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/reports/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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
Advertisers above have met our
strict standards for business conduct.