| 5 star: | (4) | |
| 4 star: | (4) | |
| 3 star: | (4) | |
| 2 star: | (9) | |
| 1 star: | (29) |
I wanted to buy several CDs from Popular Direct, my application was declined. I filled in all information including my address, birthdate, SSN, etc. I unfroze my credit ratings so they could access them. All three ratings were over 800. My application was not approved, no reason was given. I can only assume they don't like older people.
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The website is terrible; it should have been my first trigger. My CD matured, and I got no communication around withdrawal limitations. You can't create an external account unless you call in to transfer your money, and you can't initiate a transfer unless you call in. All of this has to be done within ten days, or your policy auto-renews, and you have to pay the penalty to get it out, which is what they want in the first place. Seriously shady, don't put your money here.
I had a savings account with them that I put some money in because of their competitive rates. They sent me a message through their internal messaging system asking me to verify my information and employer. They didn’t send me any direct communication through email or snail mail. I missed the message because I don’t log into my account looking for emails but instead to look at my balance. When I then tried to access my funds they then lock my account saying “the government made them”. I’m sorry but communication practices with customers is not dictated by the government. Customer service person had a foreign accent could barely understand them and was less than helpful with the locked account.
Popular Direct can be fussy and frustrating to deal with. Their website is pretty good and their rates are competitive. They don't have daily dollar transfer limits to deal with. However, their rates have dropped like a stone over the 9 months or so I've held an online savings account with them (yes, rates have dropped across the board, but theirs have certainly dropped faster than the rest of my online savings accounts), they charge a fee if you close your account with 180 days of opening, you have to manually request beneficiaries be added and you cannot see the beneficiaries in your online banking or statement, they have limits as far as how many outside accounts you can link (only one) and how long you have to keep it linked before you can switch it (after opening, 60-day waiting period and 70-day funds transfer restriction before you can switch), etc. Popular Direct says certain restrictions are in place to help prevent fraud. So, you decide. While they're certainly decent, I rarely stay with such fussy banks for very long. There are many other choices out there with far less fuss. I give this bank a slightly above average rating, simply for their above average rates and decent website. They're adequate, but certainly won't knock your socks off. Before committing, go somewhere like www.bankrate.com and shop around first.
I opened a CD account a month ago, expecting a smooth process like other internet banks. However, this bank took over a week to open the account, with multiple back-and-forth emails requesting the same verification documents. I should have stopped the application, but I persisted. Eventually, the account was opened, and the funds were transferred.
However, the challenges continued. Since opening the account, I have been unable to enroll in online banking. Despite assurances from representatives that I would receive a call from the security department within three days, I never did.
As a banker for other bank, I can confidently say this has been the worst experience I've ever had with any banks. I strongly advise against opening any account with them. If necessary, I will report this as fraud.
This bank is in the dark ages. I already had a savings account with them. I wanted to open a CD and transfer funds from my existing account to a new CD. They made me jump through hoops to get verified and made me wait for days to get approved. This is when I already had an account there. Customer service admitted to me that they had 2 separate computer systems which did not communicate with each other! Definitely not worth the headache to open an account.
I waited close to three weeks, without any explanation, to have my account activated. After the initial setup delay, I've had no issues with deposits. I have not tried to make a withdrawal but I haven't read anything negative about making one.
If there had been more communication about setup delays I would have given 5 stars.
They have great rates I give them that but it took over 8 business days just trying to open an account. They could not verify my external bank and needed me to send my license in. It took 5 business days to verify my ID, which they never did. I called them 3 of those days to find the progress and each day they said we are escalating it; and I would never hear from anyone. On the 5th day I called simply to withdraw my application. Told them if it takes this long to do something minor I dont want to know what service is like when crucial!!
I had already opened a CD with Popular Direct (two, actually) before I saw the reviews here. If I had seen these reviews, I would not have opened a CD with them. Honestly, I'm not sure why all the hate, although it seems like most of it is directed to their online savings accounts, and not their CDs. I now have 4 CDs with them, and haven't had any big issues.
Sometimes you have to wait a while to get a rep on the phone, and sometimes you don't. Their website is pretty low-fi, and they have a strange policy wherein you can't really specify what you want to do with a CD at maturity until the day it matures (at which point you have 10 days to let them know). But they definitely alert you as to when that date is coming, and they accept an email/attachment as sufficient proof of the instructions you give.
They change their rates VERY frequently, and they have relatively hefty early withdrawal penalties (2 years on a 5 year CD? Come on, guys...) But really, for an online-only bank, they are just fine. Don't believe all the 1-star reviews.
