Sovereign Bank - Page 3

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How They Screwed Up My Life
Posted by on
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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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!
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!
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.
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.
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?
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
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.
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.
bargod on 2008-11-25:
I apologize Crabs, that was uncalled for. You can just be so preachy sometimes.
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.
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.
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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Threaten to cancel my account
Posted by on
LANCASTER, PENNSYLVANIA -- I have several accounts with Sovereign. Other family members also deal with this bank. Recently they started to send me letters in the mail threatening to close my accounts with them. They say that I can't make more than six (6) electronic withdraws or transfers within a billing cycle. I was told that it is a GOVT REGULATION. I have had my accounts with this bank for over 5 years, and always made more than 6 withdraws in any given month. I have talked to other people banking with other financial institutions and they say they have never heard of anything so stupid. My question does Sovereign operate under their own rules. What does it matter. If I have the money in Savings and want to make 1 or 100 withdraws a month.

I would like this resolved so that I can go back to the way it was before they started this procedure.
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Anonymous on 2002-05-10:
It's called Federal Regulation D, genius. And if these "other banks" weren't following it, then they were breaking the law. It's that simple.
781buddy on 2008-09-10:
You have a Money Market account. You are limited to six transactions over the phone or online (NOT at the branches). this information was made easily available to you. you need to read the literature given to you at the account opening.
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