- Report: #959665
Report - Rebuttal - Arbitrate
Complaint Review: Sovereign Bank
Sovereign BankP.O. Box 12646 Reading, Pennsylvania United States of America
Sovereign Bank Scamming people into 'opting-in' for overdraft protection at $35 a pop Reading, Pennsylvania
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The account was never overdrawn if not for all the $35 fees, which we didn't even know we were being charged until postcards were received a week later, after more fees had already piled up. Sovereign didn't bother to call us when the first fee was applied to warn us about the overdrawn account status, but now they call 3-4 times a day to collect their fees.
After arguing with a service rep for half an hour about how an ATM could possibly let me withdraw money against unavailable funds, they told me we 'opted-in' for overdraft protection, yet they could not tell me how or when we opted in. The new Federal Reserve laws are supposed to protect us against these frivolous charges, yet Sovereign has clearly found a way to trick people back into this practice of ripping people off.
I am now being threatened with collection action, credit agency reporting, and being blocked from opening checking accounts at any U.S. bank.
Whatever you do, don't go anywhere near Sovereign Bank. They are one of the shadiest banks I have ever dealt with.
This report was posted on Ripoff Report on 10/24/2012 05:53 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sovereign-Bank/Reading-Pennsylvania-19612/Sovereign-Bank-Scamming-people-into-opting-in-for-overdraft-protection-at-35-a-pop-Rea-959665. 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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