ED Magedson – Founder
Regions Bank5205 Cleveland Highway, Unit 10p clermont, Georgia USA
Regions Bank Out to break the peoples bank!!! clermont Georgia
I was assessed $216 in overdraft fees as a result of the bank reordering my transactions from highest to lowest. I was charged six $36 overdraft fees. All but one of the transactions (the highest) would have cleared if they had processed them in the order they were actually transacted. Thus, I should have been charged only one fee.
Now, I'm not arguing that they should order the transactions from least to most; clearly, the most honest and fair practice would be to simply maintain the original order of the transactions. This business of rearranging the order of purchases to intentionally trigger a series of fees should be illegal. It is clearly a predatory practice.
I spoke with customer service and was advised that it is Regions practice to post the highest dollar amount first. Which is totally a ridiculous practice!!! I also asked if there was a cap put on the number of over draft fees per day and her answer was yes, there is a limit of ten. The charges that were all assessed a $36 odf ranged from a $2.13 as the lowest to one 12.00 charge that was the highest. Tell me how this is legal and fair business???? The one big item that should have went through last was a check for 150.00 so my debit charges that took place on Thursday Friday and Saturday were placed behind the check that was presented on Monday evening.
Mind you, I do not habitually overdraw my account; it's a very rare issue. I would be okay with having been charged one fee, but six is ridiculous. Unless the bank reverses this decision and refunds my money, I will close my account and go to a credit union. Bank of America just settled a $400 million dollar class-action lawsuit over this very issue, and countless other banks are currently under investigation for the same. I as a matter of fact, moved my account from Bank of America because of this very same practice and started banking with Regions!!!!
This report was posted on Ripoff Report on 06/26/2013 11:24 AM and is a permanent record located here: http://www.ripoffreport.com/r/Regions-Bank/clermont-Georgia-30527/Regions-Bank-Out-to-break-the-peoples-bank-clermont-Georgia-1062265. 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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