Sovereign Bank Checking Accounts

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The Fees Game
Posted by on
On Friday I had a total of $1,750 available in my account. On Saturday I used $1,570. That leave $180 left over. On Sunday I deposited through their ATM CASH (Key Word Here) for $1,100. On Sunday night I checked my account on line and it showed a $1,000 ATM Withdraw! On Monday I had $880 on online payments goint out. Monday morning I stopped by the bank to see what the $1,000 ATM withdraw was all about. The representative looked up my account and did not see this transaction. I showed him a copy of the online statement and he said that you can not withdraw $1,000 from an ATM at one time. I told him I could not use my ATM since it rejected a withdraw and said I had a negatitive balance. Again he went through all the transactions and could not find it. He stated my account was fine and that I had money available and to fill out a withdraw slip and he would get me the money, which I did. On Tuesday my account had been billed 9 Unavailable Funds Fees and 4 Overdraft fees. Again I stopped at the bank and another representative looked up my account. He could not explain why these fees were posted and stated he would talk to the division supervisor and would call me back with an answer. He later called back and said the supervisor would not remove the fees because the $1,000 was on hold (like a check). I sent an email to customer service and this is what they sent back to me....

Thank you for your recent email. Funds from cash deposits made at ATMs that we own or operate (“Sovereign Bank ATMs”) prior to the cutoff time of 3 p. m, will be available on the next business day after the day of deposit for withdrawal. However, the cash deposit is available to pay debits on the account on the business day we receive the deposit.

What they had done is withdrew the entire $1,000 and held it until Tuesday and manually redeposited it into the account.

So, I guess the statement "However, the cash deposit is available to pay debits on the account on the business day we receive the deposit." only applies when they want it to. Either that or their great banking system software is flawed and can not distinguish between cash withdraws and paying bills so they just took it all out! Hmmm, makes you wonder how many other people they have done this to. Thank "Higher Power" that I made copies of all this now you see it now you don't transactions.

Needless to say, I have filed a complaint with the Better Business Bureau and the Banking Commission. I will not let this matter rest!
     
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yoke on 2010-03-13:
The CASH you deposited through the ATM on Saturday would not show until the next business day which was Monday. Why would anyone put $1,000 in cash into an ATM.
Skye on 2010-03-13:
Their statement is correct:

So, I guess the statement "However, the cash deposit is available to pay debits on the account on the business day we receive the deposit." only applies when they want it to.

Business days are Monday through Friday.
Anonymous on 2010-03-13:
Weekends aren't business days.
Anything you do after cutover on Fridays, won't post to the account until Monday at midnight and be available Tuesday morning. That includes cash.
While cash *is* immediate... you can spend it (assuming merchants have cutover too), you can withdraw it from an ATM (assuming the ATM has cutover as well)... but, it won't cover anything posting that night... because, technically you made the deposit Monday (not Saturday, as it is not a business day).
Most banks don't service their own ATMs and most banks don't process the ATM deposits in the branch. They simply pull the envelopes and verify what's in the envelopes as to what it says was deposited; then send it off to the ATM department. And that's not done until the branch is open for business (not counting Saturdays).
bureaucb on 2010-03-13:
Granted, I understand that the monies are not posted until Monday. Since I had more than enough to coverage Saturdays ATM transactions already in the account and since the cash is deposited on the first business day which would have been Monday morning and is available for "Online payments" not cash withdraws. Then why all the fees?
CUFlipSide on 2010-03-13:
I think the issue is that the first posting is Monday night, not Monday morning, so the ATM deposit is not available until sometime during Monday night. If the CSR actually did the withdrawal, it was his bad. Go back and see him and ask him to straighten it out.
Soaring Consumer on 2010-03-13:
It appears to me based on of the review, what happened was that after the OP deposited cash, an ATM bug triggered a false indication of a withdrawal, so to set the record straight the bank processed it and then redeposited the funds, but since that action occurred after the cash cut-off time, the money had gone into limbo-land instead of straight back into the OP's account as expected. Since this resulted from a bank error the OP should not be responsible for the fees.
yoke on 2010-03-13:
No matter what the funds were not available until Monday evening/Tuesday morning. So even if the bank did not redeposit the funds until Tuesday the bank did nothing wrong. The funds were not available anyway. It is also possible that the bank held the deposit because it was a large cash deposit and needed to verify that cash was actually deposited.
PepperElf on 2010-03-13:
personally that's why I don't trust depositing at the ATM
spiderman2 on 2010-03-13:
I quit banking with Sovereign because it took them forever to clear any deposit I made. Didn't matter if it was a paryoll check or a personal check. I never paid them any fees though because I would always check my av available balance before I spent the deposit, but it was so frustrating!
bcd on 2010-03-13:
Bureaucb,

