The complaint has been investigated and
resolved to the customer's satisfactionResolved Sovereign Bank — illegal overdraft fees
resolved to the customer's satisfaction
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.