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Sovereign Bank and their predatory practices

post #1 of 6
Thread Starter 

Not sure where to post this but I am posting here.


I am posting this because I am PO'ed ath this piece of crap bank. I opened up an account with this back with my daughter as it is the one on campus with an ATM to avoid fees. She only uses it during the school year so she could not remember her PIN. She called the bank and requested a new PIN, while the call the person convinced her to get overdraft and linked it to her saving account which at opening we got both checking and savings. The person linked her savings account with $10 in it and has had only $10 in for the whole time the account has been open. I know shame on my daughter but she is still a little green. So she has four transactions last week for a total of $75 and the bank charges $35 for each transaction ($140 total). Since the saviungs accoutn did not have enough money to cover them.

I am so PO'ed and I am getting no sastisfaction from the large Mother F'ing bank.

All she wanted was a new PIN number. Now it is costing us $140.

post #2 of 6

Not much of a joke, but I can certainly relate having raised two daughters to adulthood.  While in school I found it was useful to have direct access to make electronic deposits.  Our current bank PNC does not process pending payments until the next day, so if I get a message that a debit will cause an overdraft, I cover it, and deal with the kid separately.   Kids don't respect how much damage they can do to themselves vis-a-vis a bad credit record. 

post #3 of 6
We did the same thing as Cirq, but she didn't go pulling money out without making sure she had it first. She'd call us to check her balance real quick before she hit the ATM.

Kids really need a money management course in high school.
post #4 of 6

my best customer is a Credit Union.  I always like to see them to make money so they can share some of it with me,  but they don't make it off me. Those "small" service charges add up fast. Its   how they make a lot money.  If you use a bank machine that charges any fee at all to take out cash calculate what that fee really translates to in interest,  it's a lot higher than a loan. And it's worse if  you take out a little at a time. 

post #5 of 6

One of my functions at work is as a bank liaison with a VERY LARGE bank and a handful of smaller ones.  At VERY LARGE (VL) bank we have close to 100 accounts active at any given time and a combined 8 figure available balance on a daily basis.  You would not believe the hoops I have to jump through to just open a checking account for a new project.  And the fees!  enough every 3 months to pay my annual salary.  In every bank relationship except VL we have a relationship with a commercial bank officer and in ever case except VL things run smoothly, relatively inexpensively and without massive hoops.  At VL I deal with Private Banking wealth managers (the  owners personal weath managers and friends).  If it were up to me we'd bag VL in a heartbeat.,,,,,but it isn't.  For instance, they refused to open an account for me just today for a waste water treatment facility that will be charging one of our our project homeowners a fee for their services.....why?  Because it was an environmental risk.  I'm scratching my head at that one.....tomorrow I get to find out what the issue REALLY is.  I think it doesn;t fit their wealthy client persona......but I could be wrong!


Banks, large ones anyway, are quite tough to deal with these days.




post #6 of 6

Sovereign sucks as a bank to deal with. I have a small business line of credit with them. Their various departments have no idea what the other one is doing, nor do they care.


Several years ago when interest rates were dropping (as in they were making no money off my loan) I received a letter calling the loan. They wanted me to repay approx $45000 within 30 days. Within several days of receiving that letter, I received an offer from a different department to lock in at an even lower rate than I was paying.


My local branch manger who tries to be helpful, seems to have just as hard a time to find out any info from Boston who seems to be in charge.


You have to watch their random fees on statements too. Things just appear for no reason and can easily be overlooked. They will reverse these when called out, but it is a total waste of time.


My loan account has a monthly interest payment due on the 10th of the month. For a while they were taking on a $10 late fee every month, that I had to fight. They were charging me late fees, but they were doing the automatic withdrawl, sometimes on the 11th. At one point one department said the payment was actually due on the 1st of the month even though they don't withdraw until the 10th, so I was obviously paying late. WTF, you can't argue with that logic.

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