Grades are also broken down by the financial products offered be each institution. Sovereign Bank is rated "D" in Mortgages, "F" in Credit Cards, "F" in Bank Account Services, and "D" in Consumer Loans. Click on any of the financial products to see how Sovereign Bank compares.
Sovereign Bank has received 778 consumer complaints since December, 2011 – more than 98% of other banks.
Of those complaints, 98.2% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Sovereign Bank meets the 60-day response deadline less frequently than 53% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 19.3% of customers dispute Sovereign Bank's response to complaints — worse than 53.8% of other companies.
Most of Sovereign Bank's customers complain about bank account or services with the primary issue being "account opening, closing, or management."
Sovereign Bank is primarily a commercial bank with a commercial lending specialization. Sovereign Bank is based in Dallas, Texas and is the 78th largest FDIC insured bank in America.
Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.
However, even after adjusting for bank size and number of customers, Sovereign Bank receives far more complaints than most other banks. Sovereign Bank recieves more complaints per customer than 99% of other banks – customers are significantly more likely to file complaints than customers of most other banks.
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Bank account or service||Checking account||Account opening, closing, or management||139|
|2||Bank account or service||Checking account||Deposits and withdrawals||86|
|3||Bank account or service||Checking account||Problems caused by my funds being low||71|
|4||Mortgage||Other mortgage||Loan modification,collection,foreclosure||53|
|5||Mortgage||Home equity loan or line of credit||Loan servicing, payments, escrow account||49|
|6||Bank account or service||(CD) Certificate of deposit||Account opening, closing, or management||46|
|7||Bank account or service||Checking account||Using a debit or ATM card||40|
|8||Mortgage||Other mortgage||Loan servicing, payments, escrow account||30|
|9||Mortgage||Conventional fixed mortgage||Loan servicing, payments, escrow account||22|
|10||Bank account or service||Savings account||Account opening, closing, or management||21|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed||334||331 (99.1%)||61 (18.3%)|
|2||Closed with explanation||252||249 (98.8%)||58 (23%)|
|3||Closed with monetary relief||97||96 (99%)||11 (11.3%)|
|4||Closed without relief||52||49 (94.2%)||15 (28.8%)|
|5||Closed with relief||32||28 (87.5%)||2 (6.3%)|
|6||Closed with non-monetary relief||11||11 (100%)||3 (27.3%)|