Universal Private Banking, which describes itself as an "international financial institution specializing in investment and wealth management," provides no ownership information on its website. The domain registration for uprivatebanking.com lists "Universal Private" as the owner. The company's provided operational address in Massachusetts is a postal box used by both Fedex and DHL.
Universal Private does not appear in Massachusetts corporate registration records. The lack of public disclosure regarding its operators or corporate standing raises questions for potential participants.
The company offers no retailable products or services. Universal Private Banking states "no selling" is required for participation. Instead, it claims to provide "banking services" to its affiliates. Affiliates are told they will receive an "exclusive UNIVERSAL PRIVATE BANKING MASTERCARD" for use in over 210 countries. This card purportedly allows affiliates to deposit and withdraw funds through Universal Private Banking.
The compensation plan centers on affiliates depositing and spending money, along with earning commissions from recruiting new affiliates and their banking activities. To qualify for commissions, an affiliate must publish one Universal Private Banking advertisement online each weekday.
Recruitment commissions, called "Cash Direct," pay affiliates for each new person they bring into the company. The commission amount depends on the new affiliate's membership level. A "Simple" membership yields a $5 commission. "Personal" brings $25, "Business" pays $100, and "Universal" returns $1000. The highest tier, "Private," results in a $2000 commission.
Universal Private Banking also promises "cashback" commissions after 12 months, contingent on the affiliate's membership option. This cashback appears to be calculated as a percentage of the initial balance used to fund the affiliate's account. "Simple" members receive 5% cashback, "Personal" members get 10%, and "Business" affiliates qualify for 30%. The "Universal" tier offers 40% cashback, while "Private" members are slated for 50%. The precise mechanism for cashback calculation or its funding source remains undefined.