Sovereign Bank Complaint - Sovereign a fee based business model
MASSACHUSETTS -- A warning to all who may see this----- Sovereign Bank is not about service or loaning money. They are about fees. I recently have been hammered by Sovereign mailings, calls, statement "Warnings" and the like to opt in to the new "Account Protector". This is nothing more than you agreeing to allow them to continue to charge the huge fees they impose when you overdraw your account. DO NOT BE FOOLED. You are an adult you must have the money in your account, if you do not then why not have your tranactions declined and avoid the fees!!!! DO NOT OPT IN TO THIS SERVICE!!! I estimate that Sovereign will loose millions if people opt out. Second, be aware that online transfewrs after 8pm are posted to the next day. It was in the not to distant past that you had until 10pm to do this. If you initiate a transfer after 8:03pm you will not get credit for it until the next day. Does Sovereign have to suffer the same timeline, NO THEY DON'T. What they will do espescially with a gas charge, is to back date the ledger balance even if they do their bookeeping after 12am. THIS IS TO GENERATE FEES!!! You transfer money into your account after 8pm, the balce available shows its there, and if yu go to the ATM and try to get it out it will give it to you, cash. But, if you get a gas charge showing up that night they will back date the ledger and hit you with a fee. Latest News 08/2010... domestic "deposits" returned fee raised to $15.00 from $10.00 a 50% hike, inactivity fee raised to $16.00 per month. They are trying to position themselves to make to opt in law hurt them as little as possible. Imagine, they know EXACTLY how many accounts show no activity each month and they are going to hit them hard until the customers find out the hard way and close those accounts. WHY YOU ASK??? Because Santander paid way too much for Sovereign and they are bleeding it dry meaning you. Also, Santander paid way too much for those UK branches they just aquired. Sovereign is closing branches here in the US and has neglected most others which are in bad need of staffing and exterior maintenance. Sovereign has the worst branch hours of any bank in my area, and had closed the most conveinent branch in the area. That move saved them about 10 staff positions and added miles and miles to customers travel times. At the branch you now must go to they have ONE TELLER on hand for the drive thru AND the counter a long wait is customary there now. WHY??? Sovereign does not want to deal with the warm bodies at the branches, they want all business to go online with direct deposit. Tell that to your grandmother. GIVE SOVEREIGN TO BOOT. Your local credit union is still the best place to do business with and I can guarantee the hours will be better and the fees MUCH less and fewer of them. Sorry, I'm out of breath.