• Report: #416850

Complaint Review: Sovereign Bank

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  • Submitted: Tue, January 27, 2009
  • Updated: Tue, January 27, 2009

  • Reported By:Manchester, NH ' New Hampshire
Sovereign Bank
Wall Street Manchester, New Hampshire U.S.A.
  • Phone: 603-567-0927
  • Web:
  • Category: Banks

Sovereign Bank on 1/05/09 Loss Prevention with Sov Bank chose to close checking acct because of paypal fraud. Would not release CD of 30k without penalties Manchester New Hampshire

*Consumer Comment: Two differnt things

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I was customer of Sovereign bank. on 1/05/09. The Loss Prevention Dept within Sovereign Bank had chosen to close my account because of high potential for fraud. the last attempt was by paypal. They would not release 30K CD without penalty of $500 and some odd dollars. on 1/12/09. I received letter from Sovereign Bank stating they were sorry to see me go.and to please come back and open an account at anytime. I am also on FMLA. I spoke with Sr VP Banking Officer concerning this and she would not release funds without penalty.. Can they do this. Sovereign Bank was theone who told me in other words they did not want my business yet they told me they did not want me as a customer.???and closed account on 1/05/09 then they sent me letter dated on 1/12/09. Please Help.. I feel like victim

Manchester, NH ', New Hampshire

This report was posted on Ripoff Report on 01/27/2009 12:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sovereign-Bank/Manchester-New-Hampshire-03102/Sovereign-Bank-on-10509-Loss-Prevention-with-Sov-Bank-chose-to-close-checking-acct-becau-416850. 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

Two differnt things

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

You're not too clear, but it sounds like they closed your checking account because of a high potential for fraud? You didn't give enough details about that for us to know what that's all about.

What I can tell you is that the checking account has nothing to do with the 30K CD. You can't withdraw a CD before maturity without paying a penalty. Those are the Fed's rules, not the bank's. Whatever the status of your checking account the CD is locked in until maturity, unless you are willing to pay the penalty to cash it out.
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