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Sovereign Bank / sovereign bank overdraft fees

1 428 osborn st. apt.2eFall River, MA, United States Review updated:
Contact information:
Phone: 508-567-5774

My husband's checking acct. was hit with 3 overdraft fees that shouldn't have happened. He asked that I check to see if the rent check had cleared yet so, I called and it said he still had $176 in his acct. I double checked and went online, sure enough the $176 was still there, nothing pending. He asked for me to go to ATM and withdraw $40, figuring his direct deposit will hit at midnight and cover the check along with whatever was left in the bank. I went and got the $40 and some stuff totaling $5.22. Later on that evening I checked the acct. online and saw the $40 and $5.22 pending but no check yet, fine. This morning, I checked the acct. online and saw it was overdrawn by $209. We went down to the neighborhood bank branch and was told that the check cleared at midnight causing the other items to bounce. HELLO, my husband's direct deposit goes in at the sametime! I also asked why would the ATM give out money if it was overdrawn anyway, from what they said. I never had a bank that allowed that! After blowing smoke up our butts and trying to get up to swallow their excuse, i'm fuming. At Bank of America, they show checks pending, Sovereign is telling us that there is no system that does that! Not to mention that the ATM's are 48-72 hours behind along with the online banking system! I don't by that! I think it's their way to make money off of fees.
Paulette

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Comments

  • Re
      29th of Jul, 2008
    -1 Votes

    I've done retail banking for quite some time. The whole thing about overdraft fees is as follows.

    You will never be charged an overdraft fee if you do not spend more than what is in your account - this includes writing checks, using your debit card and doing bank withdrawals.

    Banks cannot show 'pending' checks - the check is either on hold, or cleared. If you write a check, it is your responsibility to note your remaining balance in your check register. Whenever you write a check, do not count on the balance being there - note the amount in your journal and DO NOT spend more than the remaining amount.

    People tend to govern their balance and spend irresponsibly, then come back and attempt to force blame on the banks. YES, the banks charge WAY too much for overdrafting, but 99.9% of the time (and yes, i do mean 999/1000 times) the overdraft is due to the customer's mismanagement of available funds.

    If you think Bank of America is going to be better, then you're following the same pattern of many misinformed consumers in thinking that banks decision overdrafts differently. They all run the same systems, they all clear items the same, and they all charge outrageous amounts for overdrafting.

    As a matter of fact, Bank of America is the trend-setter for high overdraft charges and unreasonable response. If you continue to spend more than your balance, you will continue to see overdraft charges, and you will either continue to blame banks, going from one to the next, OR you will realize the truth - that you are ultimately responsible for keeping an accurate balance and spending responsibly.

  • Jo
      19th of Aug, 2008
    0 Votes

    My son who is a college student never writes checks on his account - just ATM withdrawals and debits (POS) so there never are any pending check issued. He took out a cash advance of $40.00 which made him be overdrawn and then he took out another $20.00 which they never should have let him because he was overdrawn already and then also let two POS transactions go thru for $8.60 each and then hit with $132.00 in overdraft fees - he should have been only charged with the first one and then never should have allowed the other ATM and POS withdrawals to go thru on the same day - they are just generating fees. Once you are overdrawn they should not allow anymore transactions.

  • Pa
      22nd of Nov, 2008
    0 Votes

    i am considering putting together a class action suit against sovereign and thier practices on lending ATM and then charging astronomical fees.

  • Sa
      5th of Dec, 2008
    0 Votes

    Amen. The overdraft fees are RIDICULOUS. I HAD to overdraft for gas, had to.. 5 dollars. woo, a whole whopping five dollars, then another two dollars the next day just to make sure I would make it to work. I have 105 dollars in overdraft fees. Someone please let me know how taking 7 extra dollars from a bank ends up in me paying them back 15 times as much!? that's absolutely ridiculous. It's not like you know I wanted to overdraft, I was broke and it was an emergency.. The economy is hurting me as it is.. I don't need ridiculous bank overdraft fees as well!

  • Up
      3rd of Jun, 2009
    0 Votes
    Sovereign Bank - Unreasonable Overdraft fees
    Sovereign Bank
    Boston
    Massachusetts
    United States

    I checked my account on an ATm machine and it said I had the availabilty of 56 dollars, I withdrew 40. A week later I received a letter saying i've overdrawn my account. I called and told them I they have made a mistake and they said no, and I "shouldn't" have seen the amount of 56. On top of that, I made 3 more tiny transactions after that, I got fines 120 something overall. I switched to citizens immediately today.

