DAY ONE, 6/13/13. I have been a customer of this banks for some years and had my first big problem with them a couple of years ago when I got a shut off notice from my Electric company. I couldn't understand why because I had been using the BillPay feature with the bank and saw that the payments had gone out. I contacted the electric and they couldn't find the payments and thought that it may be a problem on their end, but as it turns out, two months of my bill payment to pay my electric bill had gone to pay someones loan. The person's loan I was paying had a loan through the bank and I had never, ever had a loan with them.
I ended up talking with a ton of people all the way up to the corporate level and even though they saw it in black and white in their statements that they had made a mistake, they still wanted to so call investigate further. It took the bank a month or more to put the money back into my account that had gone to pay someone else's loan through their bank.
Now today, I am forced to not be able to go grocery shopping because the bank screwed up and did not get my replacement card to me that I requested over five days ago, but there is a five business day requirement for delivery and I have no card because they were claiming that my address must have been incorrect. They checked my address and it was correct. So since I needed to buy food, I requested that they reactive my old card that I asked them to deactivate because I had bent it by sitting on it and was told that they couldn't.
I requested to speak to someone higher up and even though I told him that there would be some days that I would be without food and unable to eat, he still stood firm telling me that they would not send me my card until two business; today is Thursday! This meant that I would not possibly receive my card until Monday, if I can believe what they say.
He told me that they could not send me the original replacement card because it had been deactivated, but that was not true because it was not listed in the system as being deactivated. And when I asked him to verify that information, he refused to acknowledge the number of card that showed as being deactivated in the system. He also refuse to send me the replacement card by FedEx the next day in order for me to be able to go grocery shopping and on top of that told me that a $35.00 fee would show on my account and that I could then ask that the fee be waived.
I told him that I shouldn't be charged anything because this was, once again, the banks fault. He refused to try to do anything more for me and also told me when I ask for morning delivery from Fedex that he had no control over that, that Fedex was in control of when I would receive my replacement card. WHAT A JOKE!
DAY TWO, 6/14/13. Funny thing happened that bank card that I didn't get because they claimed my address was wrong arrived in my mail today (which is the next day) with the same number on it and I had requested a different number. I called customer service about this and was told that they could not activate this card because I had deactivated it. But how could I deactivate a card that I didn't even have in my possession and didn't even know what the number on the card was.
Now they are not only lying about having that card returned to them, but lying and claiming that I deactivated it. A man by the name of ** told me that he was going to call me with the tracking. But when he did call, he did not have tracking number for me for the replacement card and told me that he would call me the morning that the card was to be delivered with the tracking number. What kind of crap is that? They are nothing but a bunch of liars I don't and wouldn't trust a word that comes out of their mouths.
SALEM, NEW HAMPSHIRE -- Sovereign Bank is like a clown car of inept people. We arrived to close on an equity loan only to be told that they did not have a notary on site and we would have to travel to another town. Could they have called? At the closing, we explained that we wanted to pay this loan off quickly and would be overpaying by hundreds of dollars.
In order to get a .05% discount on the loan, we agreed to have the payments automatically taken out of the Sovereign checking account. This is not our main account. We set up an automatic transfer of funds from our regular bank to the Sovereign bank to be paid way in advance of the due dates for the loan payment. They never took the money out of the checking. Not our overpayment - not even the regular monthly payment.
After three months, they: threatened to close the account because of a lack of information needed for the Patriots Act (information THEY should have asked for when the account was opened but they failed to and were now threatening us); whined that we were behind in payments and they charged us a $36 "you suck" fee. AND, they were reporting us to the credit bureau.
After several visits and phone calls, the manager assured me that they don't really report, they just say that and she would make sure that it was all cleared up. This week, my real bank pulled a credit report for a mortgage refi and called me to say that it was reported that we were more than 30 days late for the Sovereign payment!!!
I called Sovereign and demanded that they fax a letter to my bank to state that this was never our fault... it was the clown car staff at Sovereign. She had to "escalate it to her boss who had to escalate it to God, or whoever has the power to write a mea culpa letter and it can't be done till next week. We are rolling our Sovereign loan into our refi mortgage and I cannot wait to be rid of them.
MASSACHUSETTS -- I washed my hands of that bank almost a year ago after a couple of rotten things the corporate offices did. To be fair, people at the branches are really good but their hands are tied by the higher ups. I closed a personal checking and savings as well as a business account and business line of credit.
