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22 Reviews & Complaints


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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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Unwilling to help
Posted by Howierd on 05/17/2010
I needed to move a payment just 3 days and they refused. I offered to make two payments if the moved the date three days bu they would not do it. So there for they will only get one payment
     
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Posted by Weedwhacked on 2010-05-17:
Keeping up your end of the deal has nothing to do with them not "willing to help." Did you give them a reason?
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Unscrupulous Fees
Posted by EKM on 05/06/2010
STATE COLLEGE, PENNSYLVANIA -- My son transferred money from savings and deposited a check into his checking account. He did not understand why it was never posted into his checking account. When he got to the bank between his finals he was informed that his bank account went below 0. ATM's never showed that. The bank charged $35.00 for every transaction he did as well as $5 for every day he was overdrawn. Buying a box of cereal in fees cost $44.00. He was not notified by this bank that he was overdrawn over the course of a month. They swiped in total over $600.00 dollars. This location is in Pennsylvania. Horrible bank, steer clear for your own good.
     
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Posted by goduke on 2010-05-06:
What happened to the check that was deposited?
Posted by clutzycook on 2010-05-06:
Wow, that's bad. Where did the check go? Does this bank have online banking? If he had, he could have checked the balance and made sure the money was there before he spent it. I'm not blaming him, because it was obviously based on the assumption that the bank would do what it was supposed to do. If it doesn't, perhaps it's time to move to a bank that does.
Posted by CrazyRedHead on 2010-05-07:
ATM's will never show you everything. Online is a good tool. I use it to see what has come in and compare it to my register. If something looks off then I call the bank. What happened to the check that was deposited?
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AVOID SOVEREIGN BANK!
Posted by SabineTawni on 01/27/2010
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!

     
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Posted by Anonymous on 2010-01-27:
Have you gone into a local branch and talked to someone directly about the issue?
Posted by Anonymous on 2010-01-27:
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, Im sure they will have no issues giving you a 12 dollar credit back to your checking.
Posted by Anonymous on 2010-01-27:
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.
Posted by Anonymous on 2010-01-27:
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.
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Excellent Bank
Posted by Yo mamma on 01/17/2010
I have been banking here for the last 25 years and I have yet to incur an overdraft fee. You know why, cause I balance my check book, I have overdraft protection, I read the account disclosures and know when my funds are available, I know everyone at my local branch and they know me.

They are very customer service oriented and ask for my business. They suggest products to me which are very helpful.
     
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Posted by tnchuck100 on 2010-01-18:
The key here is you know the people at the branch. That goes a long way to getting good customer service. Most people do not cultivate that kind of relationship with their bank. Many banks have such a large employee turnover creating this relationship is impossible.
Posted by Alain on 2010-01-18:
Good customer service and happy customer. Nice to see it. Now to look at the complaint.
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Choose a Different Bank Fees Will Kill You
Posted by Dragonmaiden22 on 11/03/2009
NEPTUNE, NEW JERSEY -- I was with this bank for years. Many times I have incurred over the limit fees, or insufficient funds fee. I have no problem paying for them, when its my fault. I tried to get a credit from them one time, and they would not do it. They do not care what a valuable customer you've been (unless you really have a lot of money with them). So, I am actively spreading the word. Go with TD Bank, they have more hours and seem to appreciate your business more.
     
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Posted by Anonymous on 2009-11-03:
If it's not bank error, they don't have to refund your fees. They might do it as a courtesy, but are not required to refund them especially when they've done it for you before.

Just note that all banks have overdraft fees. If you have issues with keeping your account in the positives, you're going to continue to run into those issues of bank fees. It's not something that goes away when you switch banks. Most banks post things from highest to lowest. So, if you're counting on things to come out how you spend it, think again.
As always; if you don't keep a register, you might want to invest on doing that now.
Posted by MaggieMcT on 2009-11-03:
You might want to do a google search for the complaints on TD Bank before you move.
Posted by PepperElf on 2009-11-03:
actually you might want to search for complaints on ALL BANKS before you move


Also... you mentioned having "over the limit" (aka overdraft) fees and then trying to obtain credit.

That might be the key to the issue.


