Sovereign Bank

Star Empty star Empty star Empty star Empty star
1.0 out of 5, based on 5 ratings and
22 reviews & complaints.


Most Popular | Newest | More Options >
More filter options:
StarEmpty StarEmpty StarEmpty StarEmpty Star
Liars and Thieves
Posted by on
Rating: 1/51
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 the 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 waved. 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 Moses 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.
     
Read 2 RepliesAdd reply
User Replies:
Soaring Consumer on 06/15/2013:
I suggest that you file a complaint with the Office of the Comptroller of the Currency, which oversees the nation's banks.
madconsumer on 06/15/2013:
you can also go the bank and make a withdrawal in person.
Close commentsAdd reply
StarEmpty StarEmpty StarEmpty StarEmpty Star
Inept, Unprofessionals
Posted by on
Rating: 1/51
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 til next week. We are rolling our Sovereign loan into our refi mortgage and I cannot wait to be rid of them.
     
Read 1 RepliesAdd reply
User Replies:
madconsumer on 06/08/2013:
when setting up automatic payments, it is best to verify the payments are being made on the correct date.
Close commentsAdd reply
Sovereign a fee based business model
Posted by on
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 tranactions declined and avoid the fees!!!! DO NOT OPT IN TO THIS SERVICE!!! I estimate that Sovereign will loose millions if people opt out. Second, be aware that online transfewrs after 8pm are posted to the next day. It was in the not to distant past that you had until 10pm to do this. If you initiate a transfer after 8:03pm 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 espescially with a gas charge, is to back date the ledger balance even if they do their bookeeping after 12am. THIS IS TO GENERATE FEES!!! You transfer money into your account after 8pm, the balce available shows its there, and if yu 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.
     
Read 8 RepliesAdd reply
User Replies:
goduke on 08/23/2010:
I have a buddy who uses sovereign and showed me their letter with the latest hikes in the fees. Inactivity fee of $16 per month. I believe he closed the account today. That's just immoral.
Anonymous on 08/23/2010:
I've never heard moral and bank in the same sentence.
Anonymous on 08/23/2010:
Well, Prince, you haven't been to my credit union. Maybe that's why they don't call themselves a bank, lol.
Obsfucation on 08/23/2010:
Not to belabor the obvious, but you were always supposed to have money in the account before you spent it. And yes, their income will drop by millions, so to make up for it they are going to eliminate free checking, and begin charging for debit transactions.

Finally, responsible people know enough to opt in, so that in the case of an honest mistake, or an emergency, they have access to these funds. When you are in a restaurant and your debit card gets declined AFTER you eat, think how glad you'll be that you chose to opt out instead of managing your account like an adult.
Anonymous on 08/23/2010:
Excellent information navstar. Indeed the national banks are hopelessly addicted to fees. I hope the resulting broad fee implementation caused by the restrictions on OD fees opens consumer's eyes to the fact that national banks are a terrible consumer choice and that there are far better options to handle the average person's banking needs.

I bank at a rather small locally owned community bank. Funny, they did not send a single letter, notice or request concerning opting into overdraft protection. Not one. They do and always have made their money by honest banking. Something the big national banks are too big to do. Perhaps more consumers will discover the benefits and joy of community banks.

Nobody should 'Opt-In' to overdraft protection. That's not just my advice but the advice of virtually every consumer advocate I've ran across. It's simply a horrible deal. One would be better off and money ahead utilizing pay-day loans or pawn shops than ever using the National Bank's fee based OD protection.

Finally, I suggest before anybody 'Opts-In' to overdraft protection they read the judge's ruling from the recent Wells Fargo overdraft case. It goes into great detail exposing the deceptiveness and fraudulence of WF's overdraft policies which I would conclude is applicable to all national banks. Below is the link to the ruling.

http://graphics8.nytimes.com/packages/pdf/business/20100811-wells.pdf
Anonymous on 08/24/2010:
I opted out, OB. Not for the fact that I am not responsible, but its un-needed. If I don't have enough money in my account, and mistakenly try to run my account in the negative, I would rather have the embarrassment of my coffee being declined, than being hit with a 35 dollar overdraft fee.
Alain on 08/24/2010:
I've never had over draft protection, have never needed it, and I'm not going to start now. My community bank, like Stew's, never sent any letter. The large bank did, but we don't use that much and it probably mass mailed the note to everyone.
Anonymous on 08/24/2010:
I opted out too, Prince. If you are not sure what you have in your debit account, then you should always have an emergency credit card--that you pay off in full each month. Or, better yet, carry some cash for those coffee (and other small) purchases. Then you don't need to worry about all of those adding up. They can be hard to keep track of sometimes.
Close commentsAdd reply
Lets File Class Action Suit
Posted by on
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. Biut 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 repatedly. I have charges when funds are available then two days later the change the dates of charges so they can get more money in overdraft fees. The bank manager, Liz, is clueless.
I propose a class action suit. I have called my local branch adnauseum 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 1900dude@gmail.com This isn't right and together we can beat these criminals!!!!!

     
Read 8 RepliesAdd reply
User Replies:
Anonymous on 02/03/2010:
"They hold up my deposits and charge me 35.00 for a cup of 2.00 coffee!!! "

This is why you need to make sure money is in there FIRST before spending anything.

