Sovereign Bank (now owned by Santander) has a programming issue that they openly admit to, but still allow it to falsify customers ledgers causing exorbitant and unwarranted fees. I have copies of my account ledger showing a positive balance during all posted transactions. I even have a copy that I requested the bank itself to print out that shows the same data, yet somehow this bank found it legal to hit me with seven $33 penalty fees which in themselves put my account in the negative.
How did they do this? I spoke with a representative at Sovereign bank (unfortunately did not document his name, but it's on file that I called) and he informed me that due to a policy change that was made back in November 08 only $200 of a check we had deposited (that was from a Federal Credit Union, mind you) was applied to our account. Thus being that the remainder of the deposit was on hold until the check was cleared.
Policies are fine, as long as both parties adhere to them.in this scenario, Sovereign Bank fails to reflect this $200 limit on it's customers ledgers, giving them a false balance for them to base their financial decisions off of. The ledger displays the full check amount as being deposited, not just the $200. I spoke with tellers at a local branch regarding my complaint, they all agreed with me and stated that I have not been the only one to complain.
I spoke with the local branch Vice President who also agreed with me and stated that the thought the programmers needed to fix this issue so that the customers ledgers display the actual balance amount in real time. When I asked him when/where the difference of the check was applied once it cleared, he could not answer. He did, however, contact the manager of the branch where I had opened the account (back in 1999) to see if I could get my $271 back due to this unjust action. Two days later I received a refund in the amount of $33... One fee was credited back to my account... One out of seven. As if to say "Yeah, we're guilty... But we can't give it all back."
Sovereign Bank is falsifying information regarding their customers financial standings in order hopefully collect overblown fees.
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