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  • Report: #387346

Complaint Review: Sovereign Bank

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  • Submitted: Mon, November 03, 2008
  • Updated: Mon, November 03, 2008

  • Reported By:Elizabeth New Jersey
Sovereign Bank
Elizabeth, New Jersey U.S.A.
  • Phone: 800-762-5895
  • Web:
  • Category: Banks

Sovereign Bank Bank Card Overdraft fees Elizabeth New Jersey

*Consumer Comment: Just a thought

*Consumer Comment: Sounds like...

*Consumer Comment: Lesson Learned...

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My youngest son opened his first checking account after getting his first real job. He went to Sovereign Bank because it was right up the street. He had his check direct deposited to the bank and received his Gold Card.

Can you imagine our surprise when his second check to the bank was completely consumed by $33.00 insufficient funds fees. We were shocked. Anyone else in the family would have been declined at the atm. When I spoke to the Manager at the bank I was also told that it was a "COURTESY".

I have been to affairs where they offered "Courtesy Valet Parking". After the affair they brought my car and I gave then a tip thanking them for the courtesy. I can imagine how it would feel if they brought me my car and then handed me a bill for $33.00 after telling me that it was a courtesy.

When speaking to the bank rep. on the phone She told me that, and I quote " They didn't know if he was somewhere and needed gas or something". I told her that it wasn't her job to figure those things out, just to be a bank and don't give him anything if he doesn't have the money.

This amounts to a one week $120. loan with with $112. interest. They used to have a name for a person who did that. He was called a "Loan Shark". And it was Illegal.

I asked the bank rep. to furnish me with the address of where is could send a letter of complaint. She said there was no one there at that time who knew but she would take my number and have someone with the address contact me within a day. That was a week ago.

Is there anyone out there who knows who I can contact with a formal complaint against this bank?

Kenneth
Elizabeth, New Jersey
U.S.A.

This report was posted on Ripoff Report on 11/03/2008 03:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sovereign-Bank/Elizabeth-New-Jersey-07206/Sovereign-Bank-Bank-Card-Overdraft-fees-Elizabeth-New-Jersey-387346. 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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0Author 3Consumer 0Employee/Owner
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#1 Consumer Comment

Just a thought

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

Wouldn't this be the perfect time to explain to your son the responsibilities that go along with being an adult and having a checking account? Debit cards are not credit cards... i.e. they do not get refused if funds are not available. The person using the card is responsible for ensuring that there are funds to back up the purchase.

I would start by cutting up the debit card, showing him how to use a check register, and explain about budgeting his funds.

This could end up being a very inexpensive lesson, in the long run. Good luck.
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#2 Consumer Comment

Sounds like...

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

Your son could use a few lessons on managing his finances. It would be a useful skill for him to learn now, while he is young.
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#3 Consumer Comment

Lesson Learned...

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

There should be no surprise on your or your son's part. It is a simple matter of him spending more money than he had in his account. He should take this as a learning experience.

He needs to learn how to keep a register and write down every transaction he does. He then needs to make sure he never lets his balance go below 0. If he is unwilling to do that he needs to stop using the debit card(I would bet that this is the cause), and use cash. Just see how much luck he has when he tries to go into his local coffee shop trying to buy a $5 cup of coffee with only $3 in his wallet.

This is a fee he was charged and not a loan. It does not matter if he overdrafted his account by $0.01 or $100 the fee is the same. While they can seem excessive they are not illegal and are easily avoided.
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