You needed cash on Monday, so why did you deposit cash at the ATM on Sunday? Were you attempting to cover the $880 in payments that you had previously authorized?
bureaucb on 2010-03-13:
bcd,
Sunday afternoon I used the available cash to buy some things and on Monday I need money for a doctor visit. There was still an available balance from Friday's deposit. Yes, the $1,100 was to cover checks that I knew were due on Monday. According to Sovereign, the money for electronic checks are due on the day they set to be paid. If I had waited and went to the bank the first thing Monday morning and walked into the bank and made the deposit, none of this would be happening. My bad I guess for wanting to do the right thing and making sure there were funds available prior to the opening bell on Monday by putting it in on Sunday. I simply thought (oh there I go again, thinking) that they would just open the machine, get the envelope, open the envelope count the money and mark it as deposited. Silly me.
CrazyRedHead on 2010-03-15:
I will never deposit large sums of cash through the ATM. BOA takes pictures of each bill as it is put in and there is no need for a envelope anymore but if you are still using the envelope what's to say that there was any money in that envelope at all. I have heard some pretty crazy stories about ATM deposits.
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Sovereign Bank unethical inactivity fee
Posted by on
NORTH ANDOVER, MASSACHUSETTS -- I opened a small business account at Sovereign Bank in 2009. The bank representative assured me that there will be no fees or charges on my account. I deposited $240 and waited for my debit card to deposit more. After two weeks of not receiving the card, I contacted Sovereign Bank to send me a new card. I haven't received the new card since, and couldn't deposit my checks through ATM. Recently, I received a letter from Sovereign bank that they charged $160 inactivity fee from my account. I visited the bank and explained the situation and told them they don't have a right to charge me without notice. The manager told me that I have agreed and signed to pay the inactive fees, however, I look into the issue more and found out that this new regulation of $16/month inactivity fee started in October, 2010. Therefore, I definitely haven't signed such an agreement and they definitely haven't send me any notice. They unfairly, unethically and even without a notice, charged me $160 from my account.
     
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At Your Service on 2011-08-08:
If I may suggest approaching this in a different way, I think I may help.

I wouldn't go in telling them that they CAN'T charge you inactivity fees. Instead approach it as a judge may. Tell them you had a different understanding, but WOULD BE WILLING TO ALLOW THE FEES TO STAND if they can show you signed documentation as to where you were notified of such fees. I'd put the request in writing and be polite, but direct. Give them a reasonable time to respond, then go in directly.

Ultimately, they will show you the SIGNED agreement or they won't.

Let us know how it turns out.
madconsumer on 2011-08-09:
when you first opened the account, you did agree to all their terms of service.
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Professional Bandits
Posted by on
HAGERSTOWN, MARYLAND -- I have banked with Sovereign for 10 years and am now at the end of my rope. Thursday I checked my balance and saw I was in the negative from my mortgage withdraw. I had no other money to take care of this. I was able to do some work for a friend and sell my hunting rifle at the pawn shop to get the $285. This would bring me out of the negative with some to spare. Deposited cash at 6:30 pm which is supposed to be in my account immediately. My receipt said +$17.55. Well I got up this morning and am $480 in the negative. Called customer service and was told that I deposited the money to late and there is nothing they will do. I will be closing my account as soon as it is out of the negative. Sovereign bank is run by professional bandits, they will charge you any chance they get. If you like your money you will take your business elsewhere.
     
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trmn8r on 2011-01-15:
I am not sure I understand your complaint. You checked your balance, and found it had gone negative due to you spending more money than you had in your account.

You deposited some cash, via some method, and assumed it would be posted immediately or by 12 midnight, to bring your account positive. Did the bank rep explain the procedure for crediting cash deposits, and why yours hasn't been fully credited yet?

