Overdraft fee practices

• 1. What is the difference between a fee for returned transaction and a fee for paid transaction due to insufficient funds?
  • Fee for returned transaction: Occurs when you don’t have enough funds in your account to cover a transaction and Banco Popular rejects or returns the transaction. Since August 26, 2022, Banco Popular is not charging fees for returned transactions (previously, the charge was $15).
  • Fee for paid transactions: Occurs when you don’t have enough money in your account to cover a transaction, and Banco Popular decides to pay it. Since August 26, 2022, paid transactions of $5 or less have no fee (previously a $15 fee was charged to your account). For transactions of more than $5, the $15 fee will continue to be applied, up to a maximum of $75 or 5 transactions per day.
    
    Banco Popular covers overdrafts at its discretion, which means that we do not guarantee that we will authorize and pay any type of transaction. If we don’t authorize and pay an overdraft, the transaction will be returned.
    
    For more information about individual deposit accounts, you can review your account disclosure at popular.com/en/accounts/.
• 2. What overdraft options do I have?
  1. Standard Overdraft
     
     This service is included with the account and does not require your consent.
     
     Checks and electronic transactions (TelePago Popular^® and/or Electronic Debits): We reserve the right to authorize and pay overdrafts for checks and other transactions made using your account number, and/or preauthorized bill payments.
     
     Whether Banco Popular pays the overdraft is a discretionary decision that depends on several factors, including the amount and type of transaction and the past activity in your account. If Banco Popular decides to pay the overdraft, your account will be subject to an overdraft fee ($15) per paid transaction and a negative balance will be reflected. Since August 26, 2022, paid transactions of $5 or less have no charge.
     
     Banco Popular does not guarantee that it will authorize and pay any type of transaction. If we don’t authorize and pay an overdraft, your transaction will be returned. Banco Popular typically does not authorize overdrafts if your account does not receive regular deposits, or your account has reflected overdrafts in the past.
     
     ATM and everyday debit card transactions: Our Standard Overdraft Practice does not authorize nor pay overdrafts for ATM and everyday debit card transactions unless you request it.
     
     For more information, you can review your account disclosure at popular.com/en/accounts/.
  
  
  2. Overdraft Service for ATM and everyday debit card transactions
     
     This option applies only when you request that Banco Popular authorize and pay overdrafts for transactions made at ATMs and/or everyday debit card transactions.
     
     To authorize or enroll, you must complete a Consent for Overdraft Service form. You can do this by logging in to Mi Banco Mobile app. On the menu, select “Go to desktop version,” under “Accounts” select “Account Services,” choose the accounts that you want to authorize and press “Submit.” You can also download the form by clicking here and deliver it to the nearest branch, or mail the form to Banco Popular, Customer Management Support (649), PO Box 362708, San Juan, PR 00936-2708.
     
     Even if you enroll in the Overdraft Service, Banco Popular still reserves the right to authorize or decline the transaction. If we pay the relevant transaction, we will charge a $15 overdraft fee for everyday debit card and ATM transactions of $5 or more paid against insufficient funds. Since August 26, 2022, paid transactions of $5 or less have no charge.
     
     Incurring fees will reduce the amount of overdraft coverage available to you. If you have not agreed to this service (that is, if you do not enroll), then these transactions will be declined for insufficient funds, and we will not charge an overdraft fee.
     
     You may revoke your consent to enroll for Overdraft Service for ATMs and everyday debit card transactions at any time through Mi Banco Mobile under “Go to Desktop Version”. You can also visit your local branch, call 787-724-3659 or mail your request to Banco Popular, Customer Management Support (649), P.O. Box 362708, San Juan, PR 00936-2708.
• 3. How can I avoid an overdraft fee?
  • Activate Mi Banco Alerts¹ service to receive a push notification, text message or email of your balance.
  • Check the available balance of your account 24/7 through Mi Banco, the automated line of TeleBanco Popular^® at 787.724.3659 or through an ATM.
  • Transfer money between your accounts with Mi Banco Online and Mi Banco Mobile.
  • Request a Reserve Line of Credit.²

  
  
  

  ¹ Charges may apply for text messages or data excess in conformity with to your cell service plan. Check with your service provider to find out more about your plan.

  ² Subject to credit approval. A 17.99% APR is fixed.

• 4. What accounts have other services to avoid overdrafts?
  • Cuenta Popular - An affordable account with no overdraft fees. The first account in Puerto Rico that meets the national standards of the Bank On program for convenient and moderate-cost accounts.
  • Acceso Popular and Acceso Universitario – When making purchases and withdrawals at ATMs, these accounts combine the balance of the checking section and the savings section to authorize the transaction. If you don’t have enough balance in the checking section, but you have enough balance in the savings section to cover the transaction, Banco Popular authorizes it. Once authorized, the account transfers the amount from the savings to the checking section. This service has no cost.
  • MultiCuenta Popular and Popular Plus – These accounts have the Guaranteed Reserve with Savings. When you make your purchases and withdrawals at an ATM, the account combines the balance of the checking section and the savings section to authorize the transaction. If you don’t have enough funds in the checking section, but have a balance in the savings section to cover the transaction, Banco Popular authorizes it. Once authorized, the amount transferred from savings is withheld (creates a hold) and automatically activates a reserve to cover overdrafts in the checking section. This guaranteed reserve with savings does not require credit approval. Banco Popular charges 5% APR above the interest rate on savings section for this service. For more information about the Guaranteed Reserved with Savings, access the Deposit Account Agreement here.
• 5. Where can I find the available balance of my account?
  • Access Mi Banco from your cellphone, tablet, or computer (must be registered).
  • Through our ATMs around the island.
  • By calling TeleBanco Popular^® automated line at 787-724-3659

  
  
  

  These channels will display the most updated balance information we have in our systems. Transactions in process authorized by you could affect the available balance.

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