Not everything posts at the same time. It all depends on when you use your card and how you use it.
If you use your debit card like DEBIT (you punch your pin number in), it posts the next business day (unless you swipe your card after cut over time, merchants cut over to the next business day as well) and it shows up as pending on your online banking.
If you use your debit card like CREDIT (you DON'T punch your pin number in), it *can* take up to 6 days to post and it may or may not show up as pending on your online banking.

What would you sue for?
Anonymous on 02/03/2010:
You are proposing a class action suit on the grounds that you don't keep a check register? Let us know how that works out for you.
goduke on 02/03/2010:
The sovereign info said that the money comes out of your account right away. It never says that the money goes into your account right away.

Let me know the name of the lawyer who takes the case. I'd love to see what law school s/he graduated from.
yoke on 02/03/2010:
I'm confused. What did the bank do wrong. Sounds like the OP kept spending and then got upset when the bank charged her for all her OD.
Does the OP actually think that you can continue to spend the money just because the bank did not deduct it right away?
Anonymous on 02/03/2010:
Yep. Definitely the OP's negligence. Mad she got charged all those fees after obviously spending money she didn't have. My room mate used Sovereign Bank for years and years and never mentioned having any problems with them. ANY bank is going to charge you OD fees. Get over it and act like an adult.
Anonymous on 02/04/2010:
"It is obvious you all work for the banking industry.... "

So, knowing how to balance my checkbook. Knowing that money needs to be in the account FIRST before I spend it. Knowing how debit cards actually work... that means I work for a bank? That's the best defense you can come up with to those that have common knowledge... is we're losers? Well, I may be a loser, in your book, but at least I know how to balance my checkbook.

*adds another bank to her many accused places of working*
Anonymous on 02/04/2010:
If the price of being called a fool is not having to pay overdraft charges, then I guess I can li9ve with it.

Seriously OP, you could probably save yourself a ton of money if you just took the time to go into your branch and ask someone to sit with you and explain the mechanics of electronic banking.
yoke on 02/04/2010:
Before you spend the money you should have made sure the deposits posted. Can't blame the bank for your mistake.
Close commentsAdd reply
StarEmpty StarEmpty StarEmpty StarEmpty Star
Lousy Customer Service
Posted by on
Rating: 1/51
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 few 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
     
Add reply
StarEmpty StarEmpty StarEmpty StarEmpty Star
I gave them a chance but....
Posted by on
Rating: 1/51
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.
     
Add reply
StarEmpty StarEmpty StarEmpty StarEmpty Star
Customer Service is TERRIBLE
Posted by on
Rating: 1/51
I have been attempting to transfer money between accounts in Sovereign for an hour and *just* found out that they are doing system-wide maintenance. The bank did not deem it worthy to give any sort of notification about a maintenance that will take down their entire system, and their telephone banking actually says that the maintenance will not be starting for another 8 hours. On top of it, I was on the phone with their customer "service" for over 30 minutes before they would let me speak with a manager about this. The CS person I spoke with even threatened to hang up on me when I asked to speak with the manager right away. Seriously? I promise I will be shopping for a new bank *very* soon.
     
Read 1 RepliesAdd reply
User Replies:
Alain on 05/21/2012:
While system maintenance is necessary, a properly organized bank can plan it with advance notice to both their representatives and customers. If they can't do a planned event like that well they might not be the company you want entrust your money with, either. Going with another bank sounds like an excellent idea. Thank you for sharing your experience!
Close commentsAdd reply
Sovereign bank is giving out my Credit/Debit Card Info
Posted by on
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 Master Card, 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.

     
Read 2 RepliesAdd reply
User Replies:
trmn8r on 07/02/2011:
Did you ask the bank how this can happen within their rules? That is the key. The long version of the story is needed to prove there is a scam or that the bank did something wrong.
madconsumer on 07/02/2011:
since this was an auto charge, some banks allow them to go through. reason is they think auto charges are needed services to the account holder.
Close commentsAdd reply
Poor customer service
Posted by on
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 benficiaries 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.
     
Add reply
AVOID SOVEREIGN BANK!
Posted by on
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!
     
Read 4 RepliesAdd reply
User Replies:
Anonymous on 01/27/2010:
Have you gone into a local branch and talked to someone directly about the issue?
Anonymous on 01/27/2010:
So let me get this straight. You made 10,000 dollars off of them and complaining about 12 dollars? However, if I were you, I would go to a branch and speak to a branch manager or someone in person who can help assist you. I had a similar problem with an account, and was almost inpossible to get anything done over the phone. I went into the branch myself and spoke to someone who helped me very quickly. Just go to a branch. If you have 100,000 dollars with them, I'm sure they will have no issues giving you a 12 dollar credit back to your checking.
Anonymous on 01/27/2010:
Obviously you didn't read the terms of the checkign account you opened with them. You should never go by what someone verbally tells you. Only the Premier Sovereign checking account doesn't have an inactivity fee. Good luck.
Anonymous on 01/27/2010:
If you go into a branch, they will fix it for you, it's no big deal. CDs generally do not get statements, unless they are maturing, or are IRA certificates.
Close commentsAdd reply
Top of Page | Next Page >