Purchased 2 jumbo CDs just over 2 years ago; one with a 24-month term and one with 36. As the 24-month CD neared maturity, I called and inquired about setting up an external transfer to cash out the CD.
I was informed to just call back after the CD matures, and they would effect the transfer, Called back a few weeks later and was informed they would charge me a fee equal to the last years interest as a "closing penalty" ($1,500) because I did not call back on the exact day the CD matured. I will never do business with this company again and suggest all others be aware of this practice.
Product or Service Mentioned: Banco Popular Certificate Of Deposit Account.
Reason of review: Not as described.
Monetary Loss: $1500.
Preferred solution: Full refund.
I didn't like: Misleading business practices.