• Report: #184869

Complaint Review: SOVEREIGN BANK

  • Submitted: Tue, April 04, 2006
  • Updated: Wed, April 05, 2006

  • Reported By:WHITE DEER Pennsylvania
P.O. BOX 12646 READING, Pennsylvania U.S.A.
  • Phone: 877-768-2265
  • Web:
  • Category: Banks


*Consumer Comment: It's pretty easy to find out up front.

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I have found out the hard way how Sovereign Bank rips off people.

They do not tell you up front of the process of posting withdrawls to your accout. Yesterday I checked my account and their were 9 debit withdrawls from my account. I made these and with the money i had in my account it showed I had $57 dollars. Correct but I forgot about a check that came in at the end of the day for more than I had in my account. This is where they rip you off, I had 154.00 in there at the beginning of the day.

Then 9 debits came in for 97 dollars and in the afternoon I had 57 dollars. A check got posted at the end of the day for 160 dollars and instead of being overdrawn for 103 dollars and getting a 30 dollar overdraft fee, Sovereign has a policy that when they go back through your account the highest amount comes out first to the lowest. So the 160 bounced and the 9 other small debits thus bounced and they charged me nine 30 dollar overdrafts for a total of 270 dollars. What an ingeneous way to rip of people who screw up their checking account.

A 30 dollar fee would have been fair, but the way they do it from largest withdrawl to smallest they know that if you mess up they will get you on the small withdrawls even if they come in before the biggest one.

Be careful and stay away from Sovereign Bank, they just don't care. Especially if you have to live check to check and have a family to take care of.

WHITE DEER, Pennsylvania

This report was posted on Ripoff Report on 04/04/2006 12:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/SOVEREIGN-BANK/READING-Pennsylvania-19612/SOVEREIGN-BANK-OVER-DRAFT-RIP-OFF-PROCESS-READING-Pennsylvania-184869. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

It's pretty easy to find out up front.

AUTHOR: Robert - (U.S.A.)

If you are contemplating opening an account with another bank, go online to the bank's web site and look for a link to their account terms and conditions. If you are unable to find one, stop at a branch of the bank you may want to open an account with and request one.

Read through it. Then decide which bank's policies best suit you banking needs. However, don't be too surprised if most of them have similar policies (particularly the larger national banks).

I continually receive all sorts of offers in the mail from the banks in my surrounding area with all sorts of account features trying to intice me to open an account. After reading through their terms and conditions, the offers aren't so great after all.

Good luck.
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