Sovereign Bank

Report Card
D
Overall Grade
D
Mortgages Grade
F
Credit Cards Grade
F
Bank Account Services Grade
Sovereign Bank is rated overall in the bottom 10 percentile (out of 100) based on 778 customer complaints.

Statistics

Complaints Currently In-Progress
Complaints per $100K of Deposits967.6
Complaints Resolved in a Timely Manner98.2%
Resolutions Disputed by Customer19.3%
Average Time Until ResolutionUnknown

Financial Report

Owner CorporationSovereign Bancshares, Inc.
EstablishedJuly, 2004
FDIC InsuredJuly, 2004
FDIC Certificate #057787
Number of Branches11
Total Assets$1 Million (78th)
Total Deposits$804.1 Thousand (77th)
Total Equity$115.3 Thousand (78th)
Quartarly Net Income$2 Thousand (76th)

Contact Information

Corporate Headquarters
17950 Preston Road - Suite 100
Dallas, TX 75252
United Statesflag
Website
http://www.banksov.com
Data Summary
Sovereign Bank logo

Grade Summary

Overall, Sovereign Bank received a grade of "D" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

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.

Overview

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.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against Sovereign Bank
#Financial ProductSub-ProductComplaint IssueComplaint Count
1Bank account or serviceChecking accountAccount opening, closing, or management139
2Bank account or serviceChecking accountDeposits and withdrawals86
3Bank account or serviceChecking accountProblems caused by my funds being low71
4MortgageOther mortgageLoan modification,collection,foreclosure53
5MortgageHome equity loan or line of creditLoan servicing, payments, escrow account49
6Bank account or service(CD) Certificate of depositAccount opening, closing, or management46
7Bank account or serviceChecking accountUsing a debit or ATM card40
8MortgageOther mortgageLoan servicing, payments, escrow account30
9MortgageConventional fixed mortgageLoan servicing, payments, escrow account22
10Bank account or serviceSavings accountAccount opening, closing, or management21
Responses From Sovereign Bank
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed334331 (99.1%)61 (18.3%)
2Closed with explanation252249 (98.8%)58 (23%)
3Closed with monetary relief9796 (99%)11 (11.3%)
4Closed without relief5249 (94.2%)15 (28.8%)
5Closed with relief3228 (87.5%)2 (6.3%)
6Closed with non-monetary relief1111 (100%)3 (27.3%)
Complaints over the Past Year