Popular Bank Reviews (40)
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I submitted a CD application 18 months 5.50 APY over a week ago and my application was declined no reason was given, I have the funds in another bank for transfer, credit score over 800. I think the reason is because the interest is coming down and they are not willing to offer those rates. At the time of application, the rates were still being offer but it took Popular Direct over a week to review, remember I'm not borrowing money, I'm depositing money, what a joke
Review on the Online bank -
1-year rate of 5.35% is good, but the early withdrawal penalties are absurd. Unless you know you won't need the money in less than 1-year (no loss of job, divorce, cancer, etc.), buying a 1-year CD with a 270 day early withdrawal penalty is a bad idea. I will gladly take a little less for a lower fee. Forbright at 5.30% is a much better idea here.
Review on the Online bank -
Worst banking exp ever. I got their 3 month CD at a rate to try to keep up with month to month inflation. I found out it's a long drawed out process next to impossible getting your money back into your funding account. If you lapse just a couple days or over a long weekend your grace period has tolled. The will auto renew the CD into their 5 year CD which pays the lowest interest. You will then be donating your money for a long term commitment. If you want to get out at this point you will loose part of your principal.
Did you see in the terms you will have to forfeit 2 years interest on an early withdrawal??
Review on the Online bank -
I had two 5 year CDs. Once in 2021 and again in 2022, PD claimed that my account had been abandoned. As far as I know, PD had made no effort to reach me, and I had been logging in once/month to check my balances. I had to submit paperwork to revive my account. The first time I shrugged it off. The second time, I was so spooked that I decided I had to get my money out or risk losing it all. Yes, I paid the crazy 2 years of interest penalty for an early withdrawal. I was relieved to have my money however, and since interest rates were higher when I got it, I put the money somewhere safe and at a better interest.
Review on the Online bank -
I would give them 0 stars if possible. I've had over 10+ CDs and bank accounts at all different institutions and never have I encountered such difficulty just accessing my account online! Just the application for opening the account was riddled with errors and I had to call them in order to move on. No confirmation emails are sent at all notifying you of your enrollment or account activity. Had to give them another call just to get my account number. You can try to sign up online to just make an account and nope. Enrollment will stall for no reason and you must call them again. For verification reasons, they've made multiple soft inquiries on my credit just to give me my own access to my online account. Wow. Then when I'm finally in, there's no way to set your maturity options. This is probably a fake company. I've never been so frustrated with opening a CD account.
Review on the Online bank -
I opened an account a couple of years ago and had a dreadful experience. I saw two weeks ago that the rate was better than at Citizens so I closed that account for this one. I cannot access my money now or get customer service. I am not even making the .55% that is advertised. Fool me once, shame on you. Fool me twice ... oh, well.
Review on the Online bankDistrictGirl | Feb 21, 2023
were you able to get your money out?
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Great rates! I've banked with them for about a year and have both a Savings Account and a CD. Yes, a little bit of a hassle to set up, but worth it to make a $... And who cares about the withdrawal penalty? If you might need the money in that timeframe, a CD is not the right choice.
Review on the Online bank -
I made the mistake of opening a CD with these guys once. Don't be fooled. The language is clear. The early termination fees are crazy compared with Synchrony or Ally or Citizens. Go with one of those guys. Here are Popular's EW fees: For terms equal to or greater than 91 days but less than 12 months, the fee is 120 days simple interest.
For terms equal to or greater than 12 months but less than 36 months, the fee is 270 days simple interest.
For terms equal to or greater than 36 months but less than 60 months, the fee is 365 days simple interest.
For terms equal to or greater than 60 months, the fee is 730 days simple interest.
Review on the Online bankaclient | Dec 15, 2018
Use a savings account IF YOU MIGHT need to take money out before the mature date!!! Common sense.
duh | Jan 18, 2019
WHY do you invest in a CD if you need to take it out!!! Use your brains.
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I had been thinking about opening this and then I saw the reviews on Depositaccounts.com and someone said that they charge $25 if you close the account within 6 months. Someone else said something about lousy POD processes and someone else said something about failure to do the initial transfer. Then, I thought it would be OK, but now they have dropped the rate from 2% to 1.85% so I am not sure. I probably need to do something else. I cannot believe that these other banks are still giving me next to nothing on my money.
Review on the Online bankStacey | Jun 3, 2018
The 2% that we offered was for our Exclusive Savings product. This was discontinued as of 05/17/2018. As of this date we re-launched the Popular Direct Plus Savings Acct w the 1.85% which is what we currently offer on our website at this time. The rates are for two separate products not the same product.
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Currently have three 5 year CDs with them. The first CD opened was actually under Eloan which was transferred to Popular Direct after Eloan's CD acquisitions. The opening of CDs is definitely time consuming, but the security is worth it. It seems like they take security serious. I plan on opening more 5 year CDs in the future if they maintain one of the higher rates.
Review on the Online bank -
Popular Direct is a unit of Banco Popular North America, an independent company from the Spanish Bank. Banco Popular North America is favorably 5-star rated by the FDIC for safety and soundness. http://www.bankrate.com/rates/safe-sound/memorandums-memos.aspx?fedid=2736291
Review on the Online bank -
Do not touch the 5-year CD. has a 2 year early withdrawal penalty. crazy. take it off this table before someone makes a mistake and does this.
Review on the Online bankOregon | May 13, 2017
Don't invest in a 5 year CD if you plan on taking it out early, just common sense.
Neil
Dec 18, 2023 |