Frequently Asked Questions
General Information
Ponce Bank +Direct, is a division of Ponce Bank. Our new, all-digital banking platform, designed for customers who prefer a fully online experience. All interactions take place through the mobile app, our digital portal, via contact@poncebankdirect.com or by calling our contact center at 718-931-9000. There is no in-person service available at branches. Download our mobile app here. Google Play&App Store.
Unlike Ponce Bank, Ponce Bank Direct doesn't have physical branch locations. All interactions take place through the mobile app, our digital portal, or by calling our contact center at 718-931-9000. There is no in-person service available at Ponce Bank branches.
For customers who prefer conducting transactions like account openings, transfers, balance inquiries, money orders, and more, Ponce Bank offers traditional banking services at our physical locations.
Ponce Bank Direct is a secure platform. We employ standards security measures such as Multi Factor Authentication(MFA), Fraud monitoring, a secure online banking platform and encrypted communications to protect your account, and your identity.
Yes, as a division of Ponce Bank, Ponce Bank Direct accounts are covered under this membership. Deposits are insured by the FDIC up to $250,000.00 per account, per depositor, per insured bank, for each account ownership category.
What types of accounts can I open on Ponce Bank Direct?
• 3 Months
• 6 Months
• 12 Months
• 24 Months
You can find the rates by clicking here for current Interest rates and products.
The interest earned on a Ponce Bank Direct CD is compounded daily and deposited into the account quarterly (every 3 months) based on the calendar year, for the 24 Month & 12 month CD term. For our 3-month and 6-month CD terms, the interest is paid at maturity.
At maturity, you can choose to:
• Renew the CD for the same term. This will occur automatically if no changes are requested within the grace period.
• Renew the CD for a different term. This change of term must be requested in writing.
• Add funds to the CD before the term is renewed by initiating an ACH deposit from the funding institution.
• Close the account by requesting a transfer of funds to an external financial institution.
• Withdraw a partial amount via ACH.
Note: Grace period is 7 calendar days after the maturity date.
Currently, we offer CD accounts exclusively for individuals or joint ownership.
Opening An Account
You can open an account by visiting the Ponce Bank Direct website. Navigate to the Learn More About CDs section and select Open a CD Today! Follow the application process and provide the required information, such as your name, phone number, address, Social Security number, and ID.
Yes, you can open an account with Ponce Bank Direct if you meet the following requirements:
1. Valid U.S. Mobile Number
You must have a U.S. mobile number capable of receiving text messages.
2. Valid Identification
A valid, non-expired U.S. state-issued ID (e.g., driver's license or state ID) is required.
3. Social Security Number (SSN) or ITIN
You must provide either a valid Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Valid U.S Address
You must have a valid U.S address.
Yes, CDs can be funded via ACH transfer from a linked bank account.
Note: Once the CD account is booked with the specified amount and funding source, the account will be finalized and no additional deposits will be accepted beyond the amount indicated during the application process.
No, there is no fee for opening or maintaining an account.
Yes, the CD account must be funded immediately via ACH. Once the CD account is established, the ACH transfer is initiated, and the funds will typically be reflected in your account within one business day.
Yes, CDs can be funded via ACH transfer from a linked bank account.
Note: Once the CD is opened, no additional deposits will be accepted, unless at maturity, during the 7-day grace period.
Does this process require verifying 2 small deposits or some other method?
Yes, you are required to link a bank account during the application process.
1. Via Plaid
• You can link your financial institution account by entering your username and password through Plaid.
• Once the linking process is complete and your application is approved, the account will be opened, and the ACH transfer will be initiated.
• ACH transfers typically take 1-2 business days to complete.
2. ACH Transfer by Routing and Account Number
• You can provide your financial institution's routing number, account number, and account type during the application process.
• After your application is reviewed and approved, you will receive a micro-deposit verification email.
• You will need to confirm the micro-deposits from your financial institution via the provided link.
• This process usually takes 2-3 business days, depending on how quickly you receive and confirm the micro-deposits.
The minimum balance to open and earn the stated APY for Certificates of Deposits (CDs):
• 3 months is $500.
• 6 months is $500.
• 12 month is $1000.
• 24 month is $1000.
Deposits
Once the CD is opened, no additional deposits will be accepted, unless at maturity, during the 7-day grace period.
• 3 and 6 Month CDs: Interest is compounded daily but will be credited in full at maturity rather than quarterly.
• 12 and 24 Month CDs: Interest is compounded daily and deposited into your account quarterly (every three months), following the quarterly calendar year.
We provide a grace period of 7 calendar days after maturity to decide on reinvestment or withdrawal options.
You can list multiple beneficiaries on your CD account during the account application process. You will have to specify the percentage split for each beneficiary and provide their full name, date of birth, Social Security number, relationship, full address, email address and phone number.
If the CD is closed at maturity by the customer's request, the funds can be disbursed to a desired financial institution by completing an ACH authorization form.
Note: The bank account used to initially fund the CD is not linked to your profile beyond the initial funding process and is not documented for this disbursement. The funding account is utilized exclusively during the account booking stage. You may use the funding account for the disbursement by submitting the request and ACH authorization form.
Withdrawals
Yes, the Early Withdrawal Penalties (EWP). The EWP varies depending on the term of the CD. Specific details are outlined in our Truth in Savings disclosure statement provided in the application or by contacting Ponce Bank Direct support team.
Early Withdrawal Penalties may be waived in specific circumstances, such as account holder death. Please refer to our Truth in Savings agreement for detailed terms.
Mobile Banking
Yes, download the Ponce Bank Direct app through Google Play&App Store.Download our mobile app here. Google Play & App Store.
Use this app to access your Ponce Bank Direct account that you opened online.
• Balances
• Transaction history
• Alerts
• Account Details
No. That feature is not currently available. This refers to linking accounts for consolidation within online banking.
Account Management
You may close your account at any time by submitting a formal request via:
• Online Banking Message Center
• Email Ponce Bank Direct for support at contact@poncebankdirect.com
Once the request is received, Ponce Bank Direct will provide the Direct Payment ACH Form, which must be completed and returned to process the closure and fund transfer.
Important Note:
1. At Maturity - The CD will automatically renew unless the customer requests to close it at the end of the term.
2. Early Withdrawal by Customer Request -Customers can request to close the CD before maturity; however, an early withdrawal penalty will apply.
Notifications and Alerts
Yes, our online banking system allows you to set up customizable alerts. These can be delivered via email or text message. Standard Text Message Rates will apply.
To register for Text Banking, please follow these steps:
1. Log In: Access your online banking account using your credentials.
2. Navigate to Alerts: Go to the "Account Alerts" section in your account settings.
3. Create a New Alert: Click on "Create New Alert" and select the type of alert you wish to set up.
4. Enable Text Alerts: Choose the option to receive alerts via text message.
5. Verify Your Number: Enter your mobile number and complete the verification process. Once these steps are completed, you will begin receiving your selected alerts directly via text message.
Loans
Yes, we currently offer Small Business Lending and SBA Loans.
Security
Yes, we use multi-factor authentication to ensure the security of your online accounts.This involves verifying your identity through multiple methods, such as a password and a unique code sent to your mobile device or email.
Customer Support
You can contact support by navigating to our Online Banking Message Center, Emailing to Ponce Bank Direct support at contact@poncebankdirect.com, or by calling 718-931-9000.
Disclosures
All account disclosures and agreements will be made available during the application process. You will have the opportunity to review these documents before deciding to proceed with your application.