Complaint Review: Regions Bank, Formerly Amsouth - Altamonte Springs Branch Florida
- Regions Bank, Formerly Amsouth Altamonte Drive Altamonte Springs Branch, Florida U.S.A.
- Phone:
- Web:
- Category: Banks
Regions Bank, Formerly Amsouth Bank pay largest drafts first regardless of when it was originally posted causing the potential of overdraft charges. Altamonte Springsaltamonte Springs Branch Florida
*Consumer Comment: Posted...
*UPDATE EX-employee responds: Sorry about your OD
A bank customer service person informed me that yes, it is standard practice for a bank to pay the largest draft first because it presented the biggest risk (for them!) as a result, I over drafted on several $2 and $3 charges resulting in almost $300 in overdraft fees. If that had simply posted the charges in the order that they were made, the charges would have been minimal if any.
They offered an overdraft protection account but everytime it was used and drew down to zero, it would automatically close out. I would then have to go in and open another account and so on. This is a rip off.
Joey
longwood, Florida
U.S.A.
This report was posted on Ripoff Report on 07/23/2008 07:22 PM and is a permanent record located here: https://www.ripoffreport.com/reports/regions-bank-formerly-amsouth/altamonte-springs-branch-florida-32750/regions-bank-formerly-amsouth-bank-pay-largest-drafts-first-regardless-of-when-it-was-ori-354922. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
If you would like to see more Rip-off Reports on this company/individual, search here:
#2 Consumer Comment
Posted...
AUTHOR: Edgeman - (U.S.A.)
SUBMITTED: Tuesday, December 02, 2008
Hey Joey,
I can certainly see that you're upset. I would be too if I had to pay that much in fees.
Having said that, I want to explain how this actually works. Let's say that you buy a sandwich on your debit card. At that point the transaction has not hard posted. What happens is that there is a deduction of your available balance (say $6 in this example). If you were to go check your balance online, you'd see the $6 pending transaction, but it would not be hard posted.
Now the bank is waiting for the merchant to submit the charge. This actually could be different than the amount that was withheld. Maybe you tipped the cashier and that doesn't reflect in the withheld amount.
Now let's say it is Wednesday and the bank receives four transactions that you authorized on Saturday, Sunday and Monday. On top of that, those transactions were received at noon, 1 pm and 2 pm. It is entirely possible that the Saturday transaction would arrive after the Monday transaction.
Because the banks have no control over when the merchants submit their charges and when those transactions arrive, most of them just process transactions from largest to smallest on the day they arrive.
To avoid this in the future, I suggest you keep a written register or ledger. Do not make any transactions unless you are positive that the funds are available and maybe consider withdrawing $20 at the ATM instead of multiple $2 and $3 transactions. That way if you make a mistake you will only be charged one fee instead of nine or ten.
#1 UPDATE EX-employee responds
Sorry about your OD
AUTHOR: Wesly - (U.S.A.)
SUBMITTED: Tuesday, December 02, 2008
Hey Joey!,
I used to work for Amsouth Bank. If you have a really good account with Amsouth Bank you might be able to call and get some of those fees reversed. It's worth a shot calling and finding out. those 2 dollar and 3 dollar items were probably bs items. I don't know what your situation is, but If your able to just keep 100 dollars in your checking account and don't keep it in your ledger balance. that way if your account get's messed up by a dollar or 2 It You don't OD. I believe at least half of in our life have OD'ed one time or another by accident or by a fraudlent transaction or Bank Error.
Advertisers above have met our
strict standards for business conduct.