A couple of weeks ago, I get a bill for $250 for the yearly fee on the line of credit (btw, Rockland Trust and most local banks are just $100). So I dropped by a branch and explain it to the manager. He agrees that it's total BS and calls the corporate offices. The guy on the other end tells the manager that the customer (me) needs to pay it right away since its past due and won't do anything to resolve it. Just a warning to anyone that deals with Sovereign bank or plans to, these guys don't give a flying you know what about customers.
BOSTON, MASSACHUSETTS -- I thought Wells Fargo was the worst bank till I moved to Boston and switched to Sovereign. Since then many of my money transfers have taken more than a week to arrive AFTER the sending bank had said the sending process was complete. They're understaffed. I spoke to a manager who told me my money was available for withdrawal after I had already been denied a cashiers check. Upon arrival, I was told I hadn't received my money.
On an unrelated note, Sovereign banks are hard to find and close VERY early. To put it plainly, they suck. I signed up because they were on several lists for being "best for college students" but if they're assuming that college kids don't transfer money, or withdraw money from banks past 4, they're mistaken.
MASSACHUSETTS -- A warning to all who may see this -- Sovereign Bank is not about service or loaning money. They are about fees. I recently have been hammered by Sovereign mailings, calls, statement "Warnings" and the like to opt in to the new "Account Protector". This is nothing more than you agreeing to allow them to continue to charge the huge fees they impose when you overdraw your account. DO NOT BE FOOLED. You are an adult, you must have the money in your account - if you do not, then why not have your transactions declined and avoid the fees!!! DO NOT OPT IN TO THIS SERVICE!!! I estimate that Sovereign will lose millions if people opt out.
Second, be aware that online transfers after 8 pm are posted to the next day. It was in the not too distant past that you had until 10 pm to do this. If you initiate a transfer after 8:03 pm, you will not get credit for it until the next day. Does Sovereign have to suffer the same timeline, NO THEY DON'T.
What they will do especially with a gas charge, is to back date the ledger balance even if they do their bookkeeping after 12 am. THIS IS TO GENERATE FEES!!! You transfer money into your account after 8 pm, the balance available shows it's there, and if you go to the ATM and try to get it out, it will give it to you, cash. But, if you get a gas charge showing up that night, they will back date the ledger and hit you with a fee.
Latest News 08/2010... domestic "deposits" returned fee raised to $15.00 from $10.00 a 50% hike, inactivity fee raised to $16.00 per month. They are trying to position themselves to make to opt in law hurt them as little as possible. Imagine, they know EXACTLY how many accounts show no activity each month and they are going to hit them hard until the customers find out the hard way and close those accounts. WHY YOU ASK??? Because Santander paid way too much for Sovereign and they are bleeding it dry meaning you. Also, Santander paid way too much for those UK branches they just acquired.
Sovereign is closing branches here in the US and has neglected most others which are in bad need of staffing and exterior maintenance. Sovereign has the worst branch hours of any bank in my area, and had closed the most convenient branch in the area. That move saved them about 10 staff positions and added miles and miles to customers travel times.
At the branch, you now must go to they have ONE TELLER on hand for the drive through AND the counter a long wait is customary there now. WHY??? Sovereign does not want to deal with the warm bodies at the branches, they want all business to go online with direct deposit. Tell that to your grandmother. GIVE SOVEREIGN TO BOOT. Your local credit union is still the best place to do business with and I can guarantee the hours will be better and the fees MUCH less and fewer of them. Sorry, I'm out of breath.
BOURNE, MASSACHUSETTS -- SOVEREIGN ADVERTISEMENT: "Using your Sovereign CheckCard or ATM Card is faster and easier than writing a check, plus you don't have to show your ID and you won't run out of checks at an inconvenient time. One of the main benefits of using a Sovereign CheckCard or an ATM Card is that the money comes out of your account right away. This saves you from having to pay a large credit card bill at the end of each month." DID YOU READ THAT??? "Sovereign CheckCard or an ATM Card is that the money comes out of your account right away." LIES, LIES, LIES, LIES, LIES, LIES... THEY ARE CRIMINALS; READ BELOW...
I have a biz account that credit card charges are deposited only. They are supposed to go in within 24 hours of charging. Once in a while, it happens that way. The other day it took four days to deposit my money, in the interim I use an ATM/Check card. When I charge, it allows me to do so because funds are available. But guess what??? They hold up my deposits and charge me 35.00 for a cup of 2.00 coffee!!! Right now, I have over 400.00 dollars in overdraft charges and my account is 800.00 overdrawn and monies I charged Monday are not in by Wednesday, they will be deposited by Thursday, four days after processing.
