• Report: #796183
Complaint Review:

Sovereign Bank

  • Submitted: Tue, November 08, 2011
  • Updated: Tue, November 08, 2011

  • Reported By: Joel — New York New York United States of America
Sovereign Bank
Internet United States of America

Sovereign Bank Not closing account and continuing to charge fees. Internet

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After I moved from Massachusetts to NYC, I continued to hold an account from Sovereign bank. I was recently advised to open a new account in New York. I moved all my money so that it would be zero in the old account. At this time, I was told that the account would be closed. I no longer had access to this account anymore online. Eventually, I was able to find out that two days later Sovereign bank continued to charge me on my old account on my ID protection fee. With this I went below zero and Sovereign continue to charge me on overdraft fees. In the end, Sovereign bank would continue to charge me on overdraft fees because they didn't close my account. I made arrangements with a gym to charge my new account. However, the y charged my old one instead. If the account no longer existed, the gym would not have been able to get a payment. Sovereign charged me some more fees. This is all happening while I had $13,000 moved to a new account. The efforts to resolve this issue were useless. New York and Massachusetts are considered different companies. Despite having $13000 they then contacted their recovery unit who wouldn't admit that the fees on there were mostly theirs and treated me like I was being a delinguent. When I tried to pay it after useless negotiation, they charged me a wire transfer fee. In the end changing my accounts cost me $265.00. The companies who were taking fees that I mised out on told me that their policy is that money does not come off accounts that are closed. Sovereign uses any attempts given prior permission to do so to take the money from you the customer and charge you outrageous fees.


1. I didn't want to change my acccount. Sovereing told me to do this.

2. I wanted to close my account now that I had a new one within their banking system. Sovereing wouldn't allow me to do this.

3. They continued to charge me fees.

4. Their collection person would only talk about the gym membership fee. Would not admit that Sovereing had charges on there.

5. I negotiated a rate to take off their. "249.00 and it will be closed? I asked this twice." When I attempted to pay it, they tried to charge me a high rate of 289.00 and charged me a wire fee.

This is the worst treatment I have ever been given by any company. $250.00 in fees to be treated like it was your fault that they didn't close the account. Anytime a company inquires into your credit history, it impacts your credit rating. They have not only committed collusion, they have affected my credit rating which impairs my ability to gain employment. Throughout I was dealing with Sovereing and kept pushing the blame around to each other. 

This report was posted on Ripoff Report on 11/08/2011 12:56 PM and is a permanent record located here: http://www.ripoffreport.com/reports/sovereign-bank/internet/sovereign-bank-not-closing-account-and-continuing-to-charge-fees-internet-796183. 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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