If only the media knew the fiasco taking place with their loan payment systems and the thousands of customers impacted, they would have a field day. Sovereign recently switched on 5/19 to a new servicing platform and since then thousands of loans have been fouled up. Automatic payments not withdrawn, loan statements issued with "Past Due" balances, collections calls, credit bureau reporting. No automated solutions. The solution requires 1 by 1 manual error correction. This has been going on for 4 months now! Repeated error correcting requests, emails, phone calls. They don't even have a specific consumer loan service team, they have phone reps being taken off their shifts to do research, impacting those customers who who call the bank with checking account issues. This is one more reason why they are closing more accounts than they are opening. Poor customer service, poor systems, poor leadership caring only about saving money and nickel and diming what few customers they have left. I hate to say it, but even Bank of America is a far superior choice to Sovereign / Santander.
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