Just because the slip reflects your deposit does not mean the funds are available.
yoke on 2011-01-15:
If you were $480 in the negative that would mean more debits/checks would have had to go threw, not just the mortgage.
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Shocking event some years back I can't get over
Posted by on
PHILADELPHIA, PENNSYLVANIA -- This happened some years back. OMG. It was horrible. First the clerk yelps at me about not having a credit card. Then I get helped by a DIFFERENT bank clerk, who opens a checking account for me. I tell her I want to deposit money, the clerk tells me to deposit it at the ATM. Of course no one helped me with the deposit, I even asked customers behind me to help me and this is New England man they don't even look at me ( a bunch of foreigners ). OK, so obviously I wasn't used to depositing money through the ATM. There were no envelopes at the machine and I deposited all my money in to the machine. I went in to the clerk and explained what I did, because I wasn't really sure if I had done it right. And RIGHT ! I did it wrong ! They leaped to the machine and picked up my money. Thank God ! Then I noticed that I lost $ 200 on that machine and of course when I aksed for it, they claimed it wasn't their problem. A month or so after I go back to the bank for something and give the clerk my information. They had the wrong social security number !!! How the hell is that possible, y'know ? When they tried my social security number, it showed I was on Checksystems. Which Checksystems denied and I had proof. The female clerk started screaming and yelping and she was acting as if I was physically attacking her when in fact I was waiting for input about my checking account. She literally screamed throughout the bank for SECURITY !!!! AAAAHHHH!!!! And I was promptly escorted out of the bank. Facts are facts, that's it. I lost $ 200 and I was completely treated in a racist manner by people who should not be speaking English if you aks me. This was in Philadelphia, Pennsylvania, United States of America. If I had known about Better Business Bureau and the like, I would have yelped racism from here to Tokyo. There you have it. I hate Philadelphia, I was out big time.
     
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Anonymous on 2010-07-24:
If you just opened the account, how did you already have an ATM card?
Anonymous on 2010-07-24:
Exactly what I thought when I read that.
Anonymous on 2010-07-24:
Foreigners? Racism? I don't get it.
leet60 on 2010-07-24:
Doesn't seem the entire story is being told. If you end up on Checksystems it is for a reason.

As for the ATM card, my bank issued my ATM card in the branch and I picked my own PIN, so it is possible.
Anonymous on 2010-07-24:
Thanks, leet60. Every bank I opened up an account with, I had to wait to get an ATM card in the mail.
leet60 on 2010-07-24:
Guess it just depends on the Bank Dryad. Mine is a smaller bank catering mostly to the military.
Weedwhacked on 2010-07-24:
Where's the racism come in?
jktshff1 on 2010-07-25:
Hope you feel better.
PepperElf on 2010-07-25:
Bank employees normally don't just scream for security when dealing with calm peaceful customers.

Remember, they have video camera surveillance that can back them up - or prove them in the wrong. So for them to start screaming at calm people would... well it would be odd for someone to start doing that when it will be picked up on at least one camera.


As for racism, how do you know it's specifically about your race and not some other factor such as behavior etc?
madconsumer on 2010-07-25:
how many years past was this?
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Do Not Use This Bank
Posted by on
MASSACHUSETTS -- I opened an account with Sovereign a couple of years ago, the first issue I had with them is I had an automatic payment come out before it was supposed to and it put me into overdraft by 3 or 4 dollars. They charged me $25 overdraft fee, OK my fault no big deal I expect that to happen, what I didn't expect was that they continued to charge me $5 a day for the next two weeks until my next deposit went in. So my $3 over draft cost me around $75.

The latest thing is I had an issue with a person I do work for and there was a dispute over how much they had paid me, I use electronic banking for everything so I went online and found sovereign only goes back a few weeks, So I saw a place to request your history, the site in their defense did say the cost was $6 per statement, I mistakenly assumed that meant if I requested my checking deposits fo the year and my savings deposits for the year that it would cost $12. It never in a million years occurred to me that they would charge me $144 to print my account records. One would think that would be a fairly simple request.

I'm done with them every time I turn around they are hitting me with another charge. To top things off I emailed customer support about the outrageous charges and they sent me back a form email explaining to me that I could get my back statements by paying $6 and they would be happy to help me request them if I called.

I'm closing my accounts and I'm making it my mission to post anywhere and everywhere I can to warn others about this bank.
     
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Anonymous on 2009-03-04:
"what I didn't expect was that they continued to charge me $5 a day for the next two weeks until my next deposit went in."
Is this because the fee schedule which you received when you opened the account did not disclose this, or because you were just too butt-lazy to read what you signed? Inquiring minds want to know.
kaymen667 on 2009-03-04:
I was told the over draft fee was $25
BokiBean on 2009-03-04:
It does sound like they would prefer to nickel and dime you to death than provide customer service.
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Harassment from bank tellers
Posted by on
I have a business checking account with this bank. For over a year four particular bank tellers have harassed me every single time I walk into this one branch here in town. They either try to sell me a line of credit or a personal checking account. During any given incident I will say no continuously but they continue talking. Each and every time I walk in the same people give me the same offers. I have repeatedly asked them to stop but the offers just keep coming. I do not notice them doing this to customers in line in front of me and I have not experienced excessive offers beyond what's typical from banks I've used in the past.

