Borough Park, Brooklyn, NY – The Sovereign Bank on 16th Avenue in Boro Park, formerly known as Independence Savings Bank, is under an investigation for missing cash from their own account holders as their deposits were being made.
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In one of the incidents, a bank teller that processed the deposit of a 28-year-old woman, consisting of various checks and two thousand dollars in cash, gave her the correct receipt showing the full deposit of the checks and cash.
But mysteriously a few days later the cash disappeared from the deposit. She received a letter from the bank explaining that they had “corrected” a deposit she made to reflect the missing two thousand dollars.
Approaching the Bank Manager and teller, to tell them that something is wrong, they dismissed her plea telling her that the money was never there and somehow she must not have brought the money at all etc.
But the stamped teller receipt however is proof undeniable that the teller had cash in her hands.
Now a major investigation is underway on this case, and if there are more people with the same experience. Criminal charges are being pressed against the bank.
If you, or someone you know has had an identical experience it is crucial that you contact us at [email protected] for further litigation.
VIN
Any updates on this important story?
You would be surprised to hear that on the video taken by the bank, you can see the teller and the customer, but you cannot see the actual transaction being done.
Also, the original deposit slip is kept for 2 weeks and then destroyed, so there is no way to know whether the teller white-outed the cash amount and then made the copies that the bank has and that they sent to me.
To the Anonymous who works in the bank. No one here is complaining about missing checks. Everybody knows they are easy to track. The issue here is missing cash. Are you telling me that the teller does not count the cash? I always see the tellers doing that immediately.
Mazel Tov to you!!!
The other party is checking her account as well.
You just got a Purim present from me and Vos Iz Neias. Enjoy!!!
The bank representatives were on the defensive and very nasty to me. The Asst bank manager was nice, and did validate my concern, and the investigative team took it very seriously. They reviewed the video tapes of the transaction, and reimbursed my account for the $1000.00.
What concerns me is that the community should be made aware of this. I would not have known that the letter was a fraud if not for vosizneis posting it. Please spread the word, to anyone that received such letters “adjusting” their accounts, to be aware.
I work in a bank. Please understand that there are times the customer makes a mistake. When we receive a large deposit, we count the cash and only verify the first ten checks. They are then sent down for processing. We do not verify the whole deposit at the time of the transaction. If you list a check and its missing, we do not know it. I am sure this is how it works at Sovereign. The camera will show the window and I am sure they are not going to “cover up” to protect the teller. Wait for the investigation. But if you deposit checks, the best protection you have is too keep copies of them. Once they are sent down and sent to the Fed, the branch does not have copies.
Sovereign Bank did not have a fire at any bank owned facility. The fire was actually in Philadelphia and destroyed some of AT&T’s underground communication lines. This fire disrupted all banks, not just Sovereign Bank, from communicating with Fiserve (a vendor that stores account information) in Philadelphia. Until the destroyed telephone lines were repaired, the affected banks could not retrieve customer account information that is housed at Fiserve. Please get your facts straight before posting erroneous information.
Anonymous said…
Sovereign Bank had a fire last night at their main facility…
COVERUP!!!!!!
Sovereign Bank had a fire last night at their main facility in PA. All computers are down, until this afternoon, only the phone lines are working, so be extra careful when depositing today.
I also have 5 business accounts there. I get ACH payments from 5 different places, & keep them seperate.
O.Gevald,
I did email the Shamos and am awaiting his reply.
“I have 16 business account at Sovereign. I have banked at that branch since it opened in 1990”
Why on earth do you have SIXTEEN bank accounts??
I work for a multimillion dollar company and we have maybe two accounts.
You are a typical self hating Jewish fraud.
You doubt the Jews when they attack the Goyim, yet you’ll scream “lock up the Chasidishe couple and throw away the key” when the goyim allege. You don’t “doubt” them, do you?
To anon 7:21pm;
Please contact The Shamos to join the current investigation.
