They bought out Sovereign Bank (formally Shawmut Bank) and are in vast numbers here on the East Coast. According to this MSN article, this Spanish bank are not liked very much in the UK either. They plan on expanding their business in the USA, as if we need another bank headache. (Poster comments tell money horror stories.)
However, many customers have had nothing but headaches from them and extremely poor customer service. Most complain about the outrageous fees they are charged, or unknown surprise outrageous fees, and phone harassment for payments.
There is a class action law suit for their illegal Mafia style business practices which makes Bank of America's consumer issues seem like a picnic/walk in the park.
So from what I have been reading, very scary and stressful. I just hope any loan I have from my present banks are NOT sold to them!
If you do have an account with them, read the article, check your statements carefully and beware of their bad bully business tactics. If you are thinking of getting an account there, think twice about it, you would not put your money down a garbage disposal now would you?
Sovereign Bank/BancoSantander SA Complaints
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