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Report: #1097719

Complaint Review: Soveriegn bank - Select State/Province

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  • Reported By: Tom — Holtwood Pennsylvania
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  • Soveriegn bank 335 W 5th St Quarryville PA Select State/Province USA

Soveriegn bank Santander Do not get a commercial account. It is a rip off Quarryville Pennsylvania

*Consumer Comment: Perfectly Said With All The RIGHT Things!

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We had commercial accounts at this bank for 7 years. When we opened the account we asked for overdraft protection and they wanted to give us a line of credit which we turned down.

Over the first year we had $1700 in bank fees and overdrafts. they take forever to clear checks, but they are very fast at processing incoming checks and then hitting you with one fee after another.

We canceled our merchant services account last year. we just noticed that we are geetting service charges, this month they made our account over drow by .26 cents. and hit us with a $35 fee. we didn't know we were overdrawn because we didn't know they were taking the mooney out each month, so everything after that was paid, but hit with the $35 service charge.

There is nothing that can be done about this except tell people to try another bank.

And if someone from soveriegn is reading this...I am cancaling 4 commercial accounts, my personal account and merchant services account. I guess a business that only grosses $250,000 a year doesn't really matter, you guys can loose money like this because you rip everyone else off.

This report was posted on Ripoff Report on 11/07/2013 02:33 PM and is a permanent record located here: https://www.ripoffreport.com/reports/soveriegn-bank/select-stateprovince/soveriegn-bank-santander-do-not-get-a-commercial-account-it-is-a-rip-off-quarryville-pen-1097719. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Perfectly Said With All The RIGHT Things!

AUTHOR: Jim - ()

POSTED: Thursday, June 19, 2014

Yes...you certainly said it all!  Where shall I begin.....

1.  "...we asked for overdraft protection and they wanted to give us a line of credit...".  That statement right off the top tells us in no uncertain terms where we are going and with whom we're dealing with.  Overdraft protection is KEYED to another account such as business savings or a secondary account.  Since you have neither apparently, the only way they can offer ODP is via a line of credit!  Quite frankly, and as we shall very vividly see along the way, either you do not have a business and business account and/or you haven't the slightest clue of what you're talking about.

2.  "Over the first year we had $1700 in bank fees and overdrafts."  The ONLY way that HUGE amount of overdrafts happens is because YOU are not keeping written records and an up to date running balance.

3.  "...they take forever to clear checks...".  Why does it matter UNLESS you are kiting checks AND you have ZERO CLUE what your balance is.  Secondly, you haven't a clue as to their funds availability policy is because you never read any of the material they gave you.

4.  "...they are very fast at processing incoming checks and then hitting you with one fee after another."  This is more proof positive YOU are not keeping written records and incoporating deposited funds ONLY after they have cleared.

5.  "...we just noticed that we are geeting service charges, this month they made our account over drow by .26 cents.  and hit us with a $35 fee.  We didn't know we were overdrawn because we didn't know they were taking the mooney out each month,...".  You get statements from them and what you just admitted is you don't even bother to read them and balance your account.

6.  "There is nothing that can be done...".  Wrong again!  There's plenty which can be done and it all STARTS WITH YOU learning how to manage a checking account.  Go in and see them.  Maybe they can teach you how to keep written records, maintain a running balance, how to balance your account.

If you are in business, you have alot to learn about the financial end of things.  All of the problems you have had here were all caused by you.  This is just another case of an account holder NOT keeping records and continuing to use the account without having a clue as to how much is in the account.

No, I don't work for them!

 

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