Banco Popular is a Puerto Rico-based financial institution operating in the United States as Banco Popular North America, which has for branding purposes named itself Popular Community Bank. Both institutions are subsidiaries of Popular, Inc., a holding company. Popular Community Bank offers personal and business banking solutions to meet consumers’ and business owners’ needs.
On its personal banking side, Popular offers standard deposit accounts including checking, savings, money market, and Certificate of Deposit (CD) accounts. Its checking accounts options can be categorized into non-interest bearing and interest bearing accounts. The senior checking account gets all the benefits of the free checking offer, plus interest accumulation. A savings account is available and comes with a monthly service charge unless a minimum account balance is maintained. Money market accounts offer a higher interest rate and come with an ATM card for checking account functionality. Certificates of Deposit (CDs) are offer in term lengths ranging from 30 days to 120 months and have a grace period between maturity and renewal. On its business banking side, Popular provides cash management services as well as checking and savings deposit account offerings.
Popular Community Bank online banking allows customers to manage their deposit and loan accounts by transferring funds, tracking spending, making payments, and paying bills. The bank has enabled its website to work in congruence with a web-enable phone and has also released mobile apps that provide account management on popular smartphones.
Popular Community Bank is the consumer-facing name for Banco Popular North America, a New York, New York-headquartered bank established in the United States in 1961. It serves its customers through multiple branches located in regions across the country.
I started banking with Popular Community Bank in 2012, and it was an amazing decision. When I opened up a checking account with them, to my surprise, I was gifted with a brand new toaster as a welcome gift for opening an account. The tellers went above and beyond making me feel welcomed with them. They offered me coffee and cookies as I was filling out the paper work. They always show great appreciation to their customers and are constantly rewarding their costumers with gifts. In 2014 I opened up a savings account and was gifted a suitcase as a gift. Their fees are really low and their mobile and website is very organized and easy to follow. They also have an app for your account managing. I am extremely happy to bank with Popular Community Bank.
I couldn't open a savings account with this Bank for some reason. The application process kept failing at the end. When I called they could see my failed application but couldn't suggest anything but to answer the questions faster. Maybe I could chalk this up to them being really careful/secure but I have exceptional credit and _already_ have a CD with them!
Just took my money elsewhere and opened an account with CFG Community Bank (great rates).
I was at first very pleased with the ease of setting up an account (Business Account). However, a couple of red flags occurred which would make me hesitant to continue working with Popular Community Bank or recommend them:
1. The online banking system had an error and didn't have the correct phone numbers for our "one-time" verification step. After calling Customer Service 4 times throughout the course of a couple months to fix the number so we could log-in, each time the fix was temporary. We continue to have to call Customer Service each time to log into our account. This problem is still not fixed. I'd be curious to know whether this is an issue that many accounts faced, or if it is only an error with our phone number that for some reason has not been able to be fixed.
2. There is a charge every month ($5 per month) if you do not log into online banking. This was a hidden fee (i.e., not told to us when we registered for the account), and we accumulated fees over the course of the months without knowing. Despite the online banking phone number error that contributed to our inability to log into our online account, these fees were charged.
There are additional problems we faced in-store (e.g., managers dismissive of issues, poor customer service, near-loss of our organization's files), but these two issues have been ongoing issues for us.
There is a reason POPULAR COMMUNITY BANK offers such high interest rates. It is to make up for their extremely poor service, lack of attention to detail, accuracy of information, and their lack of taking responsibility for THEIR mistakes. For example within 6 months of opening a new account, I received a letter stating that my funds were frozen due to my account being in a dormant status. During the 6 months, there were multiple transactions to my account.
According to Florida law, banks must consider your account dormant after five years of inactivity. Florida provides a very clear definition of inactivity, including a complete absence of deposits or withdrawals from your account. In addition, your account is inactive if you have not communicated with the bank by letter, telephone or memo about your account or any other business for five years. This account was barely 6 months old!
