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Sovereign® Bank

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Sovereign and Sanders Bank-Loan Helpful to 2 out of 2 people

130 N Eagle Rd
Havertown, PA 19083

(610) 789-1090

Terrible to say the least!

In the beginning of November 2012, I was approved for a "Small Business Start-Up Loan" from Sovereign Bank. My Small Business Specialist, Mr. Michael Ceroli from the Havertown, PA branch informed me that the loan was good for ninety days. During this time, Mike Ceroli made many mistakes on handling my loan contract. During the month of January 2013, Mr. Ceroli contacted me to rewrite my loan contract because he did not prepare the loan contract properly. At this time, the cooperate officer had to step in to fix the loan contract. Keith Kiendle, Relationship Assistant III and Mark Hiatt, CEVF Lead Specialist rewrote the loan and did not inform me about the new loan contract's expiration date. The loan expired on February 13, 2013, however I had already paid for the first and last month’s least payments and the additional fees required to receive the $100,000 loan. I also took the initial steps in securing the loan, by paying 20% of my vendors purchase orders out of my own pocket. Two weeks before opening my business, Sovereign Bank decided to back out of the loan contract, as stated by Keith Kiendle and Michael Ceroli. Keith Kiendle and Michael Ceroli explained that because I withdrew my money from my business cd account I had broken a verbal agreement therefore, I would be unable to receive the loan. They both told me that I had to secure $100,000 in my Sovereign bank account to requalify for a $100,000 business loan that I had already been approved for. I told them that if I had that kind of money I would not need a loan. Now that Sovereign Bank has backed out of the loan agreement I would like to collect all of my loan payments and fees. Mike Ceroli and Keith Keindle assured me that I would receive all of my money, but my money has not be been returned to me and I have called Keith Kiendle and Michael Ceroli to collect my refunded and they haven’t responded  back to me. I also called the Havertown bank manager, but I did not get any response. At this point I just want my money back. I have called Keith Kiendle and he has not returned any of my phone calls. The Loan Service Department at Sovereign Bank is disgraceful. The loan specialist staff members that I dealt with have no understanding of how to properly draft a loan contract. They cannot even figure out math computations that requires simply addition and subtraction.  It is a shame that Sovereign Bank cannot find better qualified people to manage such an important department.

Mar 20, 2013 Reply
Awful.

So many inconveniences. Such awful customer service hours. Such high fees. Eff that noise. 

daszeeb's review was:    

  Sep 08, 2013 Reply

daszeeb(1, 0)

Review by daszeeb

1 Contributions 0 People Helped

In Aug. 2010, at the suggestion of bank personnel, I opened a line of overdraft protection credit on a free Sovereign Bank checking account.  I was told the credit line was FREE and therefore accepted the offer.

I'd opened the checking account roughly a decade earlier at a bank that Sovereign subsequently purchased.

A year later (Aug. 2011), I received an unexpected $50 annual fee bill from Sovereign for the overdraft protection credit line. As a matter of course, I do not pay annual fees for any credit card. In the case where fees are assessed, I close the account immediately. This has never before been an issue with any bank or credit card. They close the account and immediately credit the fee.

But Not Sovereign.

As usual, I immediately asked the bank to cancel the line of credit, of which I had previously been uninformed. Also in August 2011, I asked that the bank close my free checking account. On principle, I never pay annual fees associated with any credit card or credit line. I have an extremely high credit rating, since I pay my card balances, in full, monthly.

The representative told me, since the fee had already posted, I could not cancel the line of credit until and unless I pay the fee.

Sovereign not only refused to close my credit line, they also neglected to close my checking account on my request Aug. 31, 2011 request.

Just as the bank had never given me advance warning of a $50 annual credit line fee, the bank did not inform me that $12 monthly "sweep fees" would be applied simply for maintaining a credit line on an empty checking account. In Sept., Sovereign assessed a $12 "sweep fee" on the credit line, in addition to the $50 annual credit line fee --- although I had not gone under a $0 balance on the free checking account.

