ED Magedson – Founder
Regions Bank1900 5th Avenue North Birmingham, Alabama USA
Regions Bank Charged NSF fees when I had money to cover transactions Birmingham Alabama
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/reports/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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