This has happened many, many, many times. If it is happening to me, it is happening to you. Further, I have printed every day the online bank statement and they have moved dates and charges repeatedly. I have charges when funds are available, then two days later, they change the dates of charges so they can get more money in overdraft fees. The bank manager, **, is clueless.
I propose a class action suit. I have called my local branch ad nauseam and today, I told them I am going to file bank fraud, wire fraud, bank robbery, conspiracy and mail fraud charges against the local manager and against Campanelli the head of Sovereign New England. I would ask that anyone who feels the same way to continue to watch these posts for further info to join or e-mail me at **. This isn't right and together we can beat these criminals!!!
YORK, PENNSYLVANIA -- Sovereign has terrible customer service. We had IRA's, money market accounts and checking accounts worth $250,000 from an estate. My sister, also an exec also has her personal accounts there. They give you a hard time, don't get back to you, make everything difficult for the customer and give out wrong information. We had IRA's at 2 other banks and had none of the problems we had at Sovereign.
For example, my brother who was not an exec, needed to know the value of the IRA (to be divided equally between all 3 children) on 12/31/2009 so he could figure out how much of a distribution he needed to take for this year. The IRA was not divided until several months into 2010, so he needed the value of the IRA 12/31 so he could divide by 3 and figure out the value of his share. They would not give him the information because he was not an exec. I don't know if he was entitled to know the value of the whole IRA but they could have told him the value of his portion. Instead, he had to call me and I had to call them and then call him back.
When I first contacted them about the IRA's, they told me there was no beneficiary listed. Then when we found out there were beneficiaries and one of the beneficiaries wanted to cash out their part of the CD, they said the whole CD would be cashed out whether the others wanted to cash them or not. These CD's were worth over 100,000 each and were earning over 5%interest. We found out that was illegal and then they changed their story.
This has been a repeated theme since we started working with this bank. Beware. They don't try to cheat you, they just don't seem to know what they are doing. They don't really seem to care either. When mistakes are pointed out, they make excuses, no apologies or recognition that there is a problem. We tried calling the corporate level to see if it was maybe just at the local branch but they were just as bad, very similar problems with them.
STATE COLLEGE, PENNSYLVANIA -- I have never dealt with a bank as bad as Sovereign Bank. I deposited a little under $100,000 with them in a CD. They told me that to get the rate, I had to open a checking account for $10. I said fine, but I will never use it. They said, "Don't worry, you don't have to use it. If you want to add to it fine; if not, you can just leave it there, and there will be no problems." About a week before the $100,000 plus interest one-year CD was due to roll, I received two phone calls from the bank asking me what I was planning on doing with the money. I said I had not made up my mind yet. I then rolled over the CD with them (after withdrawing $10,000).
A week later, I received a notice in the mail saying that my $10 checking account was being charged an inactivity fee of $12.00 and I owed them $2.00. Bear in mind, this was the checking account that I was told I could just leave there and all would be fine. If you call Sovereign Bank's toll number, you get an automated recording, telling you to press 1 if you want a representative to call you back. If you press 1, you get a "MAILBOX FULL" message and then you are disconnected.
When you try to call local numbers, you get a message from the operator saying the numbers have been disconnected and no further information is available. My CD rollover date was August. I have never received any statements concerning this account. One teller told me the statements only come every three months.
When three months passed, and I still had not received a statement, I called them and they said, "No, you do not get any statements with this type of CD account." In fact, when I rolled over the CD, they never even gave me a printed document like most banks do. God only knows where the money is! DO YOURSELVES A FAVOR AND GIVE THIS BANK A MISS!
Long story short: I get an Email from McAfee saying they successfully renewed my subscription for $90. But here's the catch, the last CC info I gave them was for an old VISA Check Card before Sovereign switched to MasterCard, a card which is no longer valid.
So how did they successfully charge me? Well, apparently they got my new card info from Sovereign Bank! WTF?! I opted out of overdraft protection, and I know that account had less than $2 in it. So what does that mean? You guessed it. Overdraft Fees! So now the account is in the negative while McAfee takes 5-10 business days to refund my money. Think Sovereign will refund the $35 overdraft fee too? Yeah, right. What a freakin scam.
STATE COLLEGE, PENNSYLVANIA -- My son transferred money from savings and deposited a check into his checking account. He did not understand why it was never posted into his checking account. When he got to the bank between his finals, he was informed that his bank account went below 0. ATM's never showed that. The bank charged $35.00 for every transaction he did as well as $5 for every day he was overdrawn. Buying a box of cereal in fees cost $44.00. He was not notified by this bank that he was overdrawn over the course of a month. They swiped in total over $600.00 dollars. This location is in Pennsylvania. Horrible bank, steer clear for your own good.