 In Oct., Sovereign assessed a second $12 sweep fee---although, again, I had not gone under a $0 balance on the checking account.

Since Aug. 2011, when I first asked the bank to close my checking account AND line of credit, Sovereign has refused to resolve this matter---which resulted from Sovereign's lack of disclosure. 

I contacted my state congressional representative, who in turn has called the state's Banking Commissioner to resolve the issue for me.

A miserable experience, all the way around.

DO NOT USE SOVEREIGN BANK. It's overdraft credit protection---in this writer's experience---assess fraudulent fees, without full disclosure. HORRIBLE BANK, with ZERO customer service. The bank DOES NOT VALUE LONG TIME and loyal customers!

alyssa898's review was:    

  Nov 09, 2011 Reply

alyssa898(1, 0)

Review by alyssa898

1 Contributions 0 People Helped

In Aug. 2010, I applied for an overdraft protection line on a free checking account at Sovereign Bank, at the suggestion of the bank's personnel. I was told at that time that the credit line was FREE as well, and I therefore accepted the offcer.

A year later, in Aug. 2011, I received an unexpected bill from Sovereign for a $50 annual fee for the credit line, and I immediately contacted the bank to cancel the line of credit. I was informed that since the fee had already posted to the account, I could not cancel the line of credit until I had paid the fee.

The account had previously been with a bank that Sovereign acquired. I had the account for roughly a decade.

Meanwhile, alos in August 2011, I requested that the bank close my free checking account --- as I never pau annual fees associated with any credit card or line, on principle. I have an extremely high credit rating, as I pay my cards every month, in full.

The abnk did NOT close the checking account as requested, and the next month, assessed a $12 "sweep fee" which it added to the $50 annual credit line fee --- even though I had not gone under a $0 balance on the free checking account. A second $12 sweep fee was assessed the next month, although I had never been informed about these "sweep fees" --- in the same way I was never informed about the annual creidt line fee.

I have ALWAYS closed credit cards that assess annual fees, at once. I NEVER pay annual fees on any credit card or line, on principle. I have an extremely high credit rating, as I pay my credit card balances in full, every month. I have virtually never paid interest.

Sovereign not only refused to close my credit line, they also neglected to close my checking account upon my request Aug. 31 request.

Since the bank has consistently refused to clear up this matter --- which resulted from TEHRI lack of full disclosure --- I have contacted my state congressional representative to contact the state Banking Commissioner, to resolve the issue for me.

DO NOT USE SOVEREIGN BANK. It's overdraft protection lines of credit, in this writer's experience, assess fraudulent fees, without full disclosure. HORRIBLE BANK, with ZERO customer service that DOES NOT VALUE LONG TIME and loyal customers!

Nov 08, 2011 Reply
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Company Overview

Sovereign Bank offers personal, business, corporate, and government banking services. Popular personal banking products include checking, savings, CDs, money market accounts, high-yield accounts, credit and debit cards, auto loans, mortgages, home equity loans, retirement planning, asset allocation, and several types of personal lines of insurance. In addition to a broad range of financial services, Sovereign Bank’s website provides several tools, calculators, and planning resources to help consumer with everything from buying a home to consolidating debt. Sovereign Bank currently has more than 700 branches and over 2,300 ATMs mostly focused in the northeastern United States.

Since its establishment in 1902, Sovereign Bank grew to become one of the largest banks in the world. Sovereign Bank is now a subsidiary of Banco Santander, a retail and commercial bank headquartered in Spain, whose assets are currently $1.2 trillion.

Company Details

Soverign Bank

  • Established: 1902
  • Headquarters: Wyomissing, Pennsylvania
  • Website: www.sovereignbank.com/
  • Products: Auto Loans,Banking, Credit Cards, Home Equity, Mortgages
  • Assets: $1.2 trillion
  • Available: Online and over the phone; nationwide

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