Bank tellers earn commissions from upselling and are often held to sales quotas, usually on a quarterly basis. As a business owner myself I understand this completely. Even I try to upsell to my customers but I would never harass them or engage in the practice of predatory sales techniques.

One teller was pitching me a personal checking account and another teller actually interrupted and told me she was offended because she had tried to make the same offer first. There was also a time when I flat out ignored an offer for a line of credit and looked away from the teller. I was met with a rude "Hello?" comment. This came after I have told this one individual to stop making offers countless times.

If you have a complaint about Sovereign bank, you should do the following as I have done:

Send a letter to:

Sovereign Bank
ATTN: Executive Complaints
1130 Berkshire Boulevard
Wyomissing, PA 19610

Then, go to http://www.bbb.org and use the pulldown menu that says "I am..." to select "Consumer". Then click the link that says "File a Complaint".

After that do some Googling or make a phone call to find out the web site for your state's department of banking. File a complaint with them as well.

If you feel you have incurred enough monetary damages to constitute a lawsuit (related to their excessive overdraft fees which is not my case but I have read complaints about that), contact a lawyer to see if you have a legitimate case for litigation.
     
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woodsk1 on 2009-02-02:
Tellers are reviewed on upselling the customer to new accounts, etc. I am sure they would rather not do it either. Its the same as every time you shop, you are asked if you would like to open a new credit account.,
Anonymous on 2009-02-02:
OMG!! Some of the stuff people complain about here is just downright hilarious. You're seriously sending a complaint to the BBB because these bank employees are actually doing their jobs? Just do what the rest of us do, politely say "no thank you" and move on.
Anonymous on 2009-02-02:
The bank where I have my business accounts charge a $1 fee if I use a teller. I end up paying to listen to a teller's shpiel trying to hawk some other service, for which a fee is also charged.
BokiBean on 2009-02-02:
Argh!!!!!!! Yet another 'fee' for something that should come with their service.
Suusan B. on 2009-02-02:
I'm a bit confused - - if they are asking you to open a personal checking account, does this mean you don't actually have an account with them? And if you don't have an account then I don't understand how you can suggest filing a lawsuit relating to excessive overdraft fees. Anyway you look at it, you are not being harassed - - this is simply a matter of the tellers doing their job. If it bothers you so much why don't you just change banks?
Anonymous on 2009-02-02:
You have to pay a dollar to talk to a human? That is outrageous! Thank God for credit unions.
Anonymous on 2009-02-02:
Banks pressure the retail staff to make a sales quota. They are pretty relentless. On the other hand, I have never yet seen a marketing system that doesn't have a check bos that says 'customer has been asked and is not interested', nor have I ever seen a teller to whom a simple 'no thank you' did not suffice.
madconsumer on 2009-02-02:
is the poster an account holder?
Vectro on 2009-02-03:
Allow me to clarify and elaborate. I have a business checking account with them. Some people commenting here have made the point that bank tellers earn commissions from upselling. I can understand that they would make a few pitches here and there. I am not interested in a line of credit or a personal checking account. The problem here is that when I walk up to one of the four particular tellers, they stand there giving me the pitch no matter how many times I told the same ones that I don't care to hear it any more. They just keep saying the same things every time I walk in. This started in December of 2007 and has continued on all the way to last week. This is happening with the same four people.

In one incident, I walked in, looked away, didn't make eye contact and handed her my deposit. She started with her offers that I had already asked her not to give me any more. Eventually, I was met with a rude "Hello?" comment. A few offers OK, but every time I walk in there for over a year after I ask them to stop is ridiculous. Even the "Community Banking Manager" gives me the red carpet service of harassing me to open a line of credit. I asked skeptical questions. I told her why this would not benefit me. She insisted it would work to my advantage and just kept the pressure going. Despite not following up and asking them to stop, the offers keep coming. It was almost funny to me when one teller last week was offering me the checking account and another teller interrupted her because she was so desperate for the commission.

