Consumer complaint received 2023-01-19
Company: BANCO POPULAR DE PUERTO RICO
State: FL
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Opening an account
Sub-issue: Unable to open an account

Complaint:
On XX/XX/23 I completed an application with Popular Bank to open a XXXX jumbo CD. I received an email verification that the application had been approved and that Popular would make two test deposits, which were successfully completed on XX/XX/23. On XX/XX/23, I received a subsequent email that my account was opened, an account # was provided, and that the account would now be funded via external transfer and to expect a Welcome Package within the next few days. Accordingly, on XX/XX/23 the wire for the full amount of my CD was received by Popular from my personal checking account. I set up my mobile online access and was able to access my account that reflected the CD and deposited balance. Then on XX/XX/23 when I tried to checked my account via online banking again, I received a message that verification needed to be provided prior to online access being granted, that I would need to send Popular a copy of the first page of the account that my funds were transferred from. I did that and received a return email that Popular had successfully received the verification document. I then contacted Popular on XX/XX/23 to find out why I still could not access my account and was told to give it another day. On XX/XX/23 when I still could not access my account, I called Popular again. I was now told that my account had been closed. When I inquired as to why, I was not given a reason, so I subsequently spoke to two different supervisors. When I finally spoke to XXXX XXXX, a supervisor, he told me that they had closed the account and were not required to provide a reason, that it was their discretion on whether or not to accept the account. This made no sense to me as Popular had already opened the account, provided me an account #, and had transferred the money via wire into the Popular CD. I was on the phone for XXXX minutes and when I kept pleading for a reason why my account was being closed when I had successfully provided all the information and received emails that everything was done properly, I kept being told by XXXX XXXX that Popular reserved the right to close any account for any reason, including denying an account to any person that they desired to turn down, and that they did not have to provide a reason for closure. I told him that this was discriminatory and a wrongful act. XXXX XXXX was very aloof towards me and would not provide a reasonable response, other than repeatedly stating that Popular " can close any account to any person for any reason at their discretion ''. I then requested that XXXX XXXX have his supervisor call me which he said that he would do by no later XX/XX/23. I still have not received a call or email. Popular has had my funds since XX/XX/23 and still have not responded back to me. This has caused tremendous stress and sleepless nights as I am not receiving any communication as promised and their act in my opinion has been discriminatory and reckless. Please help. Thank-you.

Company response to consumer: Closed with explanation