Sovereign Bank and their predatory practices

[Puck it]

Did you go in and speak to someone in person?

Yes, at the branch in my hometown. I spoke with one person then the branch manager.

 

[thetrailboss]

Yes, at the branch in my hometown. I spoke with one person then the branch manager.

Wow. They endured 90 minutes? I'd ask to speak to the regional manager. That's ridiculous. I hope that you took your accounts elsewhere.

 

[Puck it]

Wow. They endured 90 minutes? I'd ask to speak to the regional manager. That's ridiculous. I hope that you took your accounts elsewhere.

I may call the regional office in Boston. I even considering an ad in the local paper.

 

[ScottySkis]

I may call the regional office in Boston. I even considering an ad in the local paper.

That is really expensive.

 

[JimG.]

One of the reasons I'm considering the Bank of Mattress. Banks are evil money suckers.

 

[deadheadskier]

Wow. They endured 90 minutes? I'd ask to speak to the regional manager. That's ridiculous. I hope that you took your accounts elsewhere.

Like I said, Spain wants his money. :lol:

I haven't had an account with a "real" bank outside of credit cards for about ten years. I was a long time member of Vermont Federal Credit Union and currently I'm a member of a local CU my wife works at. Never been screwed by either.

 

[Geoff]

Here's the link to file a complaint with the Massachusetts State Banking Commission:
http://www.mass.gov/ocabr/government/oca-agencies/dob-lp/file-a-complaint.html

It's a very predatory practice.

Go find a credit union that has a no-fee ATM deal at Sovereign Bank ATM machines.

I have a $5K line of credit attached to my checking account at Citizens Bank. In the last decade, I might have gone negative 2 or 3 times for a day and paid a few pennies of interest. My bank recently started charging me a fee for it. I called, bitched, and they waived the fee but I'm likely going to cancel that line of credit so I don't have to make that phone call every year.

I'd love to change banks and go with a credit union but I'm straddling Vermont and Massachusetts so it's very useful to have a drive-to brick and mortar bank for those rare times I need to do something like a wire transfer, get a bank check cut, or deposit/withdraw a large-ish amount of cash. Citizens is marginally less evil than the BayBank->BankBoston->Fleet->BOA merger mess I lived through but they're a lot less consumer-friendly than they were a decade ago.

 

[Puck it]

Here's the link to file a complaint with the Massachusetts State Banking Commission:
http://www.mass.gov/ocabr/government/oca-agencies/dob-lp/file-a-complaint.html

It's a very predatory practice.

Go find a credit union that has a no-fee ATM deal at Sovereign Bank ATM machines.

I have a $5K line of credit attached to my checking account at Citizens Bank. In the last decade, I might have gone negative 2 or 3 times for a day and paid a few pennies of interest. My bank recently started charging me a fee for it. I called, bitched, and they waived the fee but I'm likely going to cancel that line of credit so I don't have to make that phone call every year.

I'd love to change banks and go with a credit union but I'm straddling Vermont and Massachusetts so it's very useful to have a drive-to brick and mortar bank for those rare times I need to do something like a wire transfer, get a bank check cut, or deposit/withdraw a large-ish amount of cash. Citizens is marginally less evil than the BayBank->BankBoston->Fleet->BOA merger mess I lived through but they're a lot less consumer-friendly than they were a decade ago.

Thanks. I know she should have known better but she is new to all this. They would even cut a newbie a break that is all I was asking. My wife and I are with B of A but it would be such a pain to move everything. Thanks for agreeing on it being predatory.

 

[mriceyman]

honestly sovereign used to be a good bank to deal with. they are too big a company now and the customers are treated like it. ive moved my business accounts to a smaller community bank.

 

[thetrailboss]

Here's the link to file a complaint with the Massachusetts State Banking Commission:
http://www.mass.gov/ocabr/government/oca-agencies/dob-lp/file-a-complaint.html

It's a very predatory practice.

Go find a credit union that has a no-fee ATM deal at Sovereign Bank ATM machines.

I have a $5K line of credit attached to my checking account at Citizens Bank. In the last decade, I might have gone negative 2 or 3 times for a day and paid a few pennies of interest. My bank recently started charging me a fee for it. I called, bitched, and they waived the fee but I'm likely going to cancel that line of credit so I don't have to make that phone call every year.

I'd love to change banks and go with a credit union but I'm straddling Vermont and Massachusetts so it's very useful to have a drive-to brick and mortar bank for those rare times I need to do something like a wire transfer, get a bank check cut, or deposit/withdraw a large-ish amount of cash. Citizens is marginally less evil than the BayBank->BankBoston->Fleet->BOA merger mess I lived through but they're a lot less consumer-friendly than they were a decade ago.

I hear you on Citizens and BOA. I was with Citizens because they had so many branches in VT, NH, and MA. But I agree with you that when the economy tanked RBS and Citizens got burned...big time...and their great rates and service went down the toilet.

BOA: absolutely HATE them. My first credit card (ever) was with MBNA and when they got bought by BOA it was nothing but problems. And my first LL Bean Credit Card was BOA and they could not get anything right either. Fortunately LL Bean dropped them like a bad habit.

 

[ScottySkis]

Capitol One is also horrible.

 

[Puck it]

It was the lack of compassion that really ticked me off.

And this is what I got my change in when I closed the account.

 

[o3jeff]

It was the lack of compassion that really ticked me off.

And this is what I got my change in when I closed the account.

View attachment 9214

Lol, we'll thank you for warning us!

 

[Riverskier]

I have my accounts with TD Bank and have been happy- free checking, no fee debit card, low minimum balances, extended hours, etc. That said I have always been diligent about maintaining adequate balances, so I have never had an issues that would really test their customer service.

 

[dmc]

F*#K banks....

I use a credit union...

 

[xwhaler]

and currently I'm a member of a local CU my wife works at. Never been screwed by either.

We recently re-financed through SCU (we have an savings/checking acct w/ them) and were real impressed with the process.

Just last week I closed out my TD Bank account---I hadn't used it in years and got a letter saying that there was a transaction that caused me to dip below the negative mark. TD then charged me a $15 overdraft fee and $20 for 2 months of 'acct maintenance fees'. The letter stated that if I did not settle up my account would be in default and they would turn it over to a collection agency----the additional scare tactic was that it could affect my ability to get credit in the future. Rather than test the theory and mess up my excellent credit over $42.xx I just wrote them a check and closed the account.

I'd love to also get rid of BOA but their wide reaching ATM network makes it tough to do.

 

[thetrailboss]

It was the lack of compassion that really ticked me off.

And this is what I got my change in when I closed the account.

View attachment 9214

Wow, that's so stupid it's funny!

 

[dmc]

I'd love to also get rid of BOA but their wide reaching ATM network makes it tough to do.

My Credit Union has a ton of free ATMs to access through other networks... I hardly ever pay fees...
It may be worth a look...

 

[steamboat1]

Let me see, your daughter spent $75 knowing there is only $10 in the account. You're lucky she didn't write a check. You can go to jail for writing bad checks. Get over it.

 

[Puck it]

Let me see, your daughter spent $75 knowing there is only $10 in the account. You're lucky she didn't write a check. You can go to jail for writing bad checks. Get over it.

She has no checks. we puposely did not order them. it was a debit account only. The first transaction would have been declined if the opt in had not been changed.