Many banks will not issue you credit if you are having your account go into overdraft status.
Posted by JR in Orlando on 2009-11-03:
If you are at the edge of zero in your account, how are you a valuable customer to them? Banks make money when people deposit it so it can be loaned out. If you are close to zero balances, the only value you are to banks is the generating of overdraft fees. I doubt that makes you a valuable customer.
Posted by Eloise on 2009-11-03:
A valuable customer doesn't incur NSF's all the time!
Posted by jubee on 2009-11-05:
DO NO, I REPEAT DO NOT go to TD Bank, I just incurred $630 in overdraft fees in 4 days!!! I was charged $35 per transaction, many of which were about $5 at a time, they charged me $250 MORE THAN I over drafted.
Posted by Anonymous on 2009-11-05:
That's what happens when you don't keep track of your account, jubee.
Don't just rely on what the online available balance tells you.
Not everything posts at the same time. And not everything shows up as "pending" on your online account.
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Every Negative Remarks About This Bank Is True. Do Not Bank With Sovereign!
Posted by Sovereign the Worst Bank on 05/24/2009
PENNSYLVANIA -- Sovereign is the worst bank ever. Do not lend them money so they can screw you. You think you can keep your finances straight and not incur any service charges?! Think again! No matter how careful you're, they'll find a way/mistake to get money out of your account. Over-drafting, debt card fee, inactive fee, over active fee. You name it. This bank gives the term "bank robbery" a whole new meaning.

And what kind of service do they offer any way? Their customer reps are rude and ill informed, often giving me wrong information. Once I spoke to a representative who loudly yawned on the phone.

Stay away!
     
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Posted by madconsumer on 2009-05-25:
i think all banks and credit unions are free of fees if one keeps a positive balance in their account.

"Do not lend them money so they can screw you."

if you have the extra money to lend to this bank, why are you incurring any fees??
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Everything They Suck
Posted by Sb3878 on 12/31/2008
19607, PENNSYLVANIA -- #1--I have a mortgage with them I gave half my mortgage payment and then in 2 weeks gave the other half well they would not accept the first half as towards my payment they applied it towards my principal so then I had to come up with the other half again to complete my whole mortgage payments, then #2-- I have an account with them they charge you the littlest things I never even heard of.... this is the worst bank I have ever joined, no wonder their ratings suck, I'm withdrawing from them immediately...

     
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Posted by Anonymous on 2008-12-31:
Partial payments always go to principal first. (sometimes late fees, first) You aren't complying with the payment plan you agreed to when they accepted your mortgage. I would imagine they think you suck too, in their own bankerly way.
Posted by Anonymous on 2008-12-31:
So let me get this straight. In these times where the foreclosure rates are astoundingly high, too many people just walking away from their mortgages and banks are on the ropes due to bad loans this OP is making an honest effort to pay his mortgage but brush that all aside because this OP 'sucks in a bankerly way'. Are you kidding me? Give me a break. The OP should be applauded for hanging in there. If the bank had an ounce of sense they'd be bending over backwards to prevent yet another bad loan on the books. Honestly people what have we become?
Posted by Anonymous on 2008-12-31:
Crabby... he agreed to a payment plan. He didn't comply. Apparently he didn't notify the bank of a partial payment. They processed the payment according to the loan agreement. This isn't the bank's fault. If you want to slam the bank, slam them for all the crappy things they DO do, (and there are many) not for a customer error.
Posted by yoke on 2008-12-31:
Agree with Ken. He should have let the bank know they could make a partial payment on one date and the rest would be on the next date.
Posted by memoryx57 on 2008-12-31:
How do we know that the OP didn't let them know..ie: note in with the payment?? Good points Crabman
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Auto Loan
Posted by Dick37 on 12/17/2008
DALLAS, TEXAS -- [snip] What a bunch of rude people. I have had my loan for about three years and this is the first time I am behind by 2 weeks. I read there notice on late payment and they say give us a call and we can help. I call and tell this old witch that had a voice that runs through you, feel really sorry for her husband is this old bag is married. I ask for a split on this payment for the next three months. I think that would be a extremely easy request. I was asked well what is the problem? I reply times are tough, Christmas, bills and then I am told them are not good enough reasons. I felt like I was asking for a lung or something.

I had to hang up on the witch or I would totally lose it, I still hear that voice, scary.
     
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Posted by Anonymous on 2008-12-17:
You are such a delightful person, I cannot begin to imagine why she wouldn't knock herself out to help you.
Posted by Anonymous on 2008-12-17:
LMAO, Ken! And, right on the money, too.

Posted by bill on 2008-12-17:
I think the OP's name says it all.
Posted by KCRovert on 2008-12-17:
Based on this "business" complaint letter, you claim THEY are rude.....really....wow.
Posted by Principissa on 2008-12-17:
Really, they are rude? Really?

