The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
Sovereign Bankillegal overdraft fees

Hello,
Like many people I am trying to stretch money as far as it can go. And I (and many others it seems) am being taken for a ride by my bank. Sovereign bank is charging their "customers" $33 each for overdrafts on multiple purchases with checks or check/debit cards by delaying the posting of deposits then debiting accounts with the latest purchases first then posting the deposit. The deposit is always posted last. It is happening time and time again to many massachusetts residents and it just happened again to me (I noticed it on my account in april and noticed the same robbery but put it off until later and then of course forgot about it). By the looks of my search of the internet, more than just a few here in massachusetts have had the same done to them. It is creative bank accounting at it's worst for the consumer. When I received a mailer today from sovereign it held for me $165 in overdrafts from may 26th. I made a deposit over the weekend that would clear on tuesday the 26th. When I looked at my current bank account statement on-line, it held the five "charges" on my account debited the 26th and the deposit credited the 26th. So we can be clear, they were posted on the same day, but sovereign posted my charges first — in descending order from largest to smallest not including the deposit — then the deposit which put me in the red. They are placing their most at risk customers deeper into holes they cannot get out of. It is frustrating and oh so maddening. I am visiting my local branch monday morning but hold no hope based upon what I have read. I am however, hoping that the team at channel five here in boston can look into this heinous practice and bring it into focus so sovereign bank will stop this corrupt corporate larceny.

Responses

  • Bl
    blahlbhal May 31, 2009

    none of this matters, the fact of the matter is, WHEN YOU SWIPE THAT CARD OR WRITE THAT CHECK, you MUST BE CERTAIN that the money is ALREADY AVAILABLE. That is what you agree to do when you open a bank account!

    Do not try to game the banks! or the banks will GAME YOU!! And as you have seen, they are alot better at it.

    -1 Votes
  • Bl
    blahlbhal May 31, 2009

    btw, channel 5 will not care. Every bank in the US does this and they have done it for over a decade. You are just late to the party.

    -1 Votes
  • Sa
    SalemWitch May 31, 2009

    No they all do not, but you are entitled to your small opinion. Debting the largest to the smallest THEN the credit shows intent to manipulate for profit and gain. Especially when my ATM showed a balance that was what it was expected to be (with my deposit) AND then days later those purchases AFTER my ATM balance check to ensure it was properly credited overdrafted my account.

    We're all so very glad you have skads of money. Some of us schlubs are not even getting by and work very hard for what we have. Perhaps I should leave my cash someplace else, is there room in your mattress

    at your Mom's?

    There will not be another post here by me in response to you, so flail away Bubba...

    And YELLING works sooo well.

    0 Votes
  • Bl
    blahlbhal May 31, 2009

    I most certainly am not yelling. I'm trying to show you that your complaint has absolutely zero merit, because responsible adults with bank accounts do not attempt to use their debit cards or checks based on some guess as to when a deposit will clear. They wait until they know for certain the money is available in gtheir accounts before they write their checks or swipe their cards.


    Maybe next time you have money, you should buy a mirror and look in it. Contained therein, you will see the cause of all your financial troubles.

    0 Votes
  • Bl
    blahlbhal May 31, 2009

    also, the indifferent or no reply you get from channel 5 will prove what i said. Why would some human interest story about some deadbeat who tries to float checks and get punished for it be something they want to defend on their newscast?

    -1 Votes
  • Ja
    Jace Jun 13, 2009

    Perhaps, Sovereign bank is not your bank. I had the same issue and had sufficient funds in my account to cover my checks and I was charged an overdraft fee for all my transactions except for 1. On this transaction that I did not had the funds I went and deposited throught the ATM the amount of what i wrote the check for; however, when I checked my account and although my deposit was all in cash, it had not been posted to my account and all of my transactions for those days were overdraft and there were charges on all of them although my original balance covered them all except that check.

    SOVEREIGN BANK are thieves and nobody is trying to frame or play games with the bank. However, they are very good about stealing people's money.

    Regardless of the situation the bank should not charge an overdraft fee unless they paid the check and I was charged even with the deposit and the amount to cover my check.

    0 Votes
  • Lu
    Luke_Jaywalker Jul 29, 2009

    This has happened to me. Sovereign are a bunch of thieves.

    Class action suit in New Jersey presently taking place over this: http://chimicles.com/case/sovereign-bank-overdraft-fees-0

    0 Votes
  • Lm
    LMC123 Aug 29, 2009

    i really not know how blahbhal can honestly think this complaint has no merrit. ive had horrid experiences with them so I can relate. perhaps this scenario will illustrate just how crooked they are.

    when sovereign charges you an overdraft fee, you get a friendly little note in the mail stating that say X amount of dollars$$ was presented for payment against your account but it had insufficient funds and as "courtesy", it has been paid and a $35.00 fee has been assessed.


    now, lets say on friday you have $50 in your account, you make daily purchases with your debit card
    $5.00 coffee
    $15 tank of gas
    $5.00 tolls
    $10 lunch
    $15 dinner

    now, t you're aware you spent all of your money, but on monday something comes up. you have an emergency and need $50! since sovereign will pay as a courtesy, you withdraw the $50 knowing you will be charged an extra $35...