Here is another important point. I do not hear them to do this to anyone else in front of me in line. It seems I am being intentionally singled out.
Disaster Worker on 2009-02-03:
Vectro, I understand where you're coming from. It's like Victoria's Secret these days. They make more money upselling for their credit cards and their associates have a quota every day. Strange times we're in!
Ponie on 2009-02-03:
I've found that a simple, polite 'No, thank you,' ends a conversation. Wouldn't surprise me that you give every teller the same spiel you wrote in this complaint so that just eggs them on in retaliation. Probably the people ahead of you either have personal accounts with them or have already said 'No, thank you.' On the other hand, if this bothers you so, why not switch banks? I certainly would.
Vectro on 2009-02-04:
@Ponie:

You honestly don't think I tried polite and simple back in 2007? Obviously it started with a typical upsell attempt and a simple "no, thank you". Some people here don't seem to understand that they NEVER shut up about it.

Switching banks is the course of action I'm probably going to take. However, I have to make a list of ALL bills automatically paid for from my business account. Then, I have to update my payment information with all of those places. I will also have to call the merchant account provider who I used to accept credit cards and change my account information with them. Then next thing I'll need to do is update my payout information as an advertising partner with Google and Amazon so they can deposit to the new account. Google requires a verification process for that.

Sovereign bank is making it a headache for me to run my business. I have to either put up with the constant disrespect, drive to the branch that isn't right down the street, or switch accounts. In any complaints I have filed the only desired outcome I have asked for is for the offers to stop.
jktshff1 on 2009-02-04:
What business are you in that you don't try to sell more?
Like the others said, these tellers are just doing their job. They are probably monitored on a daily basis by management to insure they keep asking the questions.
Ponie hit it right on.
Vectro on 2009-02-04:
@jktshff1

You and Ponie are both having trouble understanding me. Also, I don't know you mean by me not trying to sell more? I sell a lot and my business is actually growing despite economic trends. Again, I know that bank tellers earn commissions from upsells as I have said. This no longer needs to be explained to me. I'd like both of you to answer this question: How many times would you continue trying to sell these things to a customer who has said no over and over again? Every single time they walk in for over a year? When would you call it quits?
Vectro on 2009-02-04:
@KenPopcorn:

"nor have I ever seen a teller to whom a simple 'no thank you' did not suffice."

Exactly my point, Ken. I upsell to my customers but I don't harass them. I want to earn money form them but I respect them and the businesses they run.
Vectro on 2009-02-04:
@woodsk1

"Its the same as every time you shop, you are asked if you would like to open a new credit account."

Right, but with most of them just saying "no, thanks" works. I go into a clothing store much less often than I go to the bank so I can understand if the people at the clothes store don't recognize me and try to offer me a credit card the next time, too. These four at the bank know exactly who I am and that I have said no.
Anonymous on 2009-02-04:
I agree, Vectro, "NO" should mean "NO". Unfortunately, if your bank is like mine, they change staff more frequently than I change socks. Therefore, they are 'eager' to earn spiffs by upselling and have honestly never heard me say "NO". It's a tough (ANNOYING) problem, I agree.
Slimjim on 2009-02-04:
LOL, That hits me funny. I never imagine the term spiff being used when discussing a bank teller before.
BokiBean on 2009-02-04:
Vectro, I'm with you. Your bank should know you by now and quit with the stupid offers. Next time you walk in the front door, just announce in a loud voice, "NO! I do NOT want a personal checking account!".
Ponie on 2009-02-04:
BB, LOL!
Anonymous on 2009-02-04:
Better yet, Boki. Conduct your transaction. Listen patiently to the shpiel. When the teller asks, "Are you interested?" Say "Yes", turn around, and walk out the door.
BokiBean on 2009-02-04:
Hahaha@Doc!

Your sense of humor really reminds me of my husband's. If we get wrong numbers on the phone, "may I speak to mary?", he'll immediately answer in his deepest voice, "yes, this is mary, what can I do for you?" :D
Anonymous on 2009-02-04:
Other phun with phones. I've typically lived in university towns. So, we get a lot of 'younger' callers: "Is Jason there?" asks the young female voice. "No, he left with Amy to go to the movies."