Maybe the old witch would have been more helpful had you been a little nicer.....
Posted by Anonymous on 2008-12-17:
If it weren't for people getting riled up then venting their frustrations the rest of y'alls would have nobody to condescend. Really y'all should be thankful for OPs such as this one.. That being said there's nothing here that leads me to believe the OP was dealing with the old gravelly throated hag at the bank in the same temperament as this rant. The guy is asking for a little help to get through some tough times.. ya know like the Automobile industry and the financial sector except this guy plans on making good on his word. Good review and I too feel sorry for that old hag's life partner.
Posted by cherpep on 2008-12-17:
A generic 'times are tough' and 'Christmas' are not valid reasons to be late for a loan. They expect you to pay on time, and cannot make provisions for every minor problem that arises. Loss of job and disasters are the types of problems that they might make provisions for. If you are suffering from a severe, unexpected situation, call back and be apologetic. You are asking them for a favor and therefore it is in your best interest to remain calm and extremely polite - no matter what the voice sounds like on the other end.
Posted by Anonymous on 2008-12-17:
Crabs, what a bunch a bull!
Posted by Anonymous on 2008-12-17:
Excellent point, Crabby..I think we sometimes forget (at least I do) that.

As for you dick, I can see why you would be angry and frustrated with Soverign. You try to do the right thing and be proactive and still they can't provide you with any options b/c your 'excuse' isn't good enough..for them.
Posted by Principissa on 2008-12-17:
I am sorry, but if you want someone to help you, you do NOT call up with an attitude and being rude and belligerent.

Times are tough for everyone but it is not a valid excuse to not pay your bills. I realize the guy is frustrated and sympathize with the situation, but really, who the heck would want to help someone who is being rude and nasty to them?

This company doesn't have to make exceptions or help anyone. It's written in the loan contract about making payments on time and the poster agreed to do that when he signed that paperwork.

Posted by Anonymous on 2008-12-17:
Perhaps I'm thick as a brick Principissa but I saw nothing stated by the OP that indicated the temperament of his communication in requesting a split payment. In fact quite the opposite -- The OP stated "I had to hang up on the witch or I would totally lose it". That tells me that he ended the call before he went on a tirade with the old hag from the bank. I wasn't on the call. I don't know this person. All I can go by is what he wrote.
Posted by Principissa on 2008-12-17:
Really crabs, are you serious!! He called the woman and old witch, felt sorry for her husband for being married to an old bag, and you seriously think that he's all peaches and cream. I don't buy it for one second.

But hey, long as it's alright with you, I'm cool with it.

As a mom of 2, this sounds like someone who is throwing a tantrum because the big mean bank won't make an exception for this obviously speshul snoeflayke.
Posted by Anonymous on 2008-12-17:
'Speshul snoeflayke' LMAO, I love it!!

Posted by Anonymous on 2008-12-17:
As someone that has worked in customer service for years, most of those years as a manager that got to talk to escalated customers on a daily basis, I can tell you from firsthand experience that I have talked to customers that have done everything from cry hysterically, to curse like a drunken sailor...you just can't take it personally, if you do, you'll either end up in AA or become a very bitter old soul..lol

Posted by Anonymous on 2008-12-17:
I kind of like this poster's comments.
How about you JC.... ya like dick?
Posted by Anonymous on 2008-12-17:
I can certainly understand his frustration with the situation, C2O. What's your opinion on the matter?

Posted by Anonymous on 2008-12-17:
I'm impressed that while frustrated, dick stood tall while the witch gave him a tongue lashing, although he never received full satisfaction.
JC, with your customer service experience, do you believe there would have been a better method of pleasing dick?
Posted by Starlord on 2008-12-19:
Did you ask maybe how much she would charge to haunt a house? From the tone of your letter it sounds like that fits your personality.
Posted by Anonymous on 2008-12-19:
Starlord, I believe the proper thing for you to do would be to give dick a hand. I think it will make you feel better.
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How They Screwed Up My Life
Posted by Teddie40 on 11/25/2008
CHAMBERSBURG, PENNSYLVANIA -- My social security is deposited directly into a checking account. And it isn't a large amount but it is all I have. Sovereign is taking my entire income to pay overdraft fees. I literally can not eat or pay my rent and will have to go live in a shelter or on the streets now. I don't know what else to do.