I opened a Popular Direct high-yield savings account in October. Easily completed everything online and was instantly approved. I funded 10k from my main household checking and have added more to the point of now having 163k. The rate at opening was 5.40% and that has slightly ticked down to 5.35% as of today. There have been no issues at all. My interest has been credited on the last day of each month and the most recent was $720. I am able to easily access my account both through the app and online. I'm sorry other people have had issues, but my experience has been perfect.
I was going to open an account but then I read the a footnote:
"If you close your account before interest is credited, you will not receive the accrued interest."
So if you decide to close your account on the last day of any month or before, you will not receive any interest for the monrh because it isn't credited to your account until after close of business on the last day of the month or the 1st of the next month. That could cost you big- no wonder they hid it in a footnote.
I was tempted by their high interest rate. I decided to stop the opening process as I noticed a major unbearable inconveniences of its online banking. First alert was it'd not correctly capture my USER ID during beginning process that it'd show the wrong phone number choices which NEVER happened with other banks.
As I finished all opening process, I tested logging in few times and BOTH pc and mobile log in require security code authentication ..meaning unless you are able to receive text messages on your US mobile phone while staying in foreign country there is no way you can log in via pc and mobile app to check my account(no email address authentication option either!) When I called the customer service, I was told " Sorry, I understand your concern but our bank is really for 'parking in money' for a high interest NOT for moving in and out funds often"
But is isn't about frequent withdrawal and deposit. It is about a basic tool and convenience of modern banking.
BTW the customer service on the phone were great contrary to other reviews I read. Their hours are M-F 7:30~midnight Sat Sun 9~6
So I hurriedly decided to cancel the opening process but I was told that I have to pay $25 fee for early closing (which I was aware of but they should make exception)
Unless I have a roaming service cell phone to receive a text message, I won't be able to log in to my account while in overseas. This bank needs a major update in their online banking.
Don't waste your time. they don't answer the phone., they don't publish an email address.
i gave up and cancelled my application
I opened my Popular Direct account in Nov 2023 and needed an email and password for the acct. Once the account was opened I needed a NEW username and password. So I got rid of the initial password used with the email...cause how many different sign-ins do I need for ONE account???? Then I went to sign up for a CD at this bank and had to go and find the email and password I originally needed to open the account, which isn't the info I need to sign into my acct. This process is so convoluted it's not even worth the extra .03% rate over other banks. I fear the challenges I may face when I close my acct which I am going to do. How many logins do I need for one account? Moving on.
It took them 3 weeks to "approve" my high-yield savings account; the application said 2-3 business days, but customer service said they were running behind and had no ETA. (During this time they kept sending me emails asking me to finish my application - but customer service said it was waiting on them.) Once it was finally approved, they started the initial funds transfer. After 5 days, they cancelled the initial funds transfer and closed my account. It took me 2 phone calls to customer service to find out WHY the transfer failed - the first time they "didn't know, call the sending bank". The second call, they actually looked at the rejection reason. At **NO POINT** did they contact me about the transfer failure or account closure - no phone calls or emails, not even when I received a message in my "secure message" center on their website. Reopening an account is impossible with them, and they said opening a new one would go through the 3-week approval again. No thanks, I'll go with someone who works in a timely fashion and will communicate with me!
I attempted to open a savings account on 11/11/2023. My application was pending, which I understood. However, every 3 days, I would get a reminder email to complete my application. When logging in from the email, I continued to get a message saying my account was still in review. I called customer service and was told they are backed up with applications and to allow 1-2 days to complete.
Over a week later (and several more canned emails to me to complete my application) it is still not complete so I called again. The associate I spoke to this time flat out told me they got a new verification system in September and it's calling the backlog of account reviews. She continues on with a speech about if her supervisor was in, she would have transferred me right away. But he wasn't in so she could send my case to a lead to clear the error but it wouldn't be done today. At this point I asked to cancel my application, which she did within 5 seconds. I cancelled today, 11/24.
I have NEVER had an occasion where a bank could not open an account for me within the same day. I've now lost out on several weeks where my money could have been in a high yield savings account.
Don't waste your time with this bank. They tease you with the highest yield interest rates but refuse to actually open an account for you. With this many problems giving them my money, I would be EXTREMELY nervous to trust them with my funds.
Their customer service is offshore and while they are friendly, you have the issue where they can't actually resolve any issues.