OR

"Is Robert there?"
"Are you a member of the family or a friend of the deceased?"
BokiBean on 2009-02-04:
LOL!! Another favorite wrong number of mine..booty calls in the middle of the night. "Is Mary there?", "no, she left with a couple of guys from the football team, can I take a message?" :D
Anonymous on 2009-02-04:
See, technology can be our friend. No need to yell, blow whistles or other stuff. "Is Jeremy there?" "No, but if you're going to see him later, can you stop by here. He forgot his prescription for his herpes medicine."
BokiBean on 2009-02-04:
Hahaha!!!
jktshff1 on 2009-02-04:
@Vectro" 'Til they said yes, except, if you keep coming in, it would be along the line of "you ready to put the trigger yet?" Like a hello between friends.
jktshff1 on 2009-02-04:
Boki...that was good..ba
DebtorBasher on 2009-02-04:
I had my Dad switch his bank account from CharterOne to Keybank yesterday...and as a new customer they never even offered him a free Corning Wear casserole dish, or flashlight!
jktshff1 on 2009-02-04:
you scammin your dad?????
DebtorBasher on 2009-02-04:
No Jkt...It was just an excuse to get out of the house during my "grounding period"....LOL!
jktshff1 on 2009-02-04:
Oh, for the bare feet? OK.
DebtorBasher on 2009-02-04:
Yeah...The snow was up to my hips today when I went to clean the car off...it drifted between my car and the one parked next to me in the driveway...I Soooooooooooo wanted to go barefootin'.
jktshff1 on 2009-02-04:
If I lived where weather was like that, I'd be sure I had enough cig's, booze and food and stay in.
DebtorBasher on 2009-02-04:
I video taped my drive...Got to figure out how to get it on here .
jktshff1 on 2009-02-04:
don't go screwing up your 'puter again.
any one want to swap a hotel room in Jackson, MS for where they are at now?
DebtorBasher on 2009-02-04:
I tired...but don't know how to do it...guess I'll have to read instructions...I hate reading instructions!
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Literally nickel and dime you to death!
Posted by on
I have been with Sovereign Bank for over 7 years and one thing that has not changed is the way they charge fees for everything. Finally, I had enough! They just charged me $35.00 overdraft fee for. 69 cents. Keep in mind I have $200 in another account through the same bank. I signed up for overdraft protection and this still happen! I have other accounts with different banks and I never have a problem but Sovereign Bank has always given me a headache. Use this bank if you don't like your hard earned money.
     
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saj80 on 2011-07-20:
You state you signed up for overdraft protection; was it approved and activated, or is your limit maxed out? Have you tried to negotiate getting this fee removed, especially since you had funds in another account there? Did you link your accounts to cover overdrafts? If you can answer these questions it will be easier to provide feedback.
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They Are Thieves
Posted by on
I'm a Sovereign customer for 2 years. I had everything well in my account for 2 years. Until one day I had a fee problem. They charge me $35 dollars for each payment I did I that day. So, the total was $280. I didn't knew that I had insufficient money, and only in that day the rob me almost $300 and the payments I did were $100.

I tried to fix with my branch manager and nothing. Call the customer service, that is horrible. She just looked to my account and said that everything was legal and they couldn't help me.

Then I talked to the customer service manager who told me nothing could be done. And I told her, I was going to close my account and all my family because It wasn't anymore a money issue, it was about a "robot" bank that forgot that they have people behind that accounts. My money market had money and I had a clean record. So, if that don't mean nothing I don't want a bank like that.

Don't open an account. They are thieves and people that only see money. They don't care about their customer.

     
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spiderman2 on 2010-07-30:
I don't see how this is their fault, you spent money you didn't have. You admittedly had no idea how much money was in your account. When you spend more than you have, there are fees to incur. I have closed all my Sovereign accounts also, but I never paid an overdraft because I know how much money I have at al times.
yoke on 2010-07-30:
How could you not have known you did not have money in your account? Before you went to spend more money what did your check register say?
Anonymous on 2010-07-30:
Every bank out there will do the same thing. The banks aremmaking a nice profit on those who take out more money then they have in their account. You need to keep an accurate record of all your transaction and not take out more money then you have in your account.
Weedwhacked on 2010-07-30:
You overdrafted your account and that comes with fees. This was entirely your fault not the banks. Trying to "fix it" with the manager (getting the fees waived) never happens anymore.
Anonymous on 2010-07-30:
If I were you, I would contact Sovereign Bank and tell them you want to opt out of the OD protection. Obama passed a law where the banks have to give you the option to discontinue the OD protection and fees.
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Sovereign Sucks
Posted by on
This company is out to make as much money of you as they can. I had a direct deposit pending and a check that I wrote. They appeared the same day in my account. Well I check the next day and I was charged a $35 overdraft fee because the check cleared before the direct deposit even though they appeared online at the same day. I call to talk to them about this issue and the woman had the nerve to ask me "Didn't you check your account before you wrote the check, and know that you didn't have enough?" I at that point was sick of their crap. I am switching banks. Sovereign is CRAP!
     