  • Ge
      30th of Sep, 2009
    0 Votes
    Sovereign Bank - overdraft
    Newtown Square
    Pennsylvania
    United States

    we got a sovereign bank check card account for our daughter before she left for college. she made a 6.99 overdraft they never notified us because we are not on her account instead it kept increaseing by $5.00 a day until I finally found out . Total 191.68 dollars. I am so mad at them they are the worst I will file a complaint fwith the state attorney general in pa. I hope they fail big time. george

  • Jo
      12th of Oct, 2009
    0 Votes

    Did they refund your fee??

    I just overdrafted by 3$... You get a 50$ insufficient funds fee, then $5/day (even weekends when they are closed!!) until the balance is paid = total $68 so far. I will offer them the $3 I owe them, but they are nuts if they think I will pay it if they do not reverse it. I'll just use a different bank.

  • An
      17th of Oct, 2009
    0 Votes

    I agree.
    The problem that i truly have is that: if there isn't enough money in the account the bank should just decline the debit card transaction or refuse payment on a check. In many instances companies(utilities, etc), with the exception to credit card companies, do not even charge a late fee; therefore, the bank isn't doing me a favor by paying out money that isn't in the account. I will agree with Joann in stating that its poor financial management on the consumers part, but i truly believe that the banks manipulate the way that charges are applied to an account in order to maximize the amount of fees that are levied against the company.
    You couldn't get more capitalist than me. I am probably one of the biggest proponent for capitalism and profit, but i do believe that a bank as well has a responsibility to be fair, and in many of these instances they are not fair in the way they treat customers that they are already not paying interest, or next to nothing in interest. So they collect fees on all of my debit/credit card transactions that i am, in turn, paying higher prices to merchants who try to recoup the expense from the customer - no problem there because debit/credit cards are convenient. Then there is online banking: how much are we saving the banks in labor, equipment and maintenance by reducing the number of checks that they would normally have to process? On top of that, with the push for "paperless" banking the post office is failing, but i have to pay more taxes to bail out the post office, and still have to pay higher prices for stamps. And i also have to, along with millions of you folks, bail out the same banks for their poor management. I wish i had someone to bail me out when i screw up.

    So yes it is poor financial management on my part because i have a life that doesn't permit me to follow whether i am a penny over in my bank account. And yes, they will charge you that $30+ if you are over by a few cents.

    I think at this point the best course of action would be to think conservatively and go back to writing checks to all your vendors, buy a journal, and keep $100 in my wallet at all times. You cant go wrong... It may be inconvenient, but it worked for ages prior to this last decade. Also, in my experience, small, local banks are more appreciative of their customers.

    Andy

  • Zm
      17th of Nov, 2009
    0 Votes

    I have had trouble with sovereign bank on two seperate occasions. Neither of these were a result of spending more that I had. I use the on line banking to see what has cleared!!! and what has not. I had a deposit of 527 show in my ledger and available balance. I had a 612. balance and when I made a 400.oo creditcard payment it cleared with a charge. Also of course four more checks that had not even been in pending suddenly cashed. All of which should have been covered. Of course the bank processed the 400 first and then the rest. Actually looking at my ledger I had a credit balance still showing when the charges occured. I have been fighting with the bank repeatedly. I have been told that I need to know what my balance is before I make payments and that the 527+ deposit hadnt actually cleared. Then why was it in my available balance. Also I have had cash deposits show in pending for up to 2 days. CASH!!! Another issue is that a person who is a Sovereign bank customer has a automatic withdrawal every thursday from his account to be deposited in my account. This processs takes untill tuesday morning to present in my account. This is not a matter of his funds not being available. My feeling is that this bank offers free checking but when they decide that it is not an account worth keeping (the average man) they purpously find a way to dispose of you. I am planing to prosicute because the money that was stolen from me is keeping me from paying a credit card bill. Which will result in a loss of my very good interest rate and more than double my payment. As a note I was employeed by an accountant for 2 1/2 years processing spread sheets, inputting data, preparing quartly reports. I was an A+ student in college algebra. I ran a dental office in its entiretly for over 9 years. I do not make these statements because I am trying to brag mearly to prove a point that i can certainly read a computer screen and balance a check book. Sovereign bank is playing games and needs to be stopped.

