East West Bank review

Discover the Benefits of East West Bank Accounts

East West Bank has a rich history that dates back to the early 1970s. It was established by a group of Chinese-American entrepreneurs who recognized the need for a financial institution that could cater to the growing Chinese immigrant community in Los Angeles, California.

Combining cultural sensitivity with financial expertise, East West Bank continues to play a pivotal role in shaping the financial landscape of the communities it serves.

The bank, originally known as United Chinese Bank, aimed to bridge the gap between traditional Western banking practices and the unique financial needs of the local Chinese population. The founders envisioned a bank that not only provided essential banking services but also understood the cultural nuances and specific requirements of its community.

East West Bank Checking Accounts

East West Bank offers a variety of checking accounts, including six that you can open at a branch and two others that can be opened over the phone. Let’s take a closer look at each of these accounts:

1. Value Checking

• Low opening balance requirement
• Unlimited check writing without per-check charges
• No charge at East West Bank, AllPoint ATMs¹, and MoneyPass ATMs¹
• Non-interest bearing account
• $5 monthly maintenance fee, waived with a $1,500 monthly average balance or a $5,000 prior-month end combined average balance in qualifying accounts

2. Premier Checking

• Variable interest rate, compounded daily, and credited monthly
• Low opening balance requirement
• Unlimited check writing without per-check charges
• No charge at East West Bank, AllPoint ATMs¹, and MoneyPass ATMs¹
• $10 monthly maintenance fee, waived with a $2,500 monthly average balance or a $10,000 prior-month end combined average balance in qualifying accounts
• Associated service: Premier Savings

3. Premier Maximizer Money Market

• Competitive interest rate
• Minimum opening balance of $10,000
• Limitations on check writing
• $12 monthly fee, waived with a $2,500 monthly average balance or a $10,000 prior-month end combined average balance in qualifying accounts

4. Student Plus Checking

• Low opening balance requirement
• Unlimited check writing without per-check charges
• No monthly account maintenance fee
• Use any ATM machine across the U.S. without surcharges
• Non-interest bearing account
• Eligibility: 17 years or older and enrolled in an accredited university or vocational school

5. Senior Checking

• Low opening balance requirement
• Unlimited check writing without per-check charges
• No monthly account maintenance fee
• Available only for individuals aged 62 or older
• Linked to a related service called Senior Savings

6. Community Checking

• Unlimited check writing without per-check charges
• No monthly account maintenance fee
• Specifically available for individuals residing in an FFIEC-identified low- to moderate-income tract
• Minimum opening balance of $25
• Bank will refund up to one non-sufficient funds fee within the first calendar year

In addition to these six accounts, East West Bank offers two accounts that can be applied for using either mobile or online methods:

7. Premier Digital Checking

• Convenient bill payment, remote check deposit, and account alerts
• Minimum opening deposit of $100
• $25 monthly maintenance fee, waived with a $2,500 monthly average balance or a $10,000 prior-month end combined average balance in deposit accounts
• Send money to banks and financial institutions in over 240 countries using your mobile device

8. Global Student Account

• Fee waivers, exclusive deals, and a Visa® Debit Card
• Customer service available in multiple languages
• 100+ branches and ATMs for convenience
• Unique home loan programs for off-campus living

How to Apply for an East West Bank Account

If you’re interested in opening an East West Bank checking account, here’s how you can apply:

Written by

Claire Harrison