I saw a Sovereign Bank advertisement that said if I open a checking account, deposited $200, use the debit card to spend $200,I can get $150 promotion. I opened one with $300 deposited. The odd thing is they mailed a contract to me. Unfortuanatly, I didn't review it carefully, just signed it and mailed it back.
After I received the debit card, I began to use it to do purchase. I thought I spent up the $300, the case get closed. Today, I received a letter from the bank unexpectedly. I was told that I already spent up $300, and I overdrew the money for 3 times. I was charged $35 each time. Also, because I overdrew money, the promotion is cancelled.
I called the representives. Surprisingly, the representatives' attitude was very bad and gave me same answers that were "no way to waive the $105 charge", "it is legitimat charge", "you needn't open the account, it is your mistake". I began to realize I stepped into the trap the Sovereign Bank already designed for us. They just use this way to defraud customers' money. They already get ready to deny any complaints and appeal. The final result is I open a account with $105 cost and I get big experience that some banks like Sovereign Bank designated to cheat customers. Can you believe it? The bank industry is full of cheaters.