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.
Take a look at the very fine print on the account agreement before you do business with this bank. When you close your account, they DO NOT accrue interest to the closing date. That can get expensive if you don't pay attention.
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.
Overall | |
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FDIC Certificate # | 34967 |
Year Established | 1999 |
Employees | 680 |
Primary Regulator | FED |
Profit Margin | |
---|---|
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