Report: #821763

Complaint Review: Regions Bank

  • Submitted: Thu, January 12, 2012
  • Updated: Thu, January 12, 2012
  • Reported By: Clay — Birmingham Alabama United States of America
  • Regions Bank
    1900 Fifth Avenue North
    Birmingham, Alabama
    United States of America

Regions Bank Regions Financial Corporation Regions Manipulated Transaction Order to Trigger $216 in Overdraft Fees Birmingham, Alabama

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I've banked with Regions since 1998, and I've been generally satisfied. Recently, however, 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 a fee will be charged when you use your debit card without the funds to cover the purchase. Well, yes, that's obvious enough. The problem is that I did have the funds to cover almost all of the purchases...if the bank had cleared them in the order they posted, rather than in the order they chose. I spoke with someone in management who was equally condescending and unyielding.

Mind you, my account is generally in good standing, and I've been a customer for almost fifteen years. 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.

It's time to expect more, Regions. I expect more.
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This report was posted on Ripoff Report on 01/12/2012 12:39 PM and is a permanent record located here: http://www.ripoffreport.com/reports/regions-bank/birmingham-alabama-35203/regions-bank-regions-financial-corporation-regions-manipulated-transaction-order-to-trigge-821763. 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

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