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Sovereign Bank

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22 Reviews & Complaints


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Lousy Customer Service
Posted by Varis.ozols on 07/12/2013
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

     
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Liars and Thieves
Posted by Jacquidr3365 on 06/14/2013
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 maybe 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 and 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.
     
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Posted by Soaring Consumer on 2013-06-15:
I suggest that you file a complaint with the Office of the Comptroller of the Currency, which oversees the nation's banks.
Posted by madconsumer on 2013-06-15:
you can also go the bank and make a withdrawal in person.
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I gave them a chance but....
Posted by Tiezazu on 06/13/2013
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.
     
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Inept, Unprofessionals
Posted by Carolspickler on 06/08/2013
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.

     
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Posted by madconsumer on 2013-06-08:
when setting up automatic payments, it is best to verify the payments are being made on the correct date.
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Customer Service is TERRIBLE
Posted by Jhalabi on 05/19/2012
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.
     
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Posted by Alain on 2012-05-21:
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!
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I have had NO money for weeks.
Posted by Antman2x2 on 09/14/2011
I signed up at the bank for a Student checking account that includes a debit card.

I deposited my first check and was told my debit card would be here in 2-5 days. IT IS NOW SEPT. 14 and I have NO access to my money.

I called yesterday and she told me my card was sent out on the 8th. That is absolutely ridiculous.
     
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Posted by trmn8r on 2011-09-14:
Did your checking account come with starter checks? If so, you can access your money that way until the card arrives.

What date did you open the account?
Posted by *Brenda* on 2011-09-14:
Can you do it the old fashioned way and actually go to the bank with a withdrawal slip?
Posted by trmn8r on 2011-09-14:
Not with a checking account. You would need a check of some kind I believe. If you go in person, they can write a counter check.
Posted by madconsumer on 2011-09-14:
when was the account opened, and the deposit made?

also, visiting any counter you will be able withdraw money.
Posted by *Brenda* on 2011-09-14:
really? I never knew that! Thanks for the info. Obviously I do not go inside the bank too often lol.
Posted by wustrik on 2012-03-16:
the same story...that bank and service sucks
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Staff/ Basic Ignorance On Financial Matters And Financial Accounts
Posted by Cartier on 08/07/2011
CHESTNUT HILL, MASSACHUSETTS -- Even though this branch is located in affluent chestnut hill; the staff at this bank is very unsophisticated and rude. I would not recommend dealing with them on banking or business matters-- they caused a lot of problems with bad loans in the economic/banking crisis. They seem to not care about people's needs and have limited work histories and no depth of knowledge. Staff is very rude and unwilling to correct mistakes that they make.
     
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Posted by Jay on 2011-08-08:
It would really be helpful to give us some idea of what went wrong. How were they rude? What did the do or fail to do? More information, please.
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Sovereign bank is giving out my Credit/Debit Card Info
Posted by on 07/02/2011
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.


     
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Posted by trmn8r on 2011-07-02:
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.
Posted by madconsumer on 2011-07-02:
since this was an auto charge, some banks allow them to go thru. reason is they think auto charges are needed services to the account holder.
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Sovereign a fee based business model
Posted by Navstar on 08/23/2010
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 aquired. 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 conveinent 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 thru 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.
     
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Posted by goduke on 2010-08-23:
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.
Posted by Anonymous on 2010-08-23:
Ive never heard moral and bank in the same sentence.
Posted by Anonymous on 2010-08-23:
Well, Prince, you haven't been to my credit union. Maybe that's why they don't call themselves a bank, lol.
Posted by Obsfucation on 2010-08-23:
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.
Posted by Anonymous on 2010-08-23:
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
Posted by Anonymous on 2010-08-24:
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 embarrasment of my coffee being declined, than being hit with a 35 dollar overdraft fee.
Posted by Alain on 2010-08-24:
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.
Posted by Anonymous on 2010-08-24:
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.
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Poor customer service
Posted by Hefty on 05/20/2010
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.
     
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