Banco Popular (also known as Popular, Inc.) was established in 1892 but did not reach the United States until 1961. The bank currently operates 100 branches in five states: California, Florida, Illinois, New Jersey and New York, as well as in Puerto Rico, the Caribbean and Latin America.
Company Headquarters:
Banco Popular North America
9600 Bryn Mawr
Rosemont, IL 60018
Website: www.mypopularbanking.com
Customer service: 1-800-377-0800
Types of Accounts Available
Banco Popular offers savings, checking, money market and CD options. Here is a quick breakdown of banking choices:
Savings Accounts
Banco Popular’s Relationship Savings account rewards customers who have more than one account with the bank. It comes with the following requirements and features:
- No monthly service charge (if you maintain a minimum balance of $250 and set up automatic deposit into the account)
- Bonus rate when linked to checking account
- Free online and telephone banking
- Free online statements
- ATM card
- Withdraw from account up to 6 times per month
- Transfers from checking account
- Earn more interest with higher balance
Checking Accounts
Banco Popular offers Totally Free Checking as one of several checking options. Its features and requirements include:
- No minimum balance
- No monthly service charge (requires 5 transactions per month)
- No direct deposit requirement
- Online and telephone banking
- Images of paid checks
- MasterCard debit card
- Automatic funds transfers
- Combined statements
- Free access to Allpoint ATM network of over 33,000 ATMs nationwide
Other checking options include Basic Interest Checking, 50+ Free Interest Checking and Popular Investor Checking.
Money Market Accounts
The bank’s Money Market Account (MMA) comes with the following features:
- Higher interest rate with easy access to money
- Deposit as much as desired
- Remove funds up to 6 times per month
- ATM card and free access to more than 33,000 ATMs nationwide
- Free online and telephone banking
- Free online statements
- Transfers from checking account
CDs
Banco Popular’s Relationship CD comes with the following features:
- Bonus rate when linked to consumer checking and/or savings account
- 10-day grace period between maturity and renewal
- Automatic renewal at maturity
- Free online and telephone banking
The terms range from 30 days to 120 months. Special interest rates are linked to the following terms:
- 6 month
- 12 month
- 60 month
This bank does not advertise jumbo CDs.
IRA
While Banco Popular offers IRAs, the site does not provide a wealth of information about the accounts aside from the following:
- Competitive rate
- Online and telephone banking
Unlike other accounts with the bank, the IRA cannot be opened online. The bank asks consumers to talk to a Popular Investments Financial Consultant at a branch to learn more about the accounts and apply.
How to Open Account
Most Banco Popular deposit accounts require the following to open:
- Valid driver’s license
- Social Security number
- Current home address
- E-mail address
To fund the account, you will need:
- Bank account number
- Name of the bank or financial institution
- Routing number (can be found on your check)
You can also fund the account with a debit card or credit card.
FDIC Insurance and Coverage
All deposits in a “noninterest-bearing transaction account” are FDIC-insured at Banco Popular for at least $250,000. Traditional checking and demand deposit accounts are included. However, the bank notes that traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts are not included.
Customer Service
Banco Popular offers a number of ways for customers to get in touch with the company. Customers can call its toll-free numbers, email the customer service address, or send inquiries through the mail.
Security
Banco Popular uses Tricypher, a secured authentication solution that allows customers to choose 3 security questions, identify their computer and select a unique picture to see each time they enter a password. The bank also uses a firewall and Secure Sockets Layer (SSL) technology.
Loans (personal, auto, mortgage, HELOC), credit cards and investment opportunities are available through the bank, in addition to deposit accounts.
