I have investments in a CD and Ultimate Savings Account with Popular and all has gone well. But then again, I read the conditions of the Ultimate Savings Account and understood how it worked before I plunked my money down.
So many of the complaining customers act so outraged when the bank treats their account exactly like they said they would - - in writing.
Yesterday I did a transfer from Popular to my external account and it was there this morning.
Yes, rates in a savings account can go down. That's the nature of a savings account. If you don't want that to happen, buy a CD.
The representatives on the phone have always been responsive and polite to me, likely because I'm polite with them. Try it.
Reading all these negative reviews about this bank ~ I panicked and tried to transfer $5,000 out a couple days ago. Just checked today and had no problems what so ever. I have had an account of some form with Popular Bank for a couple years now; I just keep opening up a new account when they offer better rates and transfer all but $500 until the old account has been opened 180 days to avoid the early withdraw fee... THAT is a pain, but I must say I have never encountered any issues and whenever I call customer service, I am satisfied with the service that I get. Their website isn't as sophisticated as others, but I keep getting the great interest rate which makes me stay.
I opened an "ultimate savings" account several years ago which had the highest rate at the time. I just found out that they changed the rate on that account and started advertising a "high yield savings" as their highest rate which matched the other banks. On their website there is no mention of the "ultimate savings" account that I had and I assumed they only had one type of savings account which was the one I saw advertised whenever I went to their site and on other websites. I finally realized when I saw my bank statement. How many other people don't realize they have the account with a slightly different name earning less interest? Very deceptive in my opinion. Like bait and switch. Closed my account.
|FDIC Certificate #||34967|
|Return on Assets - YTD||1.03%|
|Return on Equity - YTD||5.75%|
|Annual Interest Income||$95.6MM|
|Assets and Liabilities|
|Assets||Q1 2022vs Q1 2021||$10.58B$10.56B|
|Loans||Q1 2022vs Q1 2021||$8.47B$7.68B|
|Deposits||Q1 2022vs Q1 2021||$8.14B$8.10B|
|Equity Capital||Q1 2022vs Q1 2021||$1.85B$1.84B|
|Loan Loss Allowance||Q1 2022vs Q1 2021||$101.2MM$119.1MM|
|Unbacked Noncurrent Loans||Q1 2022vs Q1 2021||$31.6MM$34.7MM|
|Real Estate Owned||Q1 2022vs Q1 2021||$1.5MM$1.5MM|
Rates for Popular Direct are currently being reviewed.
Popular Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 85 Broad Street - New York, NY 10004