- Report: #621799
Complaint Review: Sovereign Bank NJ - Asbury Park New Jersey
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Overwhelmed -
Any Sovereign, New Jersey, USA
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Sovereign Bank NJ
Main Street, Asbury Park, NJ Asbury Park, 07712 New Jersey, United States of America
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Sovereign Bank, NJ Ginny Lennon, Wendy Stockton, and John Steir Sweep Account Misrepresentation, Overdraft with More than sufficient Funds Asbury Park , New Jersey
It has now been a wealth of knowledge finding this site. I am a little taken back with the ridiculous drama at this bank, and the way I have to inconvenience myself and move but, there has been so many issues with the bank I am sick.
One of the main reasons I found this is because of the insane surreal experience that unfolded at the bank and I was treated like an idiot and they protected the insane employees.
However, I have been ripped off many times with this institution. Their employees are not even educated enough to provide you with knowledge about their services and you will pay like I did.
I had mismanaged an account so, I asked what could be done to avoid this. I had a Money Market and two joint checking accounts. They said they can link them A SWEEP ACCOUNT. Well, it turns out - this is a wacky sweep! They set it up so it was only able to take funds from acct. A to balance B & C. But, it will not work from B to balance C & A. This is a scam and it was not represented that way. My 2000.00 rent where my business and home are based was returned, with sufficient funds. It was an embarrassment!
This is a main reason why I sought the other branch to help. However, I sat down and complained from the 1st complaint to the last. Starting with the phone call where the other branch called stating my husband is a cheater and he has a woman posing as an impostor. He never even entertained that complaint. It is obvious that I have been dealing with scammers who have to make some sort of quota for corporate. I am even more convinced that this institution is on the same level as McDonalds when it comes to making a hiring decision. I am more than 100 percent there is also an issue with poor drug screening once the employee is hired.
I am sick with regret for ever dealing with this archaic institution. If you stop by a branch , take a peek at the out-dated computers they use! It makes me very weary when I deal with my own business and I keep my technology as updated as possible. This bank is in the 70s maybe 80's era when it comes to technology. Not a good choice when my small business is exceeding the banks technology.
I am a young business and I need the same cutting edge banking for my money management to succeed. If there is any sort of class action against this institution, my accounts are proof! I had 10's of thousands in my savings and not one person attempted to steer me right, it seemed the more I had the more they sucked me dry. Please look out for this bank!!!
One of the main reasons I found this is because of the insane surreal experience that unfolded at the bank and I was treated like an idiot and they protected the insane employees.
However, I have been ripped off many times with this institution. Their employees are not even educated enough to provide you with knowledge about their services and you will pay like I did.
I had mismanaged an account so, I asked what could be done to avoid this. I had a Money Market and two joint checking accounts. They said they can link them A SWEEP ACCOUNT. Well, it turns out - this is a wacky sweep! They set it up so it was only able to take funds from acct. A to balance B & C. But, it will not work from B to balance C & A. This is a scam and it was not represented that way. My 2000.00 rent where my business and home are based was returned, with sufficient funds. It was an embarrassment!
This is a main reason why I sought the other branch to help. However, I sat down and complained from the 1st complaint to the last. Starting with the phone call where the other branch called stating my husband is a cheater and he has a woman posing as an impostor. He never even entertained that complaint. It is obvious that I have been dealing with scammers who have to make some sort of quota for corporate. I am even more convinced that this institution is on the same level as McDonalds when it comes to making a hiring decision. I am more than 100 percent there is also an issue with poor drug screening once the employee is hired.
I am sick with regret for ever dealing with this archaic institution. If you stop by a branch , take a peek at the out-dated computers they use! It makes me very weary when I deal with my own business and I keep my technology as updated as possible. This bank is in the 70s maybe 80's era when it comes to technology. Not a good choice when my small business is exceeding the banks technology.
I am a young business and I need the same cutting edge banking for my money management to succeed. If there is any sort of class action against this institution, my accounts are proof! I had 10's of thousands in my savings and not one person attempted to steer me right, it seemed the more I had the more they sucked me dry. Please look out for this bank!!!
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
The best management will ALWAYS be..
#2Consumer Comment
Sat, July 10, 2010
I am a young business and I need the same cutting edge banking for my money management to succeed
- The best money management will ALWAYS be your money management. Because only you know when you spend the money, and what is coming up. The bank only knows what has been submited to them. The bank does not know you have a $2000 rent payment due next week..only YOU do. Yes it takes time, but I can guarantee you it takes no more time than you probably have spent with your mis-managment and trying to get it "fixed". I would suggest getting a good financial management program, especially with multiple accounts. You can find several good ones for under $100, and others with more "bells and whistles" for under $200.
Sometimes people just set themselves up for failure. I am figuring that the Money Market account was set up as the Overdraft protection of the two joint checking accounts. But you were upset that the checking account was not set up to cover the overdraft of the other checking account. This is the most logical way and I have never seen any bank have one CHECKING account cover another CHECKING account. If that is not the way it was done, exactly how was it done(that is what was Account A,B, and C).
Also, why do you have two checking accounts that you even want linked? You are just doubling the chances of something going wrong, especially if you are not managing your money. I hope that you are not mixing "personal" and "business" monies together as if you don't do your taxes right the IRS will have a field day with you if you get audited.
