I have a savings account with Sovereign. I received a 1099-interest income tax receipt that declared my $75 new account “bonus” as interest income.
Interest income is the money paid as interest on money in one’s actual bank account.
A bonus is miscellaneous income. Thus Sovereign is reporting false information.
I called customer service with the intention of getting a revised form and had the bad luck to be connected to Heather Duwart.
Miss Duwart merely replied with the corporate line that I should take this up with my tax preparer.
Apparently Miss Duwart thinks that 1. I am an idiot and 2. that a tax preparer can wave a magic wand and alter a 1099 form.
When I asked who I can speak to that handles their accounting, she replied “NOBODY”. Clearly, Sovereign’s position is to ignore the mistake and hope it will go away.
Miss Duwart also believes that the bank’s CEO is named Jose Moran. Its actually Jorge Moran and he is not located in Pennsylvania as she told me, he is in Massachusetts.
How is it possible for a bank to be so clueless? After this call to “customer service” I decided to visit my local branch and see if i can get any assistance. Hope springs eternal.
Sovereign customer service, in case you need it, is 877-768-2265.