Banco Popular de Puerto Rico Review 2023
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Banco Popular de Puerto Rico Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Checking | 3.75 |
| CD | 3.5 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
Banco Popular de Puerto Rico Pros and Cons
| Pros | Cons |
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About Banco Popular de Puerto Rico
Banco Popular de Puerto Rico has over 160 branches around Puerto Rico and more than 600 free ATMs. There is also a Popular Bank in the US Virgin Islands and the mainland US, but the bank accounts are a little different than the ones at the Puerto Rico branches.
Branch and customer service hours vary by location. Most branches are open from 8 a.m. to 4 p.m. Monday through Friday, and some branches are open for part of the day on Saturday.
The Banco Popular mobile app has 4.8 out of 5 stars in the Apple store, and 3.9 out of 5 stars in the Google Play store.
Your deposits are FDIC-insured for up to $250,000, or up to $500,000 for joint accounts.
The Role of Hispanic American-led Financial Institutions
Hispanic American-led financial institutions serve an important role as FDIC designated minority depository institutions. These institutions help address banking gaps like language and access in underserved communities.
Banco Popular provides services in English and Spanish. The bank also created the Popular Foundation, which has given over $2.5 million to local organizations focused on education, youth, health, elderly care, and community development.
Is Banco Popular de Puerto Rico Trustworthy?
We include Better Business Bureau grades when assessing a bank's trustworthiness. Banco Popular received an A+ rating from the BBB.
Banco Popular de Puerto has been involved in two recent public controversies. In 2022, the US Department of Treasury's Office of Foreign Assets Control required the bank to pay over $255,000 in a settlement that accused the bank of violating Venezuela Sanctions Regulations when processing transactions with two Venezuelan government employees.
In 2023, the Federal Reserve Board also required Popular Bank — the bank's mainland US branches — to pay a $2.3 million fine, claiming it processed Payment Protection Program loans even though potential instances of fraud were detected and the potential fraud was not reported in a timely manner.
Banco Popular de Puerto Reviews
Banco Popular de Puerto Rico U Save Account
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Banco Popular de Puerto Rico e-account
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Banco Popular also has several other checking accounts to choose from.
Banco Popular de Puerto CIMA CD
Banco Popular has more CD term options than many banks, ranging from seven days to 10 years. You'll need to visit your local branch to ask how much you'll earn on a CD.
The bank also has a CD5 account that increases your rate every six months, so it could be worth asking how CD5 rates compare to regular CD rates at your branch.
How Banco Popular de Puerto Rico Compares
Banco Popular de Puerto Rico vs. Oriental Bank
Banco Popular de Puerto Rico has many more branches than Oriental Bank, so it may be the more convenient option.
Banco Popular de Puerto Rico vs. FirstBank Puerto Rico
Banco Popular has more branches than FirstBank, so it may be the better option if there's a location closer to your home. You also might prefer Banco Popular if you'd like to open a free savings account. The
If you'd like to open a specialty savings account, however, FirstBank still might be worth considering. FirstBank has more specialty savings account options than Banco Popular, including accounts for children, teens, and special occasions.
Why You Should Trust Us: How We Reviewed Banco Popular de Puerto Rico
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.