I've made arrangements to pay the fees down,which I thought would put my income back in the black. Doesn't that stand to reason?
     
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Posted by Anonymous on 2008-11-25:
So let me make sure I understand this... someone from Sovereign Bank is holding a gun to your head and forcing you to write checks that you can't cover? That is reprehensible!
Posted by Anonymous on 2008-11-25:
Agreed, Ken. The OP appears to be solving the discrepency between the small amount of Social (In)Security deposits and the check amounts by writing overdrafts. Sovereign does not condone the practice...shameful!
Posted by yoke on 2008-11-25:
Did you ask the bank why they are doing that since you have not bounced any checks? The reason I ask is usually banks don't charge overdraft charges unless you have overdrawn your account.
Posted by Anonymous on 2008-11-25:
It is unfortunate that you are in a position to have to pay these fee's. The fact remains though that if you had not posted items to your account that you did not have funds to cover this would not have happened. I wish you the best.
Posted by Anonymous on 2008-11-25:
Yes indeed one usually does pay overdraft charges for over drafting their account. That's pretty much a given. Let's all wag our fingers in unison at this OP. Forget at this very moment that the banking industry is pillaging the United States treasury (taxpayer). Forget that overdraft protection is really a short term loan but skillfully disguised in order to avoid truth in lending and usury laws. Forget that most overdraft protection is automatic and not requested by the consumer. Forget that these offending debit charges which create the overdraft are pre-approved by the banks themselves... Let's forget all that and just wag are collective fingers at this OP who's on a fixed income losing money needed for the necessities of life to a sham business practice practiced by despicable crooks. Let's forget all that and just wag our fingers. I often wonder why I'm so sympathetic to the plight of people such as this OP. I often wonder why I don't join in the finger wagging. When it comes to the financial moral high ground I probably got most of you beat.

So if you are over 30 and you don't have at least 6 months salary (gross not net) saved in easily accessible cash or cash equivalents... *wagging finger* shame on you. What's your problem? What are you financially inept or morally deficient? If you've ever borrowed money to buy a car --- *wagging finger* -- SUCKER.. Only a fool borrows money to buy a depreciating asset. If you've ever paid finance charge on any consumable or consumer product *wagging finger* -Shame on you. You truly are stupid aren't you. When the economy crashes and you find yourself out of work and out of luck because of all your consumerist bad financial choices and addiction to instant gratification then rest assured I'll be here wagging my finger. I'm not Christian but there's an excellent quote from Christ which basically goes what you have done to the least among you you have done to me. Wagging your finger at a person on a fixed income complaining about how a simple math mistake cost them the money they need to live is pretty messed up. What have we become?
Posted by hubbard53 on 2008-11-25:
we'll be seeing more of these in the future now that the era of "not my fault", no personal accountability is upon us.

Obiden '08
Posted by bill on 2008-11-25:
I am getting so tired of hearing people comaplaining about overdraft fees. Don't write checks until you have available funds in the bank to cover them. How hard is that.
Posted by bargod on 2008-11-25:
Is it lonely up there on your pedestal Crabman? Don't be waggin no fingers at me please. I fit all your financial criteria.
Posted by bargod on 2008-11-25:
I apologize Crabs, that was uncalled for. You can just be so preachy sometimes.
Posted by Anonymous on 2008-11-25:
I'm not wagging my finger at the OP, in fact I think my original post reflected the sympathy that I feel for them. It is a horrible situation that they are in. I am simply stating do not swipe the card or write the check if you do not have funds available to cover the amount.
Posted by TGT101 on 2008-11-25:
If you are really having that much financial trouble you could cancel your cable ... sell you computer ... then you could eat.
Posted by Anonymous on 2008-11-25:
"Forget at this very moment that the banking industry is pillaging the United States treasury (taxpayer)."

Oooohhh...puh-lease, Crabby. Your Congress-critters are giving away loot to the bankers who gave them campaign funds needed to troll for votes from the useful idiots. On a bright note, the 'pillage' is only Federal Reserve scrip, worth virtually nothing except what the Fed says it is worth. On another bright note, the banking/finance industry is imploding due to their own excessess. Citigroup alone is sacking 50,000 workers. Some of them will trudge to their basement and tie an extension cord around a beam and to their neck. Others will wander to the closed garage where they will run their car until they turn bright red and stop breathing. A few will send a half an ounce of lead through their brains. Now, if only Congress would do likewise! So much to be hopeful for!!!
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