Sovereign Bank

A brief Introduction to the Sovereign Bank.

Sovereign Bank, one of the largest community banks in U.S. operates through nearly 800 banking locations spread across nine U.S. states and has at the disposal of its customers well over 2,000 ATMs. The financial company which owns the Sovereign Bank is Sovereign Bancorp, Inc., formed later in 1987.

Originating as early as 1902 as a Wyomissing, PA Building and Loan Association which was established mainly in order to financially assist textile workers residing in and around that area in owning their personal homes.

Sovereign Bancorp, Inc., as stated earlier, was formed in 1987, a year after Sovereign Bank had assumed its current name. As per the latest records Sovereign Bancorp, Inc., has assets totalling nearly at USD 82 Billions.

Sovereign Bank mainly concentrates in financial services and products including the following :

• retail banking
• institutionalized commercial banking comprising of corporate as well as business banking
• management of cash on behalf of the customers
• services related to capital markets
• management of wealth
• issuance of insurance policies of different kinds.

Earlier during the year 2000, Sovereign Bank acquired the FleetBoston Financial (another financial organization involved in community banking), which at that time was the largest acquisition of its kind in the banking history of U.S.A.

FleetBoston Financial was worth the following :

• deposits totalling more than USD 12 Billions,
• the loans issued in the financial markets by the company being well over USD 8 Billions,
• the number of community banking branches hovering close to the 300 mark,
• nearly 550 ATMs to serve the cash requirements of the customers.

The benefits related to Personal Banking that are furnished by Sovereign Bank.

Sovereign Bank offered Online Banking.

The online banking services provided by the Sovereign Bank makes the process of managing the money owned by account holders even more easier by providing them with the option of managing their personal finances online through computers which are linked to the internet during any time of the day.

Account holders with Sovereign Bank can check the available balances in their personal accounts, keep a close and detailed watch over all the financial transactions that their accounts have been subjected to, and even transfer money from one account to others that may also be external.

Sovereign Bank‘s online banking facilities also entitles the account holders to authorize payments that are to be made from their accounts besides requesting for recurrent payments.

The account holders with Sovereign Bank can receive as well as make payments towards bills incurred by them on various occasions through the Bill Pay feature of the Sovereign Bank Online Banking services.

Account holders can easily take advantage of the Sovereign Bank Online Banking services by applying with the banking authorities.

The different types of Checking Accounts offered by the Sovereign Bank.

The Checking accounts offered by the Sovereign Bank are secure form any kind of external interference and these come with the added advantage of Online Banking and Bill Pay services provided by the bank. The account holders can enjoy all the advantages that come with subscribing to a checking account of the Sovereign Bank absolutely free of cost.

Sovereign Bank Premier Checking Account
This checking account of the Sovereign Bank is only provided by the bank to its most valued customers.

This checking account is meant only for the account holders who keep up a minimum combined balance of USD 15,000 including all kinds of accounts whether checking or savings or money market savings, certificates of deposit, IRAs, loans and investments taken together.

Sovereign Bank Free Interest Checking Account
This checking account furnished to the customers involves no payments that have to be made by the account holders towards monthly charges. The customers do not have to keep up any kind of minimum balance in their personal accounts.

However this checking account comes with the advantage of Direct Deposit which allows for the deposits of cash or checks to be deposited into the ATMs.

Sovereign Bank Free Checking Account
This convenient and hassle free checking account is for those customers who do not want to get engaged into deterrents like the up keeping of minimum account balance or the payment of monthly maintenance charges.

Sovereign Bank Free Student Checking Account
An affordable counterpart of the Sovereign Bank Free Checking Account which is meant for students. This checking account offers all the facilities that come along with the regular free checking account but with the option available to parents to fix an upper limit on the spending of their respective wards.

Visa® CheckCards issued by the Sovereign Bank.
The Visa® CheckCards which are issued by Sovereign Bank allows the consumers to use it as a substitute for cash at all the places across the globe where Visa® Debit Cards are accepted. The customers are empowered to pay their bills through these cards.

The checking account holders with Sovereign Bank can make use of these Visa® CheckCards in place of cash for purchases made through the internet, telephone or in person.

The different kinds of Savings accounts offered by Sovereign Bank.

The Savings Accounts furnished by Sovereign Bank are aimerd at encouraging their customers to save for the future or to be of help to them in their times of need. The Sovereign Bank Savings Accounts are not only comfortable to maintain but these are also allowed interest rates which match those of the financial markets. These savings accounts also come with facilities which enable the account holders to access their own money as and when they need to.

Sovereign Bank Premier Money Market Savings
This particular savings account furnished by Sovereign Bank is in fact a money market account that is designed to bring higher returns to the account holder as a result of doing his saving with Sovereign Bank. These savings accounts are allowed higher tiered interest rates.

Only the account holders of Sovereign Premier and Elite Checking accounts are eligible for these accounts for these account holders basically have comparatively higher savings balances.

Sovereign Bank Money Market Savings
These savings accounts entitle the account holders to higher rates of interest than that imposed upon standard checking accounts. These accounts furnished by the Sovereign Bank usually enables the customers to make use of their own money whenever they need it.

Sovereign Bank Certificates of Deposit or CDs
These Sovereign Bank issued Certificates of Deposit come with variable terms ranging from a few months to a maximum of ten (10) years after which the customers are e,powered to renew the Certificates of Deposit bought by them.

The returns offered on the Sovereign Certificates of Deposit are matched with those that are offered by other financial service providers.

Sovereign Bank IRAs
For those customers who are approaching their retirement, the IRAs issued by Sovereign Bank are the ideal way to provide for them after their retirement.

The different Sovereign Bank IRAs on offer for the potential customers are :

• Traditional Sovereign Bank IRAs
• Roth Sovereign Bank IRAs
• Rollover Sovereign Bank IRAs

Sovereign Bank Savings Accounts for Minors.
The best way to encourage the young children who are eighteen (18) years and below to start saving is to open savings accounts for them.

The opening balance that is required to open a savings account with Sovereign Bank for minors ia a bare minimum USD 1. These Minor Savings accounts are subjected to interests for every deposit that is made into the account.

The Sovereign Bank Savings Accounts that is specially meant for Minors are subjected to regular interests at the end of every month, and these savings accounts are credited quarterly.

In addition to all the services and products related to Personal Finance as stated in details as given above the Sovereign Bank also provides a wide range of Commercial services and products which may be subscribed to by the consumers who are interested.