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yoke on 2010-06-16:
Since you wrote the check before the direct deposit went in what do you expect. You played the float game and lost.
CrazyRedHead on 2010-06-17:
When you do open another account at another bank and do the same thing, they are going to suck to, cause this is going to happen at any bank. Just because they show up at the same time online doesn't mean that they came in at the same time at the bank.
skelly39 on 2010-06-17:
When I banked at a bank, the direct deposit would show up the morning of the day it was to post. The checks that cleared from the night before would also show up and show as posted for the day before. So technically, the checks went in first, then the direct deposit.
Sometimes you can get away with writing a check the day before the deposit goes in, but as a rule, I wouldn't suggest doing it. You never know where the payee banks...
Weedwhacked on 2010-06-17:
Legally that's a fair question as all banks disclose that they can process transactions in any order they choose. You are at fault in this situation.
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“They charged $70 to use the Branch ATM and a for a slice of pizza”
Posted by on
We have been with Sovereign since 2005, and it has been uneventful either positively or negatively. I have never personally or professionally written a bad check (still haven't), but my wife went to the branch ATM just before payday and withdrew $80. We did not have the money in the account, and Sovereign gave it to her, and made sure we had even less by tacking a $35 charge on. The same day, my wife spent $8.03 at Nick's Pizza and got the same $35 charge; $43 pizza must have been delicious.

I completely acknowledge that I am responsible for keeping a running balance on my account, but I am looking for a banking partner, not someone to frag me in the back when I do not pay attention. I do not know if I can stay a customer at Sovereign. I hope their customer conversion costs are less than the $70 they made from this fiasco because I think it is time for a new bank.

Next time, if it ever comes to that, my wife can go hungry for the afternoon. It is not the amount, but the principle. Does anyone now actually wonder how there was a banking crisis? Banks need to learn to say NO, even if it will short them hefty fees.

     
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Anonymous on 2010-03-16:
"but my wife went to the branch ATM just before payday and withdrew $80. We did not have the money in the account."

If you didn't have the money in the account... how were you able to withdraw it from your account? And through the ATM, no less...

"but I am looking for a banking partner, not someone to frag me in the back when I do not pay attention"

And that's when it bites ya in the booty. When you don't pay attention. If you're expecting a bank to be on your side and not slam you with the overdraft fees when you make a mistake... banks are not your friends.

Looks like, at the time, when the purchases were made and the withdrawal was done... there *was* money in the account. Because, if there wasn't, your wife wouldn't have been able to make a withdrawal directly from the ATM. But, the way things get posted; from highest to smallest... whatever posted to the account first drained it and therefore the withdrawal and the pizza bounced. It sucks when they do it like that.
You can't not pay attention. Banks aren't your friends.

" Banks need to learn to say NO"

That's the unfortunate. They don't say no. That's why they created overdraft fees.

Find yourself a nice credit union.

BEJ on 2010-03-16:
You admitted that your wife withdrew money that you did not have in your account. The bank did exactly as it had the right to do. No matter what bank or credit union you end up at--they will charge you fees for withdrawing money that you did not have.
clutzycook on 2010-03-16:
Seriously?? Seriously?? Why did your wife withdraw the money if the money wasn't there? Does she not have anything to do with the checkbook? I think your frustration should be directed at your wife for spending money you didn't have. I'm sure the bank fees (however outrageous) were spelled out for you when you signed up. Overdrafts are not a new thing.
Skye on 2010-03-16:
Sorry OP, but what do you think happens when you over draw on an account?? Your wife took out $80.00, which you say you didn't have. The bank did it's job, you don't really have a complaint. I don't understand why its so hard for some people, to understand the concepts of maintaining their bank accounts.
Anonymous on 2010-03-16:
Many banks allow ATM withdrawals even if the money isn't in the account the same as they authorize debit card transactions when the money isn't there. Why do they do this? In order to make exorbitant amounts of money on small short term loans.

In this case the bank made $70 dollars for a very short term loan of $88.03. The fact that so many people just accept this legal loan sharking without a second thought boggles the mind. Let me repeat what happened again. The bank loaned the OP $88.03 for a very short period of time and made $70 off that loan. That's just simply abusive by any reasonable standards.

duglind, Join the grass roots movement who are saying 'No' to the big banks by taking their business to community banks. You'll get far better terms, far better service and your business will be appreciated. Make the switch today. You'll be glad you did.

