Since I only use this account to pay the rent, I just used the ATM at this location to make deposits if I could get to my regular branch. But now I'm going to completely sever my relationship with Sovereign because it has only recently come to my attention that my account was changed from a free classic checking account and must now have a $500 minimum balance at all times. Because of that I was charged a $5.00 fee which then produced a $35.00 overdraft fee.
A customer service representative I called and spoke to about the matter was dismissive of me. She said that I would have been receiving repeated written notification since September 2011. I have not received anything. I keep all important paperwork from the bank so I went to my files and found nothing.
More striking than Sovereign?s oversight is the quick response Sovereign Bank has had regarding my overdrawn account. Also striking is the diligence Sovereign has thus far demonstrated regard my overdrawn account while it was not so with the change in status notifications (multiple) that I was supposed to received. With a week of each other, I received two pieces of mail telling me I should pay up. This is quite interesting.
Sovereign Bank is not allowed to change my account status without my knowledge and/or consent. If this has happened to you, you can file a complaint with the Consumer Finance Protection Bureau (www.consumerfinance.gov/). I'm going to call them or email them soon. We all know the banks are desperate to make $$ and they are changing the rules faster than the government can regulate. Also, people should know that this bank is now owned by Santander Group in Spain. It's a foreign bank.