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Banco Popular North America


1 Reviews & Complaints

Banco Popular Overdraft Fee Rip-Off
Posted by Al Rivera on 08/18/2009
It is disgusting to see how Banco Popular swindles customers out of $150 in overdraft fees, letting customers accumulate a considerable amount of fees before putting a freeze or decline in their debit. And whats worse is that Banco Popular states erronious "available funds", without reflecting recent purchases, therefore trapping customers in an endless spire of overdraft fees. I checked my account on the day of the "overdraft" and it reflected an available balance close to $160.00. The next day I check my balance, it is not only in the negative, it was slapped with a $150 overdraft fee.

I am not only closing my account with Banco Popular, I am also making my disgust with this institution public. And from what I can see, I am not alone:

http://www.filife.com/companies/banco-popular

http://www.ripoffreport.com/Banco-Popular-North-America/Banks/Banco-Popular-North-America-Ba-79AA2.htm

http://www.ripoffreport.com/Banco-Popular-Of-North-America/Banks/Banco-Popular-Of-North-America-J534J. htm

     
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Posted by Anonymous on 2009-08-18:
That's why you don't rely just on online banking to keep in check with your finances. Online banking doesn't show you everything. Keeping a check register or something like Quicken to keep track of your account. Only you know what you've spent, what checks you've written, and what automated debits come out.
It's not a rip off if you keep allowing the bank to take money out of your account due to you not being responsible enough to keep up with your bank account.
Write everything down, that way there's no surprises. Just use the online banking to reconcile your account. If the balance on the online banking doesn't match up to your register, something hasn't posted yet. Don't go spending the money because you'll wind up with overdrafts.
Posted by bcd on 2009-08-18:
Oh look, another customer dissatisfied with their bank because of an overdraft on their account. Those darn banks--adding and subtracting numbers like that. How dare they...
Posted by Suusan B. on 2009-08-18:
You are the one who swipes the card to authorize debits.
You are the one who agreed to the terms and conditions of the account when you opened it.
You are the one who didn't keep track of your balance and spent more than you had available.
You swindled yourself out of $150 in overdraft fees thereby trapping yourself in an endless spire of overdraft fees.
Posted by MaggieMcT on 2009-08-19:
Stupid banks, actually taking money out of your account when you spend it! How dare they!
Posted by clutzycook on 2009-08-19:
You would think that by now people would learn not to complain about "unfair" overdraft fees here. You all just rip them to shreds!
Posted by MaggieMcT on 2009-08-19:
We only "rip them to shreds" when they blame the bank for their own carelessness. It's VERY easy to avoid overdraft fees -- the catch is, you have to take responsibility for your own actions. Apparently a lot of people don't understand the "personal responsibility" concept. And it costs them a lot of unnecessary fees.
Posted by memoryx57 on 2009-08-19:
Overdraft fees are NOT the problem people have. People expect to get an overdraft fee if they spend more than they have. The problem is when a simple mistake is made, the bank takes every penny they have. If they just charged for the items that acutally overdraft and not everything coming thru, then we probably wouldn't see near as many complaints. Anybody can make a mistake. It happens...Does not mean they are irresponsible or stupid. The banks take advantage plain and simple. BTW...not all banks do this..
Posted by Anonymous on 2009-08-19:
Memory...look at it this way: OP checks balance online and sees $160, so they go out and spend 5 $10 debits. That night a check for $155 clears. (the standard 'forgotten insurance payment'). The next day the 5 debits present. There are not funds to cover any of them, and bingo, $150 in fees.

This is not a case of re-ordering or manipulation, this is just a plain and simple case of carelessness.
Posted by memoryx57 on 2009-08-19:
Ken...in your example, I agree...I don't have a lot of sympathy for people who don't keep a check register or use the balance they see online to determine if they have any money.
My issue is...using your example, let's say all 6 were presented at the same time. The bank would overdraft all 6 instead of paying the 5, $10 debits and overdrafting the 6th one, in this case the insurance. They do reorder the checks because they will tell you they post from highest to lowest..supposedly to make sure your mortgage gets paid. But this excuse doesn't hold water because they are going to pay all of them anyway. To me this is just abuse of power. IMHO
Posted by PepperElf on 2009-08-19:
though....

would it be better to let them all go through then and let the insurance payment overdraft?

in most states, if you don't pay your insurance premium you lose coverage instantly (they'll reinstate it when you pay). If you can't pay it though in many states you will lose your license

i know ny state is like that.
Posted by memoryx57 on 2009-08-19:
Pepper, The bank is going to pay all of them anyway so having insurance cancelled would not be an issue..The banks use the highest to lowest as an excuse to garner 6 overdrafts instead of just 1...btw, the 1 overdraft is legitimate.
Posted by PepperElf on 2009-08-19:
perhaps

back when i was less careful with my fiances i had my insurance payment not go through. i got a nice little notice from the insurance company

thankfully it was close to payday


right now i'm being frightfully careful
Posted by Anonymous on 2009-08-19:
Memory, I see your point, but, since you are forearmed with the knowledge that debits post high to low *always*, what would have be the alternative? Remember, if the issue is with this posting order, then you change banks. But if you go into it as it is, then this is how it works.
Posted by BokiBean on 2009-08-19:
Ugh. I keep saying I'm not going to get into these bank discussions anymore.

The problem with going into it "as it is" is that most people are oblivious to "how it is". Its buried in the fine print, and while the bank will give you big high fives on the cool services they DO offer..they'll never explain to you how their overdrafts are designed to hit you as hard as they legally can.

Now you can say all you want about customer responsibility regarding fine print, but there are very few people that read contracts in full, and if they do, they rarely understand them.

At some point, we're at the mercy of the institution we're doing business with..and for banks, that shouldn't be a problem if they're playing honestly and fair. After all, it IS our money.
Posted by business on 2009-08-19:
Well, that's fine! The Key will keep your "cash" deposit show up as pending the next day. They are programmed to rip you to fees. It's really that simple.

I don't want to hear any BS about taking responsibility, Key bank is deceptive.

JM
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