    BUT THAT DOESNT HAPPEN...

    YOU'RE ACCOUNT WILL APPEAR AS FOLLOWS

    $50 EMERGENCY
    $5.00 COFFEE
    $35 INSUFFICIENT FUNDS
    $15 tank of gas
    $35 INSUFFICIENT FUNDS
    $5.00 PARKING
    $35 INSUFFICIENT FUNDS
    $10 lunch
    $35 INSUFFICIENT FUNDS
    $15 dinner
    $35 INSUFFICIENT FUNDS


    AND THEN YOULL GET 5 FRIENDLY LITTLE NOTES IN THE MAIL REMINDING YOU OF HOW COURTEOUS SOVEREIGN IS!!!

    0 Votes
  • Hi
    hiltrishwest Oct 15, 2009

    They just did the same thing to me 560.00 in fees... a bunch of criminals...we should do a class action law suit together, I'm in PA.

    0 Votes
  • Bl
    blp Nov 04, 2009

    i'm currently in a battle myself with this bank. they are not helpful at all they seem to be programed to tell all customers the same story. we are sorry but at this time we cannot reverse the charges because it is not a bank error... well hello there, i found the error it took me about an hour to calculate all the figures. now my dispute is being reviewed by what they call specialist. i printed out my online account summary and brought it to the branch, they reviewed it and agree the fees should of never been posted to my account. and by the way, the bank owes me a total of 1080.00. but returning the money is not as fast as they take it... we are currently now with a federal attorney, and we are filling a complaint with the federal banking commission... this needs to stop. the banks made 36.4 BILLION on customer insufficient fees for the year '08. then we the tax payers bail them out. i might just send this stort to date line... we all need to file complaints with the federal banking commission, the more complaints made the louder we get...

    0 Votes
  • Un
    Unsatisfied Customer1 Nov 17, 2009

    As several have stated, I am in a similar situation and I have received the classis line "we are sorry but at this time we cannot reverse the charges because it is not a bank error." They got me for $350 in overdraft fees because SOVEREIGN decided in what order to apply charges to my account.

    I have always been one to keep highly accurate ledgers and track of everything I spend. So it starts at the beginning of the week I had done some grocery shopping, got some gas, and some other misc. purchases. As I have never had any problems previous to this, I used my check card for all of these purchases, a total of a dozen or so (about $200). Well come Wednesday, I had an emergency arise and I needed to use my card again. This purchase caused my account to go below what my mortgage payment was for (which was coming out on Wednesday as well). I thought to myself, "Yeh, it sucks, but $35 over draft fee I will just accept it and pay it. Better than not paying my mortgage". Now keep in mind up until this point i have check my online banking, and the automated telephone system which both had reported my balance minus the purchases in the beginning of the week. Everything was honky dorey. Well let's just say that Thursday I was not very happy. I awoke to find out i was charged $350 in overdraft fees. Why? Because there was several (10 to be exact) transactions, which were made between Monday and Tuesday, that hadn't been taken out of my account. So on Wednesday, when my mortgage was posted, which was the last transaction, it was taken out immediately, BEFORE the 10 transactions that occured TWO DAYS PRIOR!

    Needles to say, I spent about 45 minutes on the phone with sovereign reps, and a manager from my local branch, and I am still out the $350. My argument was, what is the point of keeping a ledger or track of your money, if you don't know what order your money is going to come out in? who can predict what purchases they will need to make in a day or two? Scheduled bills fine. I would have been fine if it hadn't been that one transaction. I have been a customer of Sovereign for about 8 years now and never had any problems like this before. And all they kept saying to me is that I "need to keep better track of my finances." I DID! I SHOULD HAVE ONLY LOST OUT ON $35. NOT $350.
    Well now jokes on them, me and my 500K in investments, mortgages, loans, etc. are going somewhere else. I hope they go broke and no one bails them out.

    0 Votes
  • I suffered the same scenario as LMC123... Please guys if you are here reading and feel that ball of fire in your chest give yourself a lil relief by unleashing here as I have... add to the post not just here but on other sites... REACH OUT it won't change unless we come together (wow that just sounded super corny *shrug*) Sovereign is a company run by people and these people need to be kept in check and that responsibility lies on US!!! We keep them in business and god dammit if they ain't up to par then well we fire them like you would an unproductive employee!!! [censored] Sovereign!!! They need to make changes... Look at what's happened with credit card companies (look it up... it's about freaking time) yea who made that happen? Riiight again it was US!!! With all this soicial media (facebook, comsumer sites, myspace, etc.) it's easier than ever to rise against the wrong in the world. We no longer have to march and handcuff ourselves to buildings or trees for awareness lol... but instead we mainly use it to update people on the status of our drinking habits and love life. We can be so pathetic sometimes... anyhoo enough ranting. good luck to all of you suffering this injustice.


    P.S. I'm doing my part not just here but tomorrow at the Methuen, MA branch as well... oh yeaaaa! account closed!!! Hey Sovereign you're fired!

    0 Votes

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