They have no online customer support (phone calls only). I did download their app but couldn't actually use it because my application was pending.
***Edit*** After canceling my application with Popular Direct today, 11/24/23, I applied for a savings account with My Banking Direct. At the time of this writing, My Banking Direct is offering a savings account with 5.35% APY. Within 10 minutes, I completed the application and it was approved. Popular was offering 5.40% APY. Save yourself the headache and apply with My Banking Direct.
It has been 14 business days since I submitted my application for the savings account. Customer Service reps and Supervisor just keep apologizing and keep giving assurances. They have no clue as to what is going on in the back office and when it will be resolved ...no timeframe or deadline. One rep suggested to withdraw the original application and reapply to expedite and still nothing was done after 2 weeks...just wasted two weeks of interest money and finally have withdrawn second application. Just rediculous in times of online banking. How can a customer trust them sitting on the other side of the country?
It has been 8 business days since I submitted my application for the savings account. How hard is it to verify? I had a cd there until July of this year. If and when they say, "Okay", we'll do the trial deposits, taking another few days. Ridiculous.
I’m reading a bunch of reviews about frozen accounts up to 2 or 3 months. Nobody has claimed that they never recovered their money. So all these complaints are really about freezes and lost interest and $25 or $5 fees. As long as I can get my money back in 3 months, what risk is there? Possibly,1 month lost interest, a one time $25 fee or $5 inactivity fee.
I took out a CD with Popular Direct last August. There was no inquiry done on my credit worthiness. I got another CD from there today and sometime between August 19, 2023 til October 2023 language has been inserted into their terms where a hard inquiry will be performed on investment accounts. A CD is an investment account and is distinguished from a transactional account such as a checking account or a money market account. My bad. I have a boatload of hard pulls on my reports.
I was waiting for 3 to expire from my credit report in the next 6 months instead I picked up another hard pull today. Makes it totally not worth the mediocre interest CD I was chasing. I was yelling at the offshore CS about such a sneaky clause and mere lip service read at me off a script for my consent to a hard pull. I told him I was an existing customer who established my account within the past 60 days and a credit enquiry would normally be waived in such a case. I did not cite any authority for this point but I included in my argument the buried clause and running roughshod over my consent to a hard inquiry I may have persuaded Popular to waive their credit inquiry. Someone is supposed to be getting in touch in 7-10 business days for their determination. . I still have my $10000 which I'll invest in someone else's community. Im not saying dont use this bank or its a bad bank they're just not for me is all. The field of > 5% short term CDs is broadening for me to go on to the next offer.
This bank rotates savings products by name to advertise a high rate and then leave you holding a lower rate product. To get the advertised rate, you have to ask them regularly to switch you to the latest saving account product by that specific name.
I asked for a call back to discuss this practice and it never happened.
I have found complaints of many other banks having this practice. Beware!
I opened my account on Aug 11, 2023. My initial transfer/deposit was $15,000. A week later I receive a letter stating “on the effective date, Aug 11, your account will be closed”. It also stated that the account had zero funds. I quickly called PD to ask about this and to inform them, “I’m looking at my account on the computer screen now and it shows the $15,000 that I deposited.” The customer service rep could not tell me why my account was closed on the same day that I opened it. He did say that I would receive my $15K in about 10 business days. This was a waste of time and my money will not earn any interest at this time. I WOULD NOT RECOMMEND ANYONE OPENING A NEW ACCOUNT WITH THIS BANK. GIVE ME MY MONEY!
This bank is a scam. I opened an account. They took my money. I called because I couldnt log it and they told me the account was closed for unspecified security reasons. I sent them the money on 7/7. It won't be back until 7/21. No interest accruing during this time. I am angry and don't understand how people can do business this way. Put your money elsewhere.
I've been a customer with this bank for less than a week and I already regret it!
They are offering great rates on CDs, so I attempted to sign up for a 5 year CD to lock in the rate. They gave me a 12-month CD and told me it can't be changed.
Once you're in, everything about this bank seems scammy. From the customer service line that is definitely a call center in India, to the mobile app feels like it was built by a high school kid.
Very poor quality all around!
My account was opened, funded and deposits verified. Two weeks later they send the initial deposit back and closed the account. Needless to say, there was no interest paid for two weeks. Their answer was: " the account was closed for security reasons, no further information will be provided". It looks like they use attractive interest rate to get the deposits in, use money short term and send them back without paying any interest. Keep your money away from this "bank".
I can't reach Popular Direct bank customer service. When I call 1-800-274-5696 - it says CALL FAILED. They don't send any text messages for confirming transfers. What is going on?