When I received this letter I called customer service and waited the usual 45 minutes to an hour for my call to be answered. The representative told me that thousands of these letters were sent out in error and to "just ignore it." I asked for a letter stating that the dormant letter was an error and that my account was active and in good standing. The CSR refused. Her very rude supervisor in Puerto Rico refused. They claimed that my statements are evidence of an active account. After filing a complaint with The Federal Reserve, I finally received a letter, but they denied any responsibility for their mistake.
After that this bank retroactively closed my high interest rate CD because THEY could not locate my signature card. No attempt was made to contact me to resolve this issue. They claim to have left multiple messages on a landline that doesn't even have voicemail. They claim to have called my cell phone and left multiple messages, however their is no record of any calls received by them on the day that they claimed to have called, nor any voicemails. They claim to have sent multiple email messages, however there is no record of any emails received by them on the day that they claimed to have sent them in my email account or in my bank mail.
When something seems to good to be true that should be a red flag warning of a dangerous situation.
|FDIC Certificate #||34967|
|Return on Assets - YTD||-0.01%|
|Return on Equity - YTD||-0.04%|
|Annual Interest Income||$385.1MM|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$10.26B$10.06B|
|Loans||Q4 2020vs Q4 2019||$7.66B$7.18B|
|Deposits||Q4 2020vs Q4 2019||$7.77B$7.63B|
|Equity Capital||Q4 2020vs Q4 2019||$1.81B$1.82B|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$156.5MM$45.1MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$38.7MM$45.8MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$1.6MM$2.1MM|
Always verify rates and promotions with the bank or credit union. We are not Popular Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|OTHER TIERS: 0.02% → Up to $25k | 0.04% → $25k - $50k|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.40%||$10k||-||Optimum Money Market Gold Rewards Special -6 Month Promo Rate - New Money|
|0.35%||$10k||-||Optimum Money Market Silver Rewards Special -6 Month Promo Rate - New Money|
|0.30%||$10k||-||Optimum Money Market Special -6 Month Promo Rate - New Money|
|0.30%*||$10k*||-||Optimum Money Market|
|OTHER TIERS: 0.01% → Up to $10k|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.80%||$1k||-||5 Year Gold Rewards CD Special - New Money|
|0.75%||$1k||-||5 Year Silver Rewards CD Special - New Money|
|0.70%||$1k||-||5 Year CD Special - New Money|
|0.60%||$1k||-||4 Year Gold Rewards CD Special - New Money|
|0.55%||$1k||-||4 Year Silver Rewards CD Special - New Money|
|0.50%||$1k||-||4 Year CD Special - New Money|
|0.50%||$1k||-||3 Year Gold Rewards CD Special - New Money|
|0.45%||$1k||-||3 Year Silver Rewards CD Special - New Money|
|0.40%||$1k||-||3 Year CD Special - New Money|
|0.40%||$1k||-||25 Month Gold Rewards CD Special - New Money|
|0.35%||$1k||-||19 Month Gold Rewards CD Special - New Money|
|0.35%||$1k||-||25 Month Silver Rewards CD Special - New Money|
|0.35%||$1k||-||21 Month Gold Rewards CD Special - New Money|
|0.30%||$1k||-||25 Month CD Special - New Money|
|0.30%||$1k||-||19 Month Silver Rewards CD Special - New Money|
|0.30%||$1k||-||21 Month Silver Rewards CD Special - New Money|
|0.25%||$1k||-||21 Month CD Special - New Money|
|0.25%||$1k||-||19 Month CD Special - New Money|
|0.25%||$1k||-||13 Month Gold Rewards CD Special - New Money|
|0.20%||$1k||-||7 Month Gold Rewards CD Special - New Money|
|0.20%||$1k||-||13 Month Silver Rewards CD Special - New Money|
|0.15%||$1k||-||13 Month CD Special - New Money|
|0.15%||$1k||-||4 Month Gold Rewards CD Special - New Money|
|0.15%||$1k||-||7 Month Silver Rewards CD Special - New Money|
|0.10%||$1k||-||7 Month CD Special - New Money|
|0.10%||$1k||-||4 Month Silver Rewards CD Special - New Money|
|0.05%||$1k||-||4 Month CD Special - New Money|