  • Do
      18th of Aug, 2010
    0 Votes

    DOM AT CREATIVE SIGNS SOMERVILLE, LETS FACE IT SOVEREIGN BANK SUCKS, GO TO THE ONE AT LOWER BROADWAY AND YOU'LL WAIT IN LINE BECAUSE THER IS ONLY ONE TELLER WORKING WHILE THE REST ARE PRETENDING TO BE WORKING, ALSO THAT BULL [censor] PAYING HIGH TO LOW IS BULL [censor]. I SWITCHED TO WINTER HILL BANK. SOVEREIGN CAN KISS MY [censor]
    DOM SILVESTRI

  • Su
      2nd of Jul, 2012
    0 Votes
    Sovereign Bank - checking account
    United States

    Bank Charges $35 for every transaction after a negative balance but does not inform customer of the negative balance. How are they charging their customers with out informing them of their negative balance. I personally was charged over $ 100 in over draft fees. I personally would tell all to AVOID this bank at ALL costs.

  • Ga
      2nd of Jul, 2012
    0 Votes

    You don't need the bank to inform you of your balance. Just look at the negative balance in your check register.

  • Do
      6th of Jul, 2012
    0 Votes
    Sovereign Bank - service fees
    York
    Pennsylvania
    United States

    I was charged a 30.00 service fee on my checking account. I called customer service and was told they changed the qualification for free checking thus the fee. I asked if they told customers in advance. They said they were sure customers were notified but could not tell me how or when. They referred me to my local branch Manager. I met with her and she assured me she would reimburse me the fee. Three weeks later nothing had been done. I emailed her. Her response indicated she had no idea of our meeting. Later she emailed me back saying the refund was on its way. It's been 60 days and she won't return emails.
    I'm filing a formal complaint with the fed.

  • On
      3rd of Jan, 2013
    0 Votes

    These pigs just charged me 35 dollars plus some more money because I withdrawed 70cents!!! And my mom was depositing 50 dollars like less than an hour of my last transaction and that's wat they do? They are ridiculous and I can never call and check my balance because the piece of ### PIN number they sent me never works like why can't I make up my own pin like I did with bb&t well I have a student account so I'm allowed one forgiveness so I hope they can forgive the 70 lousy cents and when I get my money back I'm going to close the account out and go to a bank that isn't going to be as idiotic and straight up weird as this bank was btw this is the Hagerstown md branch so I am done with banks I have no job n no money so wat is the point

  • De
      12th of Sep, 2013
    0 Votes

    My son just discovered that he was charged $610 by Sovereign in the last 2 weeks because of a recurring overdraft, and several charges all under $10. He has direct deposit, and has banked with Sovereign for over 10 years, since the acquisition of the Fleet/Shawmut branches in Boston. The branch manager told him tough luck. Ironically, I am an attorney, and hold over $500K in several trust and estate accounts at Sovereign, in addition to running all of my conveyancing work through an IOLTA account there. Effective 1/1/14, all of that business will be done elsewhere.

  • Co
      11th of Oct, 2013
    0 Votes

    ### Sovereign ### Santander

  • Ja
      18th of Jul, 2016
    0 Votes
    soveriegn bank - overdraft n safe deposit box
    Soveriegn Bank
    United States

    DAY ONE
    6/13/13

    I have been a customer of this banks for some years and had my first big problem with them a couple of years ago when I got a shut off notice from my Electric company. I couldn't understand why because I had been using the Bill-Pay feature with the bank and saw that the payments had gone out. I contacted the electric and they couldn't find the payments and thought that it maybe be a problem on their end, but as it turns out two months of my bill payment to pay my electric bill had gone to pay someones loan. The person's loan I was paying had a loan through the bank and I had never, ever had a loan with them. I ended up talking with a ton of people all the way up to the corporate level and even though the saw it in black and white in their statements that they had made a mistake they still wanted to so call investigate further. It took the bank a month or more to put the money back into my account that had gone to pay someone else's loan through their bank. Now today I am forced to not be able to go grocery shopping because the bank screwed up and did not get my replacement card to me that I requested over five days ago, but there is a five business day requirement for delivery and I have no card because they were claiming that my address must have been incorrect. They checked my address and it was correct. So since I needed to buy food I requested that they reactive my old card that I asked them to deactivate because I had bent it by sitting on it and was told that they couldn't. I requested to speak to someone higher up and even though I told him that there would be some days that I would be without food and unable to eat he still stood firm telling me that they would not send me my card until two business; today is Thursday! This meant that I would not possibly receive my card until Monday, if I can believe what they say. He told me that they could not send me the original replacement card because it had been deactivated, but that was not true because it was not listed in the system as being deactivated and when I asked him to verify that information he refused to acknowledge the number of card that showed as being deactivated in the system. He also refuse to send me the replacement card by FedEx the next day in order for me to be able to go grocery shopping and on top of that told me that a $35.00, fee would show on my account and that I could then ask that the fee be waved. I told him that I shouldn't be charged anything because this was once again the banks fault. He refused to try and do anything more for me and also told me when I ask for morning delivery from FedEx that he had no control over that, that FedEx was in control of when I would receive my replacement card. WHAT A JOKE!
    DAY TWO
    6/14/13
    Funny thing happened that bank card that didn't’t get because they claimed my address was wrong arrived in my mail today(which is the next day) with the same number on it and I had requested a different number. I called customer service about this and was told that they could not activate this card because I had deactivated it. But how could I deactivate a card that didn't’t even have in my possession and didn’t even know what the number on the card was. Now they are not only lying about having that card returned to them, but lying and claiming that I deactivated it. A man by the name of Moses told me that he was going to call me with the tracking but when he did call he did not have tracking number for me for the replacement card and told me that he would call me the morning that the card was to be delivered with the tracking number. What kind of crap is that? They are nothing but a bunch of liars I don’t and wouldn’t trust a word that comes out of their mouths.

