• Report: #1168740

Complaint Review: Regions Bank

  • Submitted: Sat, August 09, 2014
  • Updated: Sun, August 10, 2014

  • Reported By: rcknlarry — Mt. Pleasant Tennessee
Regions Bank
1900 5th Avenue North Birmingham, Alabama USA

Regions Bank Charged NSF fees when I had money to cover transactions Birmingham Alabama

*UPDATE EX-employee responds: Shoulda Read the Deposit Agreement

*Consumer Comment: Stop shooting yourself in the foot

*Consumer Comment: You answered your own question.

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About midnight July 31, 2014 I was checking my Regions account on line. I had a balance of about $18.00, with three transactions already approved and paid 24 or so hours earlier. At midnight, two pension payments were added to my acount, about $900.00. sometime between midnight and 8 AM on August 1, they processed a $20.00 check, and bounced it.

They then took the $4.40 ebay payment made 24 hours earlier, and moved the money to cover the check they just bounced, then bounced the ebay payment, which was already approved and paid! Each transaction cost me $36.00 For the $3.00 shortfall which they claim, they charged me 2400% interest! Now, to make matters worse, on Tuesday, the 5th, I had about $560 in my accoount, and three payments being processed, 1 for $70.00, 1 or $100.00 and 1 for $390.00.

They chose to bounce all three, but evntually only charged for 1, another $36.00 because I fell about $10.00 short! This interest amounts to 360%! In a matter of 5 days, they steal $108.00 from me! The initial $72.00 I could have used to buy my desperately needed asthma medication, which I have been out of for 10 to 12 days now!

Needless to say, I am not doing very well at all. Regions claims the check was processed earlier in the evening of July 31. If this is so, why did it take them until nearly 8 AM the followiing morning (Aug 1) to post it on line? This is a phony, lying smoke screen, because any electronic transaction is posted immediately. I have never seen any of my transactions not posted within seconds of them occurring.

Regions stole from me again, pure and simple! They scammed me, they cheated me, they used highly immoral, unscrupulous sleight of hand accounting to steal and rob me. These people make Bernie Madoff look like a Sunday School child! They must have studied the book, " A Million and One Ways To Steal From Customers" by Madoff!

Their business practices are unethical, and should be illegal, if they aren't already. They have no shame. I would like to see a complete accounting of my account since Regions took over AMSouth several years ago. They have a very bad habit of taking a large payment and processing it first, using all the funds in one's account, then processing all the smaller ones that would have and shoul,d have been paid first sothey would not bounce! Say, you have $100, with outstanding and pending transactions of $101.00, $10.00, $20.00, $30.00, they will deliberately bounce the first by using the entire $100 balance to cove much of it, then deliberately bounce the 3 smaller payments, and then charge the customer $36.00 per failed transaction.

They have done this to me for years and years. There is regular accounting, then there is Regions devious accounting. This company muct be stopped from doing business in this manner. It is wrong, it is illegal, it is theft, stealing, embezzlement, what ever one chooses to label it.


This report was posted on Ripoff Report on 08/09/2014 11:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Regions-Bank/Birmingham-Alabama-35203/Regions-Bank-Charged-NSF-fees-when-I-had-money-to-cover-transactions-Birmingham-Alabama-1168740. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE EX-employee responds

Shoulda Read the Deposit Agreement

AUTHOR: Anon - (USA)

 A. Any transaction done does NOT immediately post. It ONLY IMMEDIATELY GOES INTO PENDING. It can take up to 3 days for debit card transactions to go though as posted. And that's not Regions fault. They're the receiving end of the transaction, so be mad at the merchant. Also, the deposit agreement will tell you that as of right now, transactions post large too small because Regions figures well if an item bounces, what would the customer rather be paid, the 10 bucks for fast food or the rent/mortgage?

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#2 Consumer Comment

Stop shooting yourself in the foot

AUTHOR: coast - ()

“They have done this to me for years and years.”

No, you’ve been doing this to yourself. You proved that with the statement, “Say, you have $100, with outstanding and pending transactions of $101.00, $10.00, $20.00, $30.00…” Of course that is going to result in overdraft penalties. You will continue to incur overdraft penalties until you get in the habit of depositing funds prior to drawing against them. If you follow that rule then you won’t be concerned with the order the bank processes the transactions. You may want to seriously consider Robert’s recommendation of maintaining a current check register.

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#3 Consumer Comment

You answered your own question.

AUTHOR: Robert - ()

 I am not doing very well at all. Regions claims the check was processed earlier in the evening of July 31. If this is so, why did it take them until nearly 8 AM the followiing morning (Aug 1) to post it on line?

- Well here is your answer..which you provided. I underlined the part that may be of use.

because any electronic transaction is posted immediately. I have never seen any of my transactions not posted within seconds of them occurring.

- Do you see the answer yet?  Well let me help.  A check is NOT an electronic transaction, they are treated differently and post differently.    By the way even an "electronic" transaction can take anywhere from 1-3 days(or more) to actually post to your account due to various factors, many not even related to the bank.

This is why you MUST keep a written register, that is write down every tranasction you make when you make it.  You can even go into the bank(and actually any bank) and they will be the first to tell you that on-line banking was NEVER meant to be the sole method of account management. 

If you write down the transactions as the occur, including when you write the check.  Then NEVER even attempt to spend more money than your register shows you have available.  The chances of you overdrafting is about zero.

You want another kicker..if you do not have a register to use, I would bet you could go into any branch and ask for one and they will be glad to give it to you.  They may even show you how to use it. 

Oh and no I do not work for them or any other bank.

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