Are you planning to open a union bank account but finding it difficult due to your busy schedules, you can now quickly open the account online and save yourself the traditional approach.
The days when you have to expend so much energy and resources are now over. Years back, we had no choice but to go to the bank during their working hours for bank transfer, account opening, and other banking products and services.
Technology and innovation have ensured that there are better ways of doing things. Accounting opening and other banking products and services only take less than 5 minutes using your phone or browser.
In this article, we will be showing you how to open an account and other things you should know about each account type.
WHAT YOU WERE NOT TOLD ABOUT ACCOUNTS OPENED WITHOUT DOCUMENTATION
If you opened an account online including a union bank account without providing the necessary documents, do not expect it to run like a normal savings account. Restrictions are often placed on such account a maximum deposit of N50,000 per transaction and a maximum account balance of N300,000 which may not likely do well with people with high income.
If you are a low-income earner, you should be fine with the account. Meanwhile, it does not mean you can’t cross the threshold but crossing the boundary will place temporary limitations on your account until you upgrade your account with the necessary documents.
To upgrade your account, you will need to contact the bank, fill a form, and also provide a government-issued ID card and utility bill. Upon review, your union bank account will be upgraded to a normal savings account.
Bank Verification Number (BVN) is very important during registration, if you have not yet registered for a BVN number, do so now at any bank. Opening a bank account without providing your BVN will result in partial freezing. What this means is that you may be unable to withdraw or transfer money until you link your BVN. However, it does not stop cash inflow.
HOW TO OPEN UNION BANK ACCOUNT ONLINE
- To open a union bank account online, search for “UnionMobile” on Google Play Store or Apple Store depending on your device.
- Click “install” to download and have the app automatically installed on your smartphone.
- Launch the mobile union app from your device.
- Click “Open Account” to instantly opened a union bank account.
- Enter your BVN. If you have forgotten your BVN, simply dial *565″# from the number used in registering for your Bank Verification Number (BVN).
- Enter all your personal information and ensure all details are correct before final submission.
- Once done, your unique union bank account number will be sent to you via SMS.
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