Sovereign Bank Complaint - Poor customer service
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.