction and renovation, Jumbo loans, VA loans, low down payment options, investment properties, and second homes, and special physician loans.
  • Home Equity Lines of Credit (HELOC). Available in amounts based on the equity in your home.
  • Term Loans. Both secured and unsecured loans may be available, based on creditworthiness.
  • Lines of Credit. Revolving line of credit.
  • Auto Loans.
  • Boat or RV Loans.

Rates and terms for each type of loan will vary. Please visit an Umpqua Bank branch on contact customer service for specific information for each loan type.

Umpqua Bank Business Banking

This is one of the features that most distinguishes Umpqua Bank from the competition. It offers a full range of business banking services. This includes business checking and savings accounts, which include online and mobile banking.

Business banking includes merchant services, payroll solutions, e-commerce solutions, and ACH payments. They also provide business credit cards and commercial bank advisors to help you manage your business.

They also provide business loans including:

  • Business term loans
  • SBA loans
  • Real estate loans for commercial, residential, and multifamily properties
  • Equipment leasing and financing up to $15 million
  • Business vehicle financing

Opening an Account at Umpqua Bank

The entire application process happens online and takes only a few minutes.

You’ll need to provide the usual information for financial institution applications, including your Social Security number, date of birth, address, and personal ID information, such as your driver’s license. Umpqua Bank may also request that you provide certain financial information during the application process.

And of course, you need to have an external bank to link to your Umpqua Bank account for funding purposes.

You must be at least 18 years old, a US citizen, and living in California, Washington, Oregon, Idaho, or Nevada.

Because Umpqua Bank is a regional bank, you may only want to consider opening an account if you live in the Pacific region. If you live in other areas, you may consider opening a bank account that is more convenient to you. For example, some banks are more popular in other regions, such as Fifth Third in the midwest, BBVA Compass in the South, or Chase Bank or Citi Bank on the East Coast.

Other people may prefer to keep a local bank for certain transactions and use an online bank such as Ally Bank, Barclays Bank, CIT Bank, Discover Bank, and others that primarily have an online-only presence.

Umpqua Bank Customer Service

Umpqua Bank’s customer service is available Monday through Friday, from 7:00 AM to 7:00 PM, and on Saturdays and Sundays, from 8:00 AM to 5:00 PM.

They are available by phone, regular mail, and email:

  • Phone: (866)486-7782
  • Address: Umpqua Bank, P.O. Box 1820, Roseburg, OR 97470
  • E-mail: https://www.umpquabank.com/contact-us/ (via website)

And of course, if you live in Oregon, Washington, California, Nevada, or Idaho, you may be able to visit a local branch.

Other Features at Umpqua Bank

  • Ability to choose paper or electronic statements ($3 charge for paper statements).
  • Export your Bank transactions to Quicken and QuickBooks.
  • Do your business banking at the same bank where you do your personal banking.
  • Multiple credit cards to choose from.
  • Investment services

Frequently Asked Questions:

Can I have both personal and business accounts?

  • Yes, that includes checking and savings accounts, as well as credit cards and other loan types.

Does Umpqua Bank offer mortgage financing for veterans and members of the military?

  • Yes. Veterans and members of the military are eligible to apply for any mortgage loan type offered by the bank. But Umpqua also offers VA loans specifically designed for present and former members of the military. The biggest benefit of this loan type is that it requires no down payment on the part of the eligible veteran.

Will I be automatically approved for a credit card as an Umpqua Bank customer?

  • You will be eligible to apply for a credit card offered by the bank. However, your approval and the interest rate you will pay will be determined by your creditworthiness.

Umpqua Bank – Advantages & Disadvantages

Pros:

  • Full-service bank, with checking, savings, loans, credit cards, investments, and more.
  • Excellent credit card offers, featuring benefits such as a 0% introductory APR, very generous cashback rewards, and more.
  • Provides the full range of loan products which is unusual among online banks.
  • Offers business banking.
  • 350 local branches available in Oregon, Washington, California, Nevada, and Idaho.

Cons:

  • Not available to residents outside Oregon, Washington, California, Nevada, and Idaho.
  • ATM network limited to Oregon, Washington, California, Nevada, and Idaho. Others will need to go out of network. Plus there is a $2.50 per transaction charge at non-Umpqua Bank ATMs (Umpqua Bank does waive a certain number ATM fees each month).
  • Incoming wire fee of $15 per transaction in Embark and Access checking accounts.
  • No interest paid on two of three available checking accounts.

Conclusion

Umpqua Bank offers competitive rates on their CDs, certainly much higher than what you can get at traditional brick-and-mortar banks.

They also offer five different credit cards that are especially strong with rewards. In fact, their credit cards are some of the most competitive in the industry in this category.

Perhaps the biggest advantage Umpqua Bank has is their business banking. They offer the full range of business banking services, including business financing for equipment and real estate, and merchant services.

It’s a real opportunity to do your business banking with the same institution where you do your personal banking.




Umpqua Bank


Umpqua Bank offers a full-service banking experience including checking, savings, credit cards, loans, mortgages, business banking accounts, and more.




Umpqua Bank



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The post Umpqua Bank Review – A Review of Checking, Savings, Loans, and More appeared first on Cash Money Life | Personal Finance, Investing, & Career.

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