Similar to other reviews here - account just closed shortly after initial deposit - no reasons given.
In a nutshell_ they (1) allow you less access to your own money and (2) see you as fool. But they have ok customer service staffing:
This is a Sought American conglomerate of banks operating unified under FDIC and OCC flag; expect questionable banking ways, e.g., (1) you can have only one external bank, but somehow my account ended up with two and (2) gimmicks upon which they fool you by advertised high interest and subsequent set previously unstipulated conditions (4.85% if you keep 100K or above in savings).
If you are looking for a good online bank with great rates try this one. Opened a savings account in Jan. 2023 and everything is good so far. They tell you up front so read the account terms so there are no surprises. As of today Savings APY is 4.85%, can't beat that. Customer service reps are nice and will try to help you with any issues.
I have had good experience with Popular Direct, but was surprised to discover that you can have only one external account for transfers, and you must wait at least 60 days before switching to another external account. It is in their disclosure statement, and they stick to it.
Just came back to this bank after a few years. the banking software is the same archaic user interface, but works. fine for putting money in, and leaving it there. features are basic, but money shows up relatively quick. their app got a little better, but its only useful for checking balance. they pick up the phone quickly, and very helpful.
Everything was fine with this bank for awhile. Then in 2021 and again in 2022, PD claimed my account had been abandoned (no notice, no attempt that I knew of to reach me), and forced me to file a document to reclaim my account. I shrugged off the first time this happened. The second time spooked me; I felt I could no longer trust the bank with my money. I was forced to withdraw my CD funds, paying almost $ 4000 as a penalty. The only good thing about this story is that interest rates had risen by the time I withdrew my money, so I found better homes for it.
Don't give this bank your money. I opened a high-yield savings account and transferred 35K into it from my original bank. Two weeks later, the money was back in the original account.
No email, no call, nothing. When I called Popular Bank, customer service said my account was closed due to "security issues" and they could not disclose the issue. It's frustrating because I don't know if there's something I need to fix, set up differently, etc.
Please stay away from this bank and don't fool yourself with the interest rates they offer because your money can disappear just like that. Think twice before you go to them.
In January 2023, I opened a saving account for a large amount with an interest rate of 4.26%. I waited for the transfer to complete which it did by January 30. I had to add a beneficiary to allow me to exceed the max limit amount allowed which I did on Jan 30th. I assumed everything was Ok after that I even saw the interest on my account for Jan 30 and 31st which was $52.57. Then on March 1st, I logged in to see my statement and check the interest but I was shocked to see that my account had a balance that was zero and I had no clue what happened. They kept the money at popular direct and on the 16th they transferred it back to the original bank without even notifying me. They didn't even give interest for the 16 days they have the money in their account and even removed the $52.57 from the month of January. I called them twice and they keep saying they will notify the supervisor and get back to me when I ask for a supervisor they say he is busy and he will get back to me but so far no phone call or email from them. Customer service told me all they can tell me was that the account was closed on February 16th and did not give a reason as to why. This is ridiculous and very scary and painful a the same time. This is my life investment.
Finally, it was my turn to experience Popular Direct's poor IT and customer service. I have been a CD customer for many years but had been withdrawing funds at maturity due to bad reviews on this site, although I had never had a problem personally,
Attracted by a favorable CD rate, I attempted to open a new CD yesterday. If you are only a CD customer, you must go through the online application process as if you were a new customer, unknown to them.
After completing the application, I received the hated "Thank you for your interest in opening a Popular Direct account.
Unfortunately, we cannot process your application at this time. You may contact us at 1-800-274-5696"
So, I called and was told by the CSR that I should just reapply again after 72 hours. I responded that was ridiculous, as I would just fill out the application the same way again. I needed to know what the problem was with my application. After some more back and forth (can't tell you for security reasons), I was told that I had failed to answer the security or challenge questions correctly. I responded that I had not received any such questions and therefore could not have answered them incorrectly. The CSR stated that she would fill out a report of this application problem so that it could be reviewed by supervisors. Fine, but that does not solve the problem. So, like so many others on the board, I am taking my money elsewhere.
I opened an account a week ago with them putting the max $250k in there. At 4.08 percent interest this should be a good deal. They flag your account for fraud for some reason. They want a statement from your originating account. Now they turn around on me and say they're closing my account on me. They won't prorate my earned interest. I also have to wait 2 weeks before they send the money back to the original account the money I ached from. Communication is very poor with this company I wouldn't have known unless I called in. I have called at least 6 times to customer service now. Sometimes your talking to children. PNC seems to have a good offer as well and might be a better fit. I would encourage anyone looking for high interest to get multiple accounts with different banks.
