Complaint Review: REGIONS BANK - MANY LOCATIONS Florida
- REGIONS BANK MULTI STATE ADDRESSES MANY LOCATIONS, Florida U.S.A.
- Phone: 800-AMSOUTH
- Web:
- Category: Banks
Regions Bank using Overdraft Limit feature to rip you off. CANCEL THIS FEATURE ASAP! MANY LOCATIONS Florida
*Consumer Suggestion: I would also file a public comment with the Fed Reserve
*Consumer Comment: You are missing the point
*Consumer Comment: The alleged angry customers had better leardn how to correctly bank.
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We have filed a complaint with the Florida Office of Financial Regulation (www.flofr.com) accusing Regions Bank with unfair business practices.
Regions Bank is using what they claim is a consumer feature called a 'Overdraft Limit' that pays incoming charges no matter your account balance. It will pay up to $500 in charges after your account is overdrawn.
Regions is charging consumers anywhere from $33 to $35 for each paid item under the 'Overdraft Limit' feature. The average total fee charges to consumers under this feature is estimated to be around $210. This is making Regions very wealthy and making consumers very angry.
This feature should not be confused with Overdraft Protection. Overdraft Protection is a feature that links accounts for overdraft coverage. Service Reps make this confusing by trying to tell you there is no 'Overdraft Protection' feature on your account, but not tell you of the 'Overdraft Limit' feature.
You can have the 'Overdraft Limit' feature removed from your account, but the customer service rep at the 800 number will tell you that it can take 3 to 10 days to remove. This is untrue. Your local branch can remove it immediately. Regions is purposely hiding this fact.
Additionally REGIONS BANK WILL RE-APPLY THIS FEATURE TO YOUR ACCOUNT AFTER 30 DAYS WITHOUT NOTICE IF YOUR ACCOUNT IS IN GOOD STANDING AND NOT OVERDRAWN! We believe this is a strategic attempt to gain fees from you in the future. We also believe that this action may be construed as fraudulent if a complaint were to be made at the County level (lawsuit).
If you have experienced this fee unfairly, live in Florida, and feel that you can do something, fill out this complaint form:
http://www.flofr.com/Director/FIComplaint_Form.pdf
We site all the information in this complaint from Regions customer service representatives, branch managers, and branch tellers. We were told 'off the record' by certain Regions employees that this is a fee strategy handed down from the upper level leaders of the bank. Furthermore, certain employees have given us private email addresses to let them know how our complaint with the state turns out as they are also frustrated with consumer complaints.
Regions Bank has crossed the line between ethics and greed. Their strategies are meant to fill the pockets of the bank at the consumers expense during a time when the American economy is faltering. Kick us when we're down Regions!
Angry Regions Bank consumer
Jacksonville, Florida
U.S.A.
This report was posted on Ripoff Report on 07/23/2008 05:37 AM and is a permanent record located here: https://www.ripoffreport.com/reports/regions-bank/many-locations-florida/regions-bank-using-overdraft-limit-feature-to-rip-you-off-cancel-this-feature-asap-many-354544. 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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#3 Consumer Suggestion
I would also file a public comment with the Fed Reserve
AUTHOR: J G Shrugged - (U.S.A.)
SUBMITTED: Wednesday, July 23, 2008
They are seeking comments for another few weeks on proposed changes to banking regulations which include making sure that overdraft protection is truely "opt-out"-able.
#2 Consumer Comment
You are missing the point
AUTHOR: Ken - (U.S.A.)
SUBMITTED: Wednesday, July 23, 2008
At my particular financial institution I can have $500 overdraft protection. If I choose, they will set it to zero.
With the overdraft protection, if I bounce a check, they will pay it and charge me $25. If I don't have overdraft protection, they will return the item...and charge me $25! But now I will also have to pay (likely) the party to whom I gave the check.
Why would I not want them to pay the check? There seems to be a perception that they do this for the fees, but the fact of the matter is that you get the fee either way.
#1 Consumer Comment
The alleged angry customers had better leardn how to correctly bank.
AUTHOR: John - (U.S.A.)
SUBMITTED: Wednesday, July 23, 2008
Overdraft protection id there 'in case' you overdraft. It is not to allow you to do it. Especially regularly. No ripoff. Learn to track your finances properly.
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