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Populardirect.com has a rating of 2 stars from 3 reviews, indicating that most customers are generally dissatisfied with their purchases. Populardirect.com ranks 214th among Banking sites.
This bank offers CDs in competitive short terms. Outstanding customer service. Quick and easy to fund simple to redeem IF you follow the instructions contained in the pages you saved when you opened the CD. PD will send you an email or letter a month before maturity of you opt into this feature otherwise they are silent throughout the term and the CD will roll. Pay attention to your maturity date.
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 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.
Tip for consumers:
There are many online banking options. Consider others.
Products used:
5-year Certificate Of Deposit.
I applied for a high-yield savings account. It took them 3 weeks to "approve" my 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!
This bank offers CDs in competitive short terms. Outstanding customer service. Quick and easy to fund simple to redeem IF you follow the instructions contained in the pages you saved when you opened the CD. PD will send you an email or letter a month before maturity of you opt into this feature otherwise they are silent throughout the term and the CD will roll. Pay attention to your maturity date.
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