I was happy with the Popular savings account for a couple of years. Then I noticed Popular had a new savings account with a slightly different name paying more than my "Ultimate" savings account.
I called them and asked why I wasn't receiving the new higher yield and the agent said the only way to do that was to close out my Ultimate account and start a new account under the new name.
I closed the account and moved it to an institution paying more. If management wanted to alienate existing customers, this is a way to do it.
Buyer beware-- classic bait and switch. I signed up for a savings account two years ago when the Fed rate was at an all time low. They paid 2% which was great. Last week I realized that they were only paying me 0.4% for the same money in the same account. When I contacted customer service I was told that I needed to request to change to another savings account-- i.e. one with a different name. So why when I had the maximum rate account they offered did that same account change to a mediocre rate account? I should have checked more often. BEWARE
Customer service online and on the phone was a B+grade.
Also if you want to close your account-- you first have to transfer the money out to achieve a zero balance. THEN YOU HAVE TO CALL THE BANK BEFORE THE END OF THE MONTH TO finish closing the account or you will RACK UP FEES... When I took my balance to zero online today the online webpage gave me no warning of the need to make a call to finalize the closing... There is no way to close the account online only! This is for an "online bank." THEY SHOULD INFORM YOU ONLINE WHEN YOU TAKE TRANSFER OUT $ to take your account to zero that you have NOT CLOSED YOUR ACCOUNT...
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.
This bank didn't send me my 5 year CD maturity notice in postal mail/email even though I had opted for it. I realized it a week after it auto-renewed for another five years in a low rate environment. To close the CD I had to pay hefty $2000 penalty that was equal to total interest it earned me for last two years.
In some other reviews also I am seeing similar complains. Someone should file complaint with consumer financial protection bureau.
After calling customer service numerous times and after two internal requests over around 3 weeks, I was told first decision will be available within a week then again it got postponed to Monday and was told that on Tuesday they will have final decision on my complaint, only to be told on Tuesday by another customer service representative that sorry there is no time limit for internal investigation why you didn't receive your notice. I had to take the loss in same tax year and it was near year end so had to pay penalty and take it out. I regret wasting time with their customer service, if they don't intend to get back in time limit they should not lead customer on and waste their time.
Strongly not recommended.
This bank is a PITA to deal with. I got hit with a $200/month fee on my account without any prior notice. It's amazing that in 2021, banks like Popular still exist.
I have had much grief with my accounts at this bank. The latest -- besides the fact that the website is almost always out of whack, unable to retrieve my account information -- is that I was not informed in advance that a 5 year CD was maturing. I only heard about it a couple of weeks after they automatically renewed it (at much lower interest rate) for another 5 years. When I inquired, I was told there would be an $1100 penalty for closing the account now. So my money is held hostage for 5 years if I don't want to pay the outrageous penalty. Terrible way to run a business, IMO. ??
I had a 5-year CD with Popular Direct, maturity date 9-13-2021. I received no notification that it was maturing. Popular automatically renewed it for another 5 years, at about half of the previous interest rate. As soon as I caught this - a result of filling out the FAFSA (this money will soon be needed to pay for my kid's college) - I contacted Popular in writing to request the cancellation of the CD. They said they would allow withdrawal, but with a nearly $880(!) penalty. Today I called Popular to see if I could reason with them; the only new information to emerge was a claim that Popular mailed me notification in August 2021. I received no such notification. Popular again said that to withdraw the funds, the penalty would be nearly $880. This may be legal; it may be embedded in the fine print somewhere that the CD automatically renews. But to not notify me that it's renewing, to go silent and just hope that people forget to withdraw their money, and to renew the CD for 5 years at half of the previous rate, again with no notification? That's obviously wrong.
I had 2 savings accounts with Popular Bank for last few years. I closed them mid month and was told that I forfeited my accrued interest. Their terms and conditions states that interest is accrued daily and post end of month. There is a very, very tiny footnote that state I lose the interest if I close accounts before they post the interest. It took me at least 10 minutes talking to the customer rep to find the footnote.
I believe this is deceitful. Otherwise it would have been in the main body of the document instead of an extremely tiny footnote.
I deal with over 20 banks and not one keeps my accrued interest! I believe Popular Bank is dishonest. I will never use them again.