Boycott Sovereign Bank Part Two

Interestingly enough despite tracking search terms on the blog, Boycott Sovereign Bank remains one of the most linked to articles on this site.

It’s not hard to see why, people hate Sovereign Bank and most of the comments are filled with people fed up with the abuse. Weirdly enough no-one mentioned that cashing checks out of temporal order is something which other banks did. Not only that but the bank I jumped to, Wachovia, was purchased by Wells Fargo. Wachovia, for the record, never did this to us. If anything they were incredibly lenient on their policies for overdrafts, etc and often would refund you the money if you complained. (I only complained once, about ATM fees, not overdrafts, but the point stands that they were flexible). Turns out the bank which bought out Wachovia, Wells Fargo, not only did this but was sued for it as a class action. The class action won and Wells has to pay $203m to it’s customers. That’s good news to me, anyway, since I’m in Wells if I want to be or not. However, all of you with Sovereign accounts, you’re probably SOL and they’ll continue to do this. It’s likely going to court since now the lawyers know that there’s money to be made, but as far as pulling it off when you’re suing a foreign company, I’m not so sure it’ll work out. American banks have to play by American rules. You play with banks owned by Mexicans (Sovereign) and all they have to do is meet banking regulations, they don’t have to play nice.

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