He will tell you how to qualify for this ongoing investigation who are working on “criminal charges” if applicable.
Your cooperation is essential.
I dont know who the woman with the $2000. claim is, but I am the person with a $1000. claim. This is no personal grudge. I made a deposit in Feb, I have the receipt stating the total deposit. Several days later, I rec’d a letter from the bank, “adjusting” the deposit, totaling $1000 dollars less than the original amount. The deposit was $1000 in cash and the rest in checks. This is no personal grudge.
Wake Up!!!! This is a trust issue!!! This bank had an employee stealing the cash from deposits and “adjusting” those deposits. I have been in contact with the regulator of this bank (number posted previously) and this issue is being investigated by their “security”.
There is no personal grudge here.
The facts are simple. She HAS THE CASH RECEIPT.
The bank (teller) claims “no cash”.
A public tape viewing is called for here.
I think there is another way she could have ripped me off. My wife made a deposit, checks and cash and she told her the deposit slip was written poorly, usually they tell you to write a new one, but my wife claims the teller wrote it herself. Now I don’t remember exactly how much cash was with the deposit.
I have 16 business account at Sovereign. I have banked at that branch since it opened in 1990. I reconcile each account every month by computer. I never found ONE PENNY missing. The way the bank’s computer system works, it would be practically impossible for a mistake to go unnoticed overnight. I beleive that there is more to this story than is being told here. I think that someone has a personal grudge going on, and is trying to stir up controversy. I agree that this bank is not the best to deal with. Some of the tellers are outright nasty and their procedures are sometimes draconian. Their check clearing policy is atrocious! But there is a difference between a shlocky bank and outright thievery. Let’s wait to see how this plays up. I hope that Shloma will have the guts to post the outcome of the story.
Contact Shloma Shamos.
Dear Anonymous 11:13
Do you know what course of action the woman is taking? I too have a case ($1000), do I approach the bank directly?
hi
someone forwarded your email about the investigation into sovereign bank. i was going to sit down one day and look closer at what was going on, but for a while now, i’ve been saying that something isn’t right and the tellers keep making some lame excuses about why the deposit slip does not reflect the amount it should. since i haven’t been feeling well, my friends have been making deposits for me and some even went back in to double-check, but the same thing kept happening over and over. finally, i decided i have to get my papers together and go in to speak to someone there. i CANNOT believe that something is actually going on. this is sooooooooooo distressing, especially since this was borrowed money being deposited, not even my own!
I lost money during the merge from Independence to Soverign, When I went into the bank to discuss this they told me to contact customer service, because they with have more info the we have. I went in circles for an couple of weeks and gave up.
My question is, now that we know there is a problem, as a member of that branch what am I supposed to do??
Is there any way of knowing if they did the same to me over the years?
Are the investigators going to look into ALL accounts?
Someone please answer me.
My brother-in-law also told me about missing money in his account a year ago, I told him he most be crazy, but now it does make sense.
Any way you stack up TWO THOUSAND DOLLARS, it’s bound to be a handfull or at least enough to not sneak it under or between other checks.
IF (big “if”) there are video tapes to document the handing over of cash, this teller is “dead”.
Even if the tape can show NOTHING, legally, the bank must credit her for the CASH RECEIPT she posesses and can not just say “sorry” etc.
The matter at hand is not just “quieting” the victim anymore. Now it’s a matter of “can we really be cheated like this” and get away with it?
Let’s separate fact from fiction and different stories from this one.
1. Cash was handed to the TELLER, not in ATM. (Tellers ALWAYS count cash. If they don’t, that alone is cause for them to be disciplined or fired. Banks don’t like money mistakes.)
2. This is about “stealing” money, not about being ripped-off through exhorbitant fees and charges.
3. Banks have video cameras pointed at every teller (in case of robbery), so the “tapes” will reveal the facts.
4. After repeated requests for cooperation, the bank (Sovereign) was told point-blank that “an investigation was being opened” and suddenly when questions started coming and the Manager HAD to answer them (unlike the woman who he shrugged off) he telephoned the woman to come in and discuss it. She refused him saying the investigation is “handling it”.
