I actually have the experience of knowing what it was like to switch from another bank to Sabadell 'midstream' which gives me a unique 'before' and 'after' experience which allows for good comparison. I was a virtualbank customer for 13 years, and then Sabadell bought virtualbank in mid 2012. When I opened my Virtualbank accounts in 1999. I simply loved them. And I continued to love them for 13 years. I even got a family member to sign up with them and she loved them too. When Sabadell acquired them, it went steeply downhill:
1) During the switchover, all of my transaction history was entirely deleted. Online access to my transactions IS THE WHOLE REASON I HAVE A ONLINE BANK!
2) During the switchover, all of my automatic payments stopped being, well, automatic. Again, why do I have a online bank account if I have to remember to send checks? Through sheer luck, I caught this error in time to prevent serious tardiness with my automatic payments.
3) I began receiving a PAPER statement for my overdraft line of credit despite the fact that my preferences state that I should be receiving electronic statements for everything. Again, the whole point of an online bank is to avoid paper statements!
4) Said line of credit account is a complete phantom. I have no access to this account online. Seemingly, the only evidence that it exists is.....a paper statement. Did I mention that the whole point of an online bank is that I have online access to everything?
5) Even the electronic statements that I WAS receiving were not complete. They only reflected my checking account, not my money market account. I had to email them to request regeneration of correct statements. One more time, WHAT IS THE POINT OF AN ONLINE BANK ACCOUNT IF I DON'T HAVE ONLINE ACCESS TO EVERYTHING?
I did incur one $5 late fee when my bill payments stopped being automatic. I contacted them about this (and mentioned the above issues as well). Their response: "Please send a copy of the statement showing the late charge." 12 loyal years, then 6 months of hell only to bust my balls over 5 bucks. The appropriate response here would have been "Sorry for the $5 fee and the inconvenience. Here's $50 for your time and loyalty."
....and the hits just kept on coming. I had a tenant who wanted to pay rent via wire. I told him to wait until I could check to make sure no fees would be incurred. I reviewed the fee schedule which I found on THEIR website. The fee schedule said that for every account type, incoming wire fees were $0.00. So, I told the tenant to go ahead and wire the rent to my account, which he did, twice.
I then logged in to find that I'd been charged $15.00 for each incoming wire (total of $30). I figured this was an error of some sort, and sent a message to the bank, asking for a refund of the wire charges. We went back and forth on this, several times, but, their response amounted to the following:
1) Wire fees are only refunded if it's a bank error.
2) The fee schedule that I found on their website is out of date and not the right fee schedule.
3) When sabadell took over virtualbank, I was required to agree to all new terms and conditions, including the new fee schedule
4) Since I'm having trouble finding the fee schedule for my account, they are sending me a paper copy.
My points were the following:
1) It IS a bank error because virtualbank listed the wrong fee schedule on THEIR website.
2) This is an online only bank, I shouldn't need paper copies of the fee schedule.
As you can imagine, I did not get a refund of the $30 incoming wire fee. And, believe it or not, even as I right this, that 'out of date' fee schedule is STILL on their website. Unbelievable.
I'm waiting for a few payments to clear and then changing banks (checkout Schwab investor checking. Been simply delighted with them so far). I, simply, can not wait to close my sabadell account. The difference in customer service and technical issues was night and day after virtualbank was acquired by sabadell.
I'm a small business owner myself, and I am always patient with other businesses, as I know that sometimes things go wrong. However, customer service and a companies ability to handle those things that go wrong is what defines a company for me. Sabadell has no sense of customer service. This company is a nightmare to deal with.
I hope that this review can help somebody avoid the same experiences I've had with sabadell.
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