Consumer complaint received 2023-01-11
Product: Checking or savings account — Savings account
Issue: Opening an account — Unable to open an account
Company: BANCO POPULAR DE PUERTO RICO (WA)

On XX/XX/2022, I applied for a savings account at Popular ( XXXX ) bank ( a time consuming tedious application ). 

On XX/XX/2022 at XXXX PT I received an email on ( Verification Code : XXXX ) asking me to verify two micro-transactions sent to my private funding bank ( which is another savings account I own ). 

On XX/XX/XXXX, I was able to see the two transactions sent to my funding bank savings account and verified them ( using the link provided in Popular bank 's email ). 
On XX/XX/XXXX, I received a second email from Popular bank stating that my application had been successfully *completed* and my account was now *open* ( Confirmation NumberXXXX ). 
Here is part of the first few lines of the email : " We recently received your application for a High Rise Savings Account account, Confirmation Number-XXXX. Welcome to Popular Bank! We greatly appreciate your business. Your application has been completed and your account is now open. '' ( note : " your application has been COMPLETED and your account is now OPEN. " ). 
I even been provided with an account number ( # XXXX, routing : XXXX ). 

On XX/XX/XXXX ( 5 days later ), {$5000.00} was fully transferred out of my funding saving account to your new account at Popular Bank ( after the transfer had been pending for about three business days ). 

On XX/XX/XXXX, I called Popular bank to inquire how to log in to the new account and after a very long wait time I was surprised to learn they decided to close my account. They claim they made a mistake and following security issue that no one could explain to me they must can not have me as a customer. 

Popular bank obviously has not done his due-diligence as expected *ahead of time*, before withdrawing my savings money to their bank. 

Popular Bank refused to allow me to provide them with any additional information to potentially satisfy their security concerns. No representative or even the supervisor could explain the security reason. 

The bank did not even bother to notify me that my account is going to be closed, in fact other than the phone call I initiated to them, they had been completely silent. 

The bank agents admitted that the late, sudden rejection is not right and should have been caught before opening my account, taking the money, and locking it without giving me any access. 

I have filed a complaint with Popular bank supervisor- complain number : XXXX ( supervisor 's name : XXXX ). 
Popular bank manager said they will need about five more business days to issue a reversed transaction back to my funding bank, however since then two weeks had passed and I still didn't hear back from them or got any refund. 

In any case this conduct results in a financial loss for me, I seek compensation for the following : - Not accumulating interest rate on my stolen funds starting XX/XX/XXXX, when the transfer began, or at least from XX/XX/XXXX, when it was fully completed, up until the future day Popular will hopefully fully returned the money back in the funding account. 
- I have invested a significant amount of time and energy into trying to open this account, prepare the funds to transfers ( more than the {$5000.00} ) and resolve this matter ( multiple phone calls, emails, complains ), as well as needed time to redo my investments plan and apply to another institute.

- My funding saving account has a limit of up to six transactions per cycle, after which they apply {$10.00} fee, which I will likely to hit as I already made 6 transactions ( two of which is with Popular bank ).

I see a lot of similar online reviews Popular bank ( at : bankrate, nerdwallet, fool, depositaccounts, businessinsider, etc. ) and don't wish to have to add to these reviews. 

I am hoping CFPB together with Popular will be able to make things right and properly compensate me. 

Thank you for your help, sincerely, XXXX