This is not the first time they stole money. I had several incidents in Lakewood, NJ a couple of years ago myself with them frauduantly charging fees. Ask Lakewood people, they’ll tell you it’s a shoddy, rip off bank. Beware!!
I am so glad I closed my accounts with this bank a few weeks ago, I noticed that they were playing games already when they were still Independence Bank and even filed complaints with the NY Banking Department ( but those guy care less about banks and more about getting $50,000 escrows from guys trying to be mortage brokers)
At 7 PM the bank held a meeting at the branch with all their personell from the bank.
I did not approach the bank yet, but the executive branch of the bank had NO knowledge of any of this, when I contacted them today. Their number is posted in a prior entry.
Why doesnt the bank check the videotape? Unless they are afraid of something?
Who do you think empties the ATM??
I don’t see any signs on 16th Ave.
This was at a TELLER, not an ATM.
Incase you didn’t already figure it out.
Never deposit Cash in an ATM machine!
The receipt the machine spits out proves nothing.
I printed this email and posted
it in a place of business on
16th avenue for all to be aware
Thanks so very much for your service to the community
Shlomah!
After hours trying to reach the proper authorities, I finally have the number to call if you were a victim of this crime (as I was)
Sovereign Bank Executive Management Services 888.855.1660.
Mine was the first phone call reporting this.
I had it business with chase that they lost the checks but we worked together to try to stop the checks there where some money orders that they tried stopping & what they couldn’t they paid back I had it a few times with a small bank called community capitol but when I showed them my deposit slips they always credit it back to me I love that bank they are small & do anything for you they are located at 2nd ave. & 59th st
Sovereign Bank is not a newer bank. It’s been around many years, maybe that branch is just a new takeover of another bank.
interesting how it is these newer banks, e.g. Commerce, Sovereign, that are the problem ones.
WOnder what the story is or will be with some of these other very new banks that were just born. SUch as
Doral Bank ( in which I deposited over $15,000)
Park Ave Bank.
We will have to stay tuned.
Libertypointe Bank
Mind blowing!!!
The teller will have to be fired or the bank can be sued as “accomplice”.
DEMAND THAT THEY REVIEW WITH YOU THE VIDEO FROM THAT TIME. IT WILL CLEARLY SHOW THE TRANSACTION.
If you are a victim, you can call the Office of Thrift Supervision, which is the regulator of Sovereign Bank, at 1-800-253-2181. I got this number from NYS Banking Dept.
I had the same story with commerce bank i made a deposit of $600.00 cash plus checks, “one month” later the bank pulled $100.00 from my account they didnt even bother to notify me, only when i checked at online banking i saw the debit when i asked them why they said the teller was short with $100.00 so i showd my deposit slip plus the fact it took them a month to realize that, the manager said we will look into it, after about 3 weeks and a threat that i will close my business account only then i got a phone call from the manager with some chutspa saying that they know its not their fualt but as a courtesy they will credit back to me the $100.00, Cant you just PLOTZ?
Time to hang the LAUNDROMAT sign in front of the bank.
This should be a Federal issue as that bank is under the OCC. Call the FBI, they will not ignore you.
Teller #6 in THIS branch
Is this only in that Sovereign branch or is it also in others?
Everyone, pull your money out of the bank. Teach them a lesson.
I tried contacting Dov Hikind’s office and was told to call the Assemblyman for my district. THE BANK IS IN HIS DISTRICT!!!
This issue has to be brought to the public’s attention, and not everyone has internet access.
I think I was a victim to the same sham. I am trying to locate my deposit slips. Last week was the first time a check bounced in my account. Thanks for the Information.
Thanks for advising us of this issue. I too am a victim of this, and am trying to find the proper authorities that will handle it.
WOW
This is an up and coming bank, not even one of those sheister banks with only 3 branches nationwide!