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  3. Anyone Else Have A Transfer Rejected By Popular Direct? You Might.

Anyone Else Have A Transfer Rejected By Popular Direct? You Might.

RJM
  |     |   499 posts since 2011

I did, a measly amount. The note said "ACH RET ACCOUNT FROZEN/RTN PER OFAC"

That got me concerned.

Turns out this was 100% by Popular and nothing to do with OFAC.

Apparently, the fraud department at Popular is demanding proof of ownership of the funding account for "a lot" of their I presume new customers.

I did what they asked which is send proof of ownership to their fraud department. Now I just sit back & wait for access to my money.

This was handled poorly. They should have asked for proof of ownership first instead of blocking my transaction without notice.

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10


Answers
Robb
  |     |   258 posts since 2018
If it's this much trouble making a transfer IN its makes you wonder how much trouble it will be to get your money OUT.
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7
RJM
  |     |   499 posts since 2011
No, this was a transfer out. $350 on a large account.

Account is very close to 60 days old. I have been able to pull a few times from other banks already. So this is new.

The note above was from the other bank that was supposed to be getting the $350. Thankfully, I did not bounce any checks. But the entire OFAC was good for a big scare. The federal government thinks I am a terrorist?

What if all your accounts were frozen ? How much cash do you have to live on?

Sad to say, I do not have much.
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3
RJM
  |     |   499 posts since 2011
to clarify, they did not need proof of the account where the money is going, they want prove of where it originally came from. The bulk of it anyway.
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6
Meehl0069
  |     |   6 posts since 2017
They did the same thing to me. Blocked monthly interest I earned from being transferred . I think I'm going to move my money out after the 6th of June. $500,000.
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4
RJM
  |     |   499 posts since 2011
be careful, I think we have to leave the account open so long or face a fee. But, if they ever unlock our money, we can move much of it. Big IF.

They have had over 24 hours for me and nothing.
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1
RJM
  |     |   499 posts since 2011
Still no response from my email sent on 6/2.
After 15+ minutes on hold, the new time frame is 3-4 business days. They won't let me speak to anyone and they refuse to free up even $500 of my 6 figure account.
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3
RJM
  |     |   499 posts since 2011
I think a BBB complaint is in order.
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2
locojoe
  |     |   9 posts since 2018
that 60 day overhand initially had me concerned...come on I just wanted to push a little back from where it came...i use the spoke and hub method...after fulfilling the fraud dept test...i'm happy to say PD moves money fast...transfer on Monday was in my hub account Tuesday
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2
RJM
  |     |   499 posts since 2011
When did you find out it was locked? i sent proof and they are ignoring it.
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1
RJM
  |     |   499 posts since 2011
I have posted elsewhere. My availability has been returned, they say. But they can still do what they want, when they want because we gave them permission, they say.

Everyone should have a copy of page 6 on their nightstand I guess.

"In the terms and conditions of your account on page 6, under the section Restrictions on Accounts and Services/Right of Refusal and Termination of Account. It is disclosed that we reserve the right to terminate, freeze or restrict a Popular Direct Account at any time."

In the real world, It can be called "how to run off customers".
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2
RJM
  |     |   499 posts since 2011
They responded by bank message, not email... yesterday...


Thank you for contacting Popular Direct Customer Service. We gladly assist you with
your inquiry.
After reviewing your account information, the restriction on your account has been
removed. Transfers will process as normal.
If you have any further questions, you may reply to this message or call us at
800.274.5696, press option 0, then 2 to speak with a Customer Service
representative. We are available 24 hours a day, 7 days a week.
Reply
1


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