Sovereign Bank Complaint - AVOID SOVEREIGN BANK!
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!