Checking or savings account -- Opening an account -- Complaint #7484865
Complaint Overview
Complaint ID: 7484865
Company: Banco Popular De Puerto Rico
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Opening an account
Sub-Issue: Didn't receive terms that were advertised
State: New Jersey
ZIP Code: 08540
Date Received: 2023-08-31T12:00:00-05:00
Date Sent to Company: 2023-08-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
My wife and I responded to advertisements from POPULAR DIRECT to open a CD at 5.5 % APY. We completed the application and, on XXXX Popular Direct took {$30000.00} from our checking account at another bank. We received confirmation of our CD from Popular, including the account number. When I tried to go online to check my CD, I was locked out. I then received a cryptic letter from Popular Direct telling me they were invoking their right to terminate the account. We phoned and were told that the account was closed but they could give us no reason. Supervisors could not give us a reason, either. Popular Direct promised that they would have someone phone us who could give us a reason, but no one ever called. When asked WHEN they would send us our money back, they told us they would get to it at the end of next week, sometime around XX/XX/XXXX. This is an outrageous delay. Popular Direct has our money and, if they do send it back on XX/XX/XXXX, they will have had our {$30000.00} for more than two weeks. In the meantime, we will not have received any interest nor can we set up a CD with another bank. Popular Direct, on the other hand, will have been able to use our funds for their purpose. ( Now I would like to add that when I went on line to see if anyone else had posted a complaint about Popular Direct, I found that a customer posted an identical complaint about Popular Direct in XXXX of this year. Sounds like a pattern! )
Frequently Asked Questions
What is Complaint #7484865 about?
Complaint #7484865 was filed against Banco Popular De Puerto Rico regarding Checking or savings account specifically about Opening an account. It was received by the CFPB on 2023-08-31T12:00:00-05:00.
How did Banco Popular De Puerto Rico respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Banco Popular De Puerto Rico?
Yes, visit the Banco Popular De Puerto Rico company profile at readthecomplaint.com/company/banco-popular-de-puerto-rico to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.