Report: #441082

Complaint Review: Regions Bank

  • Submitted: Mon, April 06, 2009
  • Updated: Tue, April 07, 2009
  • Reported By: Saint Ann Missouri
  • Regions Bank

    Saint Louis, Missouri
  • Phone:
  • Web:
  • Category: Banks

Show customers why they should trust your business over your competitors...

My identity was stolen causing my account to be overdrawn. Notifying the bank and jumping through all of the hoops that you have to go through to get your money back is impossible. Regions refuses to return MY money! I have taken all of the necessary steps for resolution but they won't hear it. If this is you Please go to this link...
(((link redacted)))
What they are doing is illegal...And Regions...I will get my money back!

Saint Ann, Missouri

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This report was posted on Ripoff Report on 04/06/2009 12:30 AM and is a permanent record located here: 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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#1 Consumer Comment

No, no they're not.

AUTHOR: John - (U.S.A.)

The business that debited your account is also responsible for the overdraft fees that THEY caused. The bank did not cause the fees.
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#2 Consumer Comment

You may have unwittingly signed up for their program...

AUTHOR: Edgeman - (U.S.A.)

Hi Christina,

I'm sorry to see that this happened to you. I'd be angry to and I genuinely hope that you get your money back.

However, there may be a problem here. I use the word "may" because I obviously wasn't sitting next to you when you arranged for the loan and have no idea what was on your screen at the time. With that in mind, I'll offer some general information about this company and it will be up to you to decide whether or not this applies to your situation.

The company behind Secret Cash Card has been known to advertise on payday loan websites. While I have never personally seen this, I believe that the applicant can check a box during the loan process that signs them up for the Secret Cash Card program. Judging from the number of complaints I have read, it's quite easy to check that box without realizing that the user has enrolled in the program.

I have no idea if that is what happened in your case. If you truly didn't sign up for this program, then you might be able to convince the bank to refund your fees.

Here's where it gets tricky... if you did check that box (albeit unwittingly), you may have a battle on your hands to get that money back. The bank may see it as a user authorized transaction that caused the overdrafts, not bank error.

Best of luck to you.
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#3 Author of original report

regions victim please read!

AUTHOR: Christina - (U.S.A.)

I have been refunded the money from the businesses that debited my account. Regions is not responsible for those charges but they are responsible for removing the overdraft fees associated with these transactions. Some banks may choose to look at an error as a bank mistake, and unauthorized debits as fraud, not error. The Federal Reserve said 11 c 6. covers unauthorized debits and overdraft fees that result from that debit.
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#4 Consumer Comment

Um, but Regions isn't the one that stole your money.

AUTHOR: John - (U.S.A.)

That's like saying your neighbor stole my car from your driveway but I want you to replace it.
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#5 Author of original report

regions victim please read!

AUTHOR: Christina - (U.S.A.)

Post-Gazette now, Pittsburgh Post Gazette
Article Tools
EmailPrintYvonne Zanos: Regulation E protects us from electronic bank fraud
Tuesday, July 31, 2007
Q: I had an emergency and needed some money fast. I contacted a payday loan company over the Internet, paid a high interest rate for my money, but everything went fine. A week later, I got hit with a $49.95 fee from a place I never heard of, This company took the money electronically out of my account. Many other people have had the same thing happen to them. My bank refunded that money, but not hundreds of dollars in overdraft fees. Is that right? Can they do that?


A: Tracey, what happened to you should not have happened. That's not only my opinion, it's covered under Regulation E.

We have Regulation E to protect our rights when it comes to electronic banking. It was our assurance that invisible hands couldn't reach into our bank accounts without permission and steal our money. It is why many of us thought electronic banking would be OK.

Regulation E was issued by the Board of Governors of the Federal Reserve System. It's part of the Electronic Fund Transfer Act. It spells out the rights of consumers and financial institutions when it comes to electronic transfers.

Reg-E does a good job of making sure we have a right to get back money that is electronically stolen from us. In your case, Tracey, that means the $49.95 taken out of your account without your permission was redeposited without much of a problem.

Why was there a problem getting back the overdraft fees resulting from that unauthorized debit? For you, Tracey, that means $232.

Your statement clearly shows that the $49.95 check caused four checks in a row to bounce. Your bank charged you $34 for each one of those bounced checks because you had insufficient funds in your account to cover those checks. Your bank also charged you $8 a day for each day after three days that your bank balance was a negative one.

It's important to note that, according to your paperwork, you followed the Reg-E rules to the letter. You reported the fraud to your bank in a timely fashion and wisely closed your account.

The most disturbing piece of paperwork is a letter from your bank explaining to you that although it was obligated to return the $49.95 to your account, it was under no obligation to return any bank charges for overdrafts as a result of that unauthorized debit.

How could we be protected from the companies and not from our own bank? The Federal Reserve says that a bank's obligation to return overdraft fees as a result of an "error" is covered under Reg E. 11 c 6. That covers "correction of an error," stating that a bank must return any fees that result from the error.

Some banks may choose to look at an error as a bank mistake, and unauthorized debits as fraud, not error. The Federal Reserve said 11 c 6. covers unauthorized debits and overdraft fees that result from that debit.

Some banks also seem to think that overdraft fees from fraud can be imposed on some customers and not others. In other words, if you are a good customer, have enough money, rarely bounce checks and, yes, to be fair, keep track of your money so you know how much you have in your account, you will probably not get stuck with those fees.

If on the other hand, you've been a bad customer in the past, one who has bounced checks and not always kept track of your money or lack of it, you could get stuck with those charges.

Regardless of your past history with the bank, if someone fraudulently takes money out of your account, the Federal Reserve protects your right to get back fees paid as a result of an unauthorized debit that throws your account into the red.

The Pennsylvania Department of Banking takes individual complaints about electronic banking problems at 1-800-PA-BANKS. Your complaints are encouraged.

You should check with your bank to find out what its policy is on electronic fraud. If you run into a problem with bank fees as a result of fraud, fight for your money.

Tracey did get all of her money back, including overdraft fees, but this should not be a decision on any bank's part. Under Regulation E, it should be your right.

First published at PG NOW on July 30, 2007 at 11:31 pm
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