Ponce Bank Review 2023

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Ponce Bank Review

Ponce Bank is a minority depository institution; most of its board members are Hispanic American, and Ponce serves a minority community.

Ponce Bank is also partnered with Raisin, an online platform that lets you find, fund, and manage multiple high-yield savings accounts and CDs from different banks and credit unions. Raisin offers special rates on interest-earning bank accounts, so you may see different rates on the platform than at a Ponce branch.

There are 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and one in New Jersey (Union City). You can use an ATM for free at each branch location and at Citibank branches.

Branch hours vary slightly by location, but all are open Monday through Friday and closed on weekends. You can call customer service Monday through Thursday from 9 a.m. to 5 p.m. ET, Friday from 9 a.m. to 6 p.m. ET, and Saturday from 9 a.m. to 1 p.m. ET.

The Ponce Bank mobile app has 4.8 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

The Role of Hispanic American Financial Institutions

Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.

Ponce Bank has a financial education program called Ponce U. Customers can learn about financial topics like retirement, owning a house, or investing in the future.

The bank is also certified as a community development financial institution (CDFI). CDFIs can provide necessary financial resources to low-income and disadvantaged communities. In 2020, 75% of all lending at CDFIs went to distressed or underserved communities, according to the CDFI Fund.

Is Ponce Bank Trustworthy?

Ponce Bank doesn’t have any public controversies.

The Better Business Bureau gives Ponce Bank a D- rating. The BBB evaluates businesses by looking at responses to customer complaints, honesty in advertising, and openness about business practices.

The BBB states that it gives Ponce a D- because the bank has eight customer complaints on the BBB website, and it hasn’t responded to seven of them. But considering Ponce only has one customer complaint that hasn’t been addressed yet, you may want to take this D- grade with a grain of salt.

Ponce Bank Overall Rating

Ponce Bank: Pros and Cons

Ponce Bank Accounts

Ponce Bank Savings Account

You only need to keep $100 in your Ponce Bank Savings Account to waive the $5 monthly service fee. However, you would earn a much better interest rate with an online high-yield savings account.

Ponce Bank Simply Free Checking Account Review

The Ponce Bank Simply Free Checking Account is a good free checking account with no monthly service fee or minimum balance. Ponce offers a few other types of checking accounts, too, most of which have no monthly fee.

Ponce Bank CD Review 

Ponce Bank pays competitive interest rates on CDs. You can open a term of six months or less with only $500, and you’ll need $1,000 to open a CD with a term over six months. You can earn even higher rates with Ponce Bank through Raisin. On the Raisin site, Ponce Bank offers terms between one month and four years, and you’ll only need a $1 minimum deposit.

Ponce Bank Money Market Account Review

The Ponce Bank Money Market Account comes with a debit card and paper checks. It could be a good place to keep your emergency fund, because you can use the card or checks to access your savings quickly if necessary.

Ponce Bank FAQs

How Ponce Bank Compares 

We’ve compared Ponce Bank to two other Hispanic American banks in New York: Popular Bank and International Finance Bank.

Ponce Bank vs. Popular Bank

Popular Bank has more branches than Ponce Bank, so it may be the more convenient option for you.

Ponce has several free checking accounts to choose from. But you might prefer Popular if you have enough money in your accounts to qualify for its rewards program. Rewards members can waive a variety of fees and receive ATM fee refunds.

Ponce Bank vs. International Finance Bank

International Finance Bank is primarily in Florida, and it only has one New York branch. You might prefer Ponce Bank if there’s a branch closer to your home or office.

But you may like International Finance Bank if you travel regularly. The bank refunds up to five out-of-network ATM fees each month, including fees from international ATMs.

Why You Should Trust Us: How We Reviewed Ponce Bank

For our Ponce Bank review, we rated bank products and services using our bank account methodology.

At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we’ll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we’ll factor in the ATM network size and fees, as well as its overdraft protection options. We’ll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.