I Don't Want to Play Hide and Seek!
Written: Apr 06 '01
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Product Rating:
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Pros: Good service, variety of products, low fees, competitive rates, will return checks for certain accounts.
Cons: Won't absorb closing fees for re-financing, are leaning to becoming more automated, limited branch locations.
The Bottom Line: Sovereign Bank remains one of my favorite financial institutions. I have received good service, fair fees, and excellent interest rates. I would definitely recommend Sovereign Bank.
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| xmasbaby's Full Review: Sovereign Bank |
I became a Sovereign Bank client six years ago when Sovereign merged with a smaller bank. At first, I was a bit skeptical. Even though it is FDIC insured, I preferred the smaller banks (don't laugh) because they gave me my original canceled checks back. I know, I know. No one does this anymore. For some unthinkable reason, I have a need to keep my original documents.
When Sovereign united with my itty-bitty bank, the majority of banking practices remained the same. Over time, small matters changed. In order to receive your original canceled checks back, you must now obtain a savings account with a minimum of $1500.00. Some of the products Sovereign offers are: free checking, check cards, MAC cards, mortgages, home-equity loans, personal loans, car loans, CDs, savings accounts, passbook accounts, etc. etc. I personally hold a savings account, CD, checking account and home mortgage with this bank. I have utilized the teller service, automated banking service, web service, direct deposit, automated bill payment, and ATM service.
I'm simply amazed at how smoothly our mortgage was processed. There were no "hidden" fees, all answers were handled in a detailed and simple manner, and all phone calls were returned promptly. Sovereign's interest rates are extremely competitive. I am also a member of a credit union. Although I have used the credit union for CDs, car loans and passbook accounts, Sovereign's rates normally match the credit union's rates.
Balancing my check book to the penny every month, I have never had a discrepancy with Sovereign Bank. I receive courteous service in a timely manner. There was only one incident with a new teller many years ago. Sovereign does appear to be heading more towards automation. If you use the 800 number to speak to a "live" person, you are charged a fee for specific services, such as transfers. You are NOT charged for a transfer if you process it through the automated teller.
The automated teller service allows you to follow-up on any of your accounts. This services also enables you to make monetary transfers from one Sovereign account to another Sovereign account, and to make phone payments from your Sovereign account to your Sovereign mortgage. The one downfall to a Sovereign mortgage is that they will not pay closing fees if you decide to re-finance through them. You are able to pay-off a loan without penalty (depending on your loan agreement).
Sovereign Bank offers services without many additional charges and fees. Most banks surcharge you for everything they deem possible. One fee Sovereign charges for is the MAC card. If you do not utilize a Sovereign MAC machine, you are surcharged $.75 per withdrawl. You are NOT charged for Sovereign ATM transactions. From what I have heard and understand, this is the lowest fee structure out there.
Sovereign Bank's size is it's most paramount struggle. The Bank's region includes Pennsylvania, New Jersey, Delaware, Connecticut, New Hampshire, Massachusetts and Rhode Island. Although they have tried to strategically place their ATM machines in these states, using the machines isn't always convenient. Sovereign has approximately 485 ATM machines in its regions. In addition to that downfall, when traveling out of the previously mentioned states, it is impossible to find a Sovereign ATM.
For six years I have been, and remain, a faithful Sovereign Bank fan. Everyone has his/her own experiences, and those experiences create an individual's opinion. For me, Sovereign has been a wonderful financial institution. I feel like I am receiving fair fees and good service for my money.
Recommended:
Yes
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Epinions.com ID:
xmasbaby
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Member: Elizabeth
Location: Pennsylvania
Reviews written: 22
Trusted by: 15 members
About Me:
The things I cherish in life are children, love and lasting friendships.
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