We are excited about our new look 5 and our name change to Sovereign Bank! Here is some information about the change and how it might affect you.
If your question is not answered below, please feel free to contact us and we’ll be glad to help.
When will the new look be implemented and the name change take place?
The change to the new look and name will begin on February 1, 2023. You’ll see many items immediately, such as newspaper ads, the website, and signage, while others may take a few additional weeks to implement.
Why is the bank changing its name?
Primarily for one reason: We are building a banking family in multiple markets and need a common name that unites us all and can grow with us. Sovereign Bank has the ability to be your bank no matter what direction life takes.
Is the bank selling?
Absolutely not! Our board of directors, management and staff are all the same. You’ll still see your favorite bankers when you come to your local branch and our decisions will continue to be made locally.
Do I have to order new checks and deposit slips?
No, you may continue to use your existing checks and deposit slips. When your next check order is placed, you will receive Sovereign Bank checks.
Do I need to order a new debit or ATM card?
No. We will issue new Sovereign Bank cards at a later date. Until then, you may use your current card and PIN.
If you wish to take advantage of the new look immediately, you have a few options available. Stop by your local branch to discuss with your banker.
Do I need to sign a new signature card or loan documents?
No. Your current documents allow us to change the bank’s legal name without issuing new documents since bank ownership is not changing.
Will my account number change?
No. Your account number(s) will remain the same.
Will the bank's website address change?
Yes; we will have a new website banksovereign.com. If you have the current site marked as a favorite, you will want to update your favorites list or desktop shortcut.
The website itself will be updated with our new look. We are also updating the functionality so the site will have better information and be easier to use. Your current user name and password for online banking will remain the same.
Do I need to update any Internet Bill Pay information?
No. Even though our site address will change, we will have the same Internet features and your information will remain intact.
Do I need to change my direct deposit or automatic loan payments?
No. All of the bank’s routing information will remain the same, so your electronic deposits and payments will continue uninterrupted.
Do I need to download a new mobile banking app?
Yes, you will need to download the new Sovereign Bank mobile banking app.
Will the bank's hours change?
Not immediately. We will continuously monitor our hours to ensure that you continue banking at your convenience.
How does the name change affect my FDIC insurance coverage?
There is no impact or change to the deposit insurance on your account. Your accounts remain insured and the same limits apply.