Sovereign Bank - Page 3

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22 Reviews & Complaints

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Neighborhood Bank? Gimme a Break!
Posted by GreenArtichoke on 07/22/2008
MASSACHUSETTS -- My mother is in the hospital with chronic emphysema and pneumonia. As if this isn't bad enough, her husband abandoned her and left her with all of the bills. As part of the divorce process my mother needs to provide copies of her bank statements. I contacted her neighborhood Sovereign Bank in MA to order the statements expecting a nominal fee to cover a few minutes of an employee's time, some paper, and postage. They told me that it would cost $112 for a reprint of her monthly bank statements (11/07-7/08). This represents 10% of my mother's monthly income - just to print copies. Let's see... hit the print button, fold the paper, stuff the envelop, ... charge the customer $112. Once again, I expected a nominal fee but $112 is outrageous. I spoke with 2 people and all they would say is, "I'm sorry, it's our policy." Don't believe the tag line, "We're your neighborhood bank." They're heartless...

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Posted by bargod on 2008-07-22:
Have you tried going down there? they might be a little more reasonable in person. $112 is pretty crazy.
Posted by Cyane on 2008-07-22:
I don't know how this bank works, but typically there is a charge per page. The amount seems steep. Is there access to online banking? You might be able to pull up the statements for free through their online system (if they offer it). Or, is there a rep that your mother dealt with regularly? Sometimes reps can/will waive the fees for their personal customers.
Posted by spiderman2 on 2008-07-22:
Sovereign does mail statements monthly. Do you have any idea where you mother kept them? Access the online banking and see how far back you can go. Good luck.
Posted by BobJohn on 2008-07-23:
$112 does sound totally unreasonable. I got two statements from 2 years ago and the cost was nothing. Do what bargod suggests, go down there and talk to a manager.
Posted by CrazyRedHead on 2008-07-23:
Does the bank have a website? With BOA you can get the last 12 months of statements and it doesn't cost a thing. Do you have a printer? Either that or save it to disc and take it to your local library where it is around 10c a page or so. $112.00 is to much, but then they like to charge outrageous amounts for money orders and cashiers checks when the WalMart across the road is only .46.
Posted by ruc77 on 2008-12-11:
Hi, we have, several times in the past aske for statements from the bank, but we never had to pay any fee.. of course it was for a couple of months of statement.. so maybe if you go down there in person they should be resonable. And as spiderman2 said.. they send out statements every month. Just look for them.
Posted by DebtorBasher on 2008-12-11:
I have to agree with the others, get hooked up with an online account and print out the statements needed. I do know that my bank charges $2.00 for a copy, but the few times when I requested one, they just waived the fee. I just do it all online now. Some banks will only charge if your requesting a statement beyond six months or a year.
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Threaten to cancel my account
Posted by on 12/02/2001
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 is 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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Posted by 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.
Posted by 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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