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Never Withdraw From Popular Direct Mid-Month - You Will Lose Accrued Interest

Sperry8
  |     |   274 posts since 2011

I was just reading Popular Direct's new terms (sent via email today) and saw this:

"accrued interest is credited to your Popular Direct Savings Account on the last business day of the monthly statement cycle. When you withdraw funds from your Popular Direct Savings Account, only the credited interest is available to you and you will not receive the interest accrued through and including the last business day of the monthly statement cycle that has not posted."

So, never pull out your money until after the month end deposit has occurred or you will lose that months accrued interest. Alongside the fact that they require a hard pull to open a CD, Popular Direct is looking less and less consumer friendly.

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me1004
  |     |   1,381 posts since 2010
Yes, a good warning. There are a number of banks and credit unions out ther ewith that same policy. It's really bad if they psot interest only once a quarter! (Of course, when you close a CD at maturity, interest is posted, so you will get that even if it isn't the normal day of the month it otherwise would post.)
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