bargod on 2010-03-16:
I've never had to worry about overdrawing. If I try to take out more than I have whether through a store or ATM it will simply say "insufficient funds" I would try another bank and see if they have that option.
Anonymous on 2010-03-16:
See, that's where I'm confused. OP didn't have $80 bucks in the account and yet the wife was able to withdraw $80 bucks from the account... that wasn't in there in first place.
If I didn't have $80 bucks in my account and if I tried to take it out, my bank's ATM wouldn't let me because I don't have $80 bucks in my account.
Something's screwy. If Sovereign bank allows people to take money out of their account, that they don't have, and then dings them with an overdraft fee... that bank isn't any good.
Get out now while you still can.
Inat on 2010-03-16:
are you all insane? You bash a bank for someone overdrawing their account!? Banks do us a service -they provide a safe place and allow convenient withdrawal of cash form their ATMs, using THEIR network. The OD protection is what you are paying for when you pay the $35. Most banks are stopping this practice now and you must 'opt in' to have this 'service'. Imagine how much money the banks would lose...and how far in the negative people would be... if they just allowed people to withdrawal funds that are not there. And with no fee.
Anonymous on 2010-03-16:
Any bank is going to do that to you if you overdraw.
jktshff1 on 2010-03-16:
+10 Inat, however in a lot of cases, it's the method of posting that gets the consumer and that is the banks fault.
Inat on 2010-03-16:
As I've said before... the banks don't change post order to suit their whims. it is done the same way each and every time depending on specific bank 'rules'. Banks should not have to paternally protect us from spending money we don't have. . .
Skye on 2010-03-16:
First of all, we post our opinions, and this doesn't mean we are insane. I never bashed the bank, and do not see where anyone else has.

Turning on other posters isn't going to solve the fact the op's wife left the account overdrawn.
goduke on 2010-03-16:
You might want to ask sovereign if there is a way they can have the account not allow charges or withdrawals when the money isn't available. They might be able to take you out of the overdraft program.
Skye on 2010-03-16:
Goduke, excellent suggestion.
Anonymous on 2010-03-16:
"They might be able to take you out of the overdraft program."

Assuming the bank has that policy.

But, that's the thing with taking money out of your account via the ATM. The only way you can take funds out of your account, via the ATM, is if you actually have the funds. So, if the OP didn't have the funds, how did the money get taken out. Unless the OP had the money, at the time, but when everything posted that night (since most banks structure things highest to smallest); there was something higher that came out first thus overdrafting the ATM withdrawal.
Anonymous on 2010-03-16:
BKK, Many banks such as Sovereign allow you to overdraft your account via ATM withdrawal. That is if you have a zero balance you can still withdraw cash up to your overdraft limit from ATM. All most all national banks have the same policy although with the recent public pressure and the Fed Reserve regulations coming in July the policies are being refined.

I got this from the Sovereign bank website.

"What are the standard overdraft practices that come with my account?
Sovereign may currently authorize and pay overdrafts for the following types of transactions:
● ATM withdrawals and transfers ● One-time debit card transactions
● Automatic bill payments ● Online Banking payments and transfers
● Recurring debit card transactions ● Checks and other transactions made using your checking
account number
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and
pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What will the standard overdraft practices be in the future?
As of July 1, 2010 for accounts opened on or after that date (August 15, 2010 for all accounts opened before
July 1), Sovereign will no longer authorize and pay overdrafts on the following types of transactions,
UNLESS you authorize us to do so by visiting a branch or calling us at 1-877-SOV-BANK:
● ATM withdrawals and transfers
● One-time debit card transactions"
Starlord on 2010-03-16:
You claim the bank charged $70 to use the ATM and for one slice of pizza. WRONG!!! They charged you for overdrawing your account, which they have every right to do. This should be a complaint about your wife, not the bank. The bank did absolutely nothing wrong. Didn't they just pass a new law that you must opt in if you want overdraft protection? If you opt out, you will be declined, then you'll really throw a hissy fit.
Anonymous on 2010-03-16:
"Didn't they just pass a new law that you must opt in if you want overdraft protection?"

Yes... but, it's one of those laws that it's going to take time for all banks to adopt this new policy... it's not instantaneous. But, the OP could ask his bank if they do this now or when they will. They should know when it's going to go into effect.
CUFlipSide on 2010-03-17:
When you withdraw at your own bank's ATM, they display a message to the effect "If you continue with this transaction you may incur a fee, do you want to continue?" Mrs OP pressed YES. The rest is history.

She is in good company, better than 80% agree to the fee and proceed when asked.
maxinebb on 2010-07-30:
Your wife withdrew $80.00 you both knew you didn't have and than she paid for a pizza (I am assuming with a debit card)from the now knowingly overdrawn account. And you want a bank that will let you slide when you are KNOWINGLY doing this????? If you find that bank, let us know!
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