Report: #949598

Complaint Review: SOVEREIGN BANK

  • Submitted: Tue, October 02, 2012
  • Updated: Tue, October 02, 2012
  • Reported By: RICH S — NORTON Massachusetts United States of America
    75 STATE ST
    BOSTON, Massachusetts
    United States of America


*Consumer Comment: RICH S,

Show customers why they should trust your business over your competitors...

If only the media knew the fiasco taking place with their loan payment systems and the thousands of customers impacted, they would have a field day.  Sovereign recently switched on 5/19/12 to a new servicing platform and since then thousands of loans have been fouled up.  Automatic payments not withdrawn, loan statements issued with "Past Due" balances, collections calls, credit bureau reporting.  No automated solutions.  The solution requires 1 by 1 manual error correction.  This has been going on for 4 months now!! Repeated error correcting requests, emails, phone calls.  They don't even have a specific consumer loan service team, they have phone reps being taken off their shifts to do research, impacting those customers who who call the bank with checking account issues.  This is one more reason why they are closing more accounts than they are opening.  Poor customer service, poor systems, poor leadership caring only about saving money and nickel and diming what few customers they have left.  I hate to say it, but even Bank of America is a far superior choice to Sovereign / Santander.
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#1 Consumer Comment


AUTHOR: Karl - (USA)

Believe it or not, the mainstream media in this country knew that the U.S. economy was going to collapse and the stock market was going to crash over a year before it happened!

Simply type in 271454 at this site and read what is posted in 'Consumer Comment #1' at Ripoff Report #271454, which was submitted at this site on September 3, 2007.

Then type in 269041 at this site and read what was submitted in 'Consumer Comment #3' at Ripoff Report #269041, which was submitted on August 21, 2007.

*The collapse did take place in September of 2008. The stock market crashed on September 29, 2008. The Dow Jones lost 777 points on that day.

Finally, type in 529757 at this site and read an exact copy of the two page hand-written letter that was mailed to NBC and CBS in New York on 9/12/2007. The letter appears in 'Consumer Comment #1' at Ripoff Report #529757.

Good luck to you, and don't ever trust the mainstream media in this country again. They are protecting the banking cartel that ultimately controls Wall Street and the U.S. government, in my opinion.
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