Popular Direct
Related Posts
3/16 - Popular Direct Slashes CD Rates; Savings Rate Steady For The Moment
3/13 - Popular Direct Lowers Rates .1% To 1.80% APY
11/1 - How Low Can They Go? Down Again
10/21 - High Yield Savings Drops YET AGAIN
10/7 - 10/7/19 Rate Reduced To 2.3%
9/9 - Savings Rate Drop 9/9/19
8/30 - Ultimate Savings Slight Rate Drop 8/30/19
8/1 - Popular Direct Unveils Ultimate Savings Account, 2.55% APY
7/31 - Ultimate Savings Account 2.55% APY
1/31 - CD Rate Reductions
1/30 - 5 Year CD Rate Drops Again
1/22 - 1 Year CD Drops To 2.73% From 2.85%
1/22 - Popular Direct Rate Decline - 5 Year CD
12/3 - Popular Direct Nudges Its 1 Year CD To 2.85% APY
12/3 - Popular Direct Plus Savings Now 2.36%
11/21 - Popular Direct Ups 12 Month CD To 2.81% APY, Minimum $10K
10/26 - Popular Direct Savings Rate Increase To 2.26%
10/24 - Popular Direct Pushes 5-Year CD APY Upward
10/18 - 5 Year CD Raised
10/10 - Savings Raised To 2.10%, $5K Min
8/16 - Popular Direct Credits Accounts to Correct Effective Date Mistake
7/24 - Popular Direct Ups Plus Savings Rate
7/23 - Popular Direct Implements 60-Day Account Freeze On New Accounts
7/21 - 5 Year CD Rate Increase To 3.25% APY
5/26 - Bad News - A 60-Day Account Authorization Hold May Be Placed On All New Accounts
5/17 - Popular Direct - Savings Rate Confusion
5/17 - Popular Direct Cuts Savings Rate To 1.85% Was 2.00%
5/16 - Popular Direct's 5-Year CD Leads Internet Banks
5/15 - Popular Direct Offering 3.05% APY On 5 Year CD
4/16 - Popular Direct Increases 5 Year CD Rate
4/2 - Popular Direct Ups Exclusive Savings Account Rate
4/2 - New 2.00% Savings Rate
3/7 - Popular Direct - 2.75% 5 Year CD Rate
2/28 - Popular Direct's Exclusive Savings Account Rate Jumps
2/27 - Popular Direct Offering New 1.65% Savings Rate
2/20 - Popular Direct's 18-Month CD Rate Climbs
2/3 - Popular Increases 18 Mo CD To 2.15% APY
1/17 - Popular Direct Ups Long-Term CD Rates And Adds New Savings Account
1/17 - Popular Direct Raises APY To 1.50% (was 1.4%)
9/25/17 - Popular Direct Boosts Plus Savings Account Rate
9/23/17 - Popular Direct Plus Savings, 1.40% APY
8/4/17 - Savings Rate Is Now 1.21% APY
7/3/17 - Popular Direct's Short-Term CDs Enjoy Top Rates
6/30/17 - One Year CD Rate Of 1.55%
6/27/17 - Popular Direct Raises 2-Year CD Rate
6/7/17 - Popular Direct Parent Bank Rescued By Santander
5/12/17 - 2-Year And 5-Year CD Rate Hikes At Popular Direct
3/27/17 - Popular Direct (Internet Bank) Ups 3-Year CD Rate
1/21/17 - Popular Direct Savings Rate Lowered From 1.26% To 1.15% Effective 1/4/2017
1/6/17 - Popular Direct’s 5-Year CD - Rate Leader for Internet Banks
1/5/17 - Popular Direct CD Issue with Listed Rates and APYs
12/6/16 - Savings Account The Older Product Still Has The Rate Of 1.26%
12/5/16 - Savings Account Rate Cut
11/14/16 - Popular Direct (Internet Bank) Raises CD Rates
8/5/16 - Popular Direct (New Internet Bank) Debuts 1.26% Savings Account
Just Read The Account Conditions Before Investing
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.
No Problems With Frozen Account Or Transferring Money
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.
Watch Out!
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.
POOR SERVICE
After reading previous frustrating reviews of people who had matured CDs with Popular Direct, I decided to share the experience I recently had with this bank. Mine was not as horrible as other people’s who needed external transfers of matured CDs. It appears that Popular Direct, either deliberately, or through imprecise and inefficient procedures, delays to transfer matured CD.
I had given an advance instruction to this bank that my maturing CD be moved, on the maturing date, to my savings account in the same bank. The maturing date was Sunday, 8/9/2020. When I logged in my account, the matured CD was not transferred to my savings account, but it was automatically renewed after the last interest was posted on 8/8/2020. Since I could not transfer the money myself to my savings account, I called. I was told it would be done next business day. I did not see the transfer, I called 8/10/2020. Oddly, instead of just transferring the mature CD to the savings account right then, they said it will take 2~3 business days. It is simply moving my matured CD money to my savings account internally within the same bank. I was assured that my CD to my savings would be dated 8/9/2020 as I had earlier instructed. It was a substantial sum and even one day interest was not negligible. When I requested to talk with supervisors, they made me wait for more than 30 min to tell me a supervisor will call me back after wrapping up with another customer. They never called me back. I saw my CD transfer to my savings and dated 8/10/2020. I called and asked why the matured CD deposit to my savings account was not dated 8/9/2020. As I couldn’t get any straight answers, I wanted to talk to supervisors. This employee told me that she needed to request a callback and it would take 24~48 hours. I did not trust her this time and I insisted to talk to her supervisor. She said she was transferring the call to her supervisor but only to tell me that she couldn’t further tie up her line and ended the call. I have had accounts with various other banks but this is the first time I experienced something so evasive and abusive. I am still trying to decide what to do about this situation.
Data as of Q2 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34967 |
| Year Established | 1999 |
| Employees | 716 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.52% |
| Return on Equity - YTD | -2.96% |
| Annual Interest Income | $195.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $10.59B$9.72B |
| Loans | Q2 2020vs Q2 2019 | $7.49B$6.90B |
| Deposits | Q2 2020vs Q2 2019 | $8.16B$7.08B |
| Equity Capital | Q2 2020vs Q2 2019 | $1.78B$1.78B |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $162.7MM$67.5MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $38.4MM$94.1MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $1.7MM$2.6MM |