  • Ge
      18th of Jul, 2016
    0 Votes
    soveriegn bank - overdraft n safe deposit box
    soveriegn bank
    perkioman ave
    Reading
    Pennsylvania
    United States

    misinformed me about over drafting procedures. over drafted me for 185 dollars in fees . they closed my account without any notice and send it to recovery simply because i placed a call to complain at the call center. now after they closed my account they refuse to give me a refund for my safety deposit box. bunch of scandelist crooks.

  • Je
      18th of Jul, 2016
    0 Votes
    Sovereign Bank - POOR SERVICE
    Lanoka Harbor
    New Jersey
    United States

    SOVEREIGN BANK SERVICE STINKS...I NEEDED TO TO HAVE MY BUSINESS ACCT SHOW UP WITH MY PERSONAL ACCT IN ONLINE BANKING. IT TOOK MULTIPLE VISITS TO A BRANCH BECAUSE SOME ONE WOULD LEAVE OUT A SMALL DETAIL EACH TIME, , THAT WAS 4 WEEKS.. 2ND ISSUE ..I NEEDED MY LINE OF CREDIT SUBORDINATED BECAUSE I REFINANCED MY MAIN MORTGAGE THAT EXCEEDED MY 45DAY LOCK IN PERIOD, , BECAUSE THEIR LOAN DEPT, JUST DON'T GET IT, I HAD TO CALL THEM AT LEAST 3 TIMES BECAUSE, IF SOMETHING WAS MISSING OR NOT WORDED RIGHT, THEY DIDN'T NOTIFY MY LENDER I HAD TO CALL, THEN I GOT CHARGED $200 TO HAVE THE LOAN SUBORDINATED THAT I HAD TO KEEP ON THEM FOR.., , 3RD ISSUE THEY SCREWED UP MY MOTHERS ACCT IT WAS AN OLD PASS BOOK ACCT WHICH YOU COULDN'T USE THE AUTOMATED SYSTEM WITH THEY CHANGED IT & MY MOMS CHECKS BOUNCED EVEN THOUGH SHE WAS TOLD THE ACCT WAS FIXED, SHE WOULD SWEEP MONEY FROM ONE ACCT TO THE CHECKING (THE PROCEDURE ON THE BANKS END WAS NOT PROPERLY DONE.. ..WHEN I GET A CHANCE I WILL START REMOVING SOME OF MY BUSINESS FROM THEM..(NEVER HAD A PROBLEM WITH COMMERCE/TD BANK LIKE THIS)

  • No
      29th of Jul, 2016
    0 Votes
    Sovereign Bank - A bunch of thieves
    Sovereign Bank
    United States

    A bunch of thieves

    The bank uses the practice of clearing first the larger amount checks and then the smaller amount checks. For example, if you have $500.00 available in the account and you have 3 checks coming in, one check in the amount of $480.00 and the other two checks in the amount of 450.00, They will clear first the larger check and then the account availability will be only $20.00, which means you will be charged unavailable fee for two checks. If they would of first clear the two smaller amount checks and then the larger amount cheek, they would have charge unavailable fee only once for. They are the only bank who uses this practice in order to generate more income from the poor people who live from payroll to payroll Its unfair and it’s about time to stop.

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