I worked for a couple of weeks trying to buy a CD from an institution that was paying .05% higher than Popular Direct and finally gave up. I went to the Popular Direct website and within 24 hours, I had filled out the application, confirmed the two micro deposits with my linked bank and the CD was purchased. Really well done website. These folks have their act together. Yes, it's a minuscule 0.05% less in the two year CD rate but the absence of brain damage is worth 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.
Be very careful with Popular Direct's money market account. A few months ago they froze all accounts. Please look at all the complaints in the depositaccounts.com web site. Also look at the complaints filed in Consumer Financial Protection Bureau. Why should you care? Well the money you send them could be tied up for 60 days or more before you can get it back. (this is not a 2 month cd by the way - it is supposed to be a money market account) Mine was tied up for 90 days. This was the message on their web site……
Your security is important to us. That’s why, as of March 15, 2018, there will be a 60-day freeze on withdrawals for new accounts, starting with the date of account opening. Please note, your account will continue to earn interest during this time. Once the 60-day authorization period is complete, you may withdraw funds as needed…..
That may not be a problem for most people but if you are like me, I thought the concept of getting your money back on demand is a sacred policy of all banks. Think about that if you went to a local bank and they refused to give you your money back. It’s your money and you should not get an answer like “come back in 60 days”.
Do yourself a favor and investigate Popular Direct before you send them any money. They might just lower the rate that they are advertising right after you send them your money and worse of all, they have the right to freeze your assets (it’s in the fine print that they can do that).
|FDIC Certificate #||34967|
|Return on Assets - YTD||0.57%|
|Return on Equity - YTD||3.18%|
|Annual Interest Income||$189.0MM|
|Assets and Liabilities|
|Assets||Q2 2018vs Q2 2017||$9.47B$8.97B|
|Loans||Q2 2018vs Q2 2017||$6.49B$5.79B|
|Deposits||Q2 2018vs Q2 2017||$7.06B$6.40B|
|Equity Capital||Q2 2018vs Q2 2017||$1.66B$1.85B|
|Loan Loss Allowance||Q2 2018vs Q2 2017||$75.9MM$54.8MM|
|Unbacked Noncurrent Loans||Q2 2018vs Q2 2017||$131.9MM$112.4MM|
|Real Estate Owned||Q2 2018vs Q2 2017||$3.3MM$2.1MM|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
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