ED Magedson – Founder
Sovereign BankMain Street, Salem, NH Salem, New Hampshire USA
Sovereign Bank A Domino of Failures Salem New Hampshire
Sovereign Bank is like a clown car of inept people. We arrived to close on an equity loan only to be told that they did not have a notary on site and we would have to travel to another town. Could they have called?
At the closing, we explained that we wanted to pay this loan off quickly and would be overpaying by hundreds of dollars.
In order to get a .05% discount on the loan, we agreed to have the payments automatically taken out of the Sovereign checking account. This is not our main account.
We set up an automatic transfer of funds from our regular bank to the Sovereign bank to be paid way in advance of the due dates for the loan payment.
They never took the money out of the checking. Not our overpayment - not even the regular monthly payment.
After three months, they:
** threatened to close the account because of a lack of information needed for the Patriots Act (information THEY should have asked for when the account was opened but they failed to and were now threatening us.
** whined that we were behind in payments and they charged us a $36 "you suck" fee. AND, they were reporting us to the credit bureau
After several visits and phone calls, the manager assured me that they don't really report, they just say that and she would make sure that it was all cleared up.
This week, my real bank pulled a credit report for a mortgage refi and called me to say that it was reported that we were more than 30 days late for the Sovereign payment!!!
I called Sovereign and demanded that they fax a letter to my bank to state that this was never our fault... it was the clown car staff at Sovereign. She had to "escalate it to her boss who had to escalate it to God, or whoever has the power to write a mea culpa letter and it can't be done til next week.
We are rolling our Sovereign loan into our refi mortgage and I cannot wait to be rid of them.
This report was posted on Ripoff Report on 06/07/2013 01:58 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sovereign-Bank/Salem-New-Hampshire-03079/Sovereign-Bank-A-Domino-of-Failures-Salem-New-Hampshire-1057304. 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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