Regions Bank Combined With AmSouth Bank overdraft or funds available ripoff Mansfield Texas
I have banked with Regions Bank in several states over the past several years. My home bank is in Alabama but I am currently living and making deposits in Texas. I recently received a check for work I had done and drove the 45 miles to the branch I currently use and deposited the check in my account.
Later that same day I stopped for dinner and used my Visa Check card and made a purchase at a store near by and used the same card. The bank charged me over draft for both as they did not crdit my deposit until the next morning. This sounds very similar to the BB&T ripoff. I do not know how many big banks have started this practice but Regions seems to have started it since they combined with AmSouth. I found your site while looking for a new bank on the internet and am very grateful for your reports.
Jay
Granbury, Texas
U.S.A.
1 Updates & Rebuttals
Ken
Randolph,Massachusetts,
U.S.A.
Check Clearing
#2Consumer Comment
Mon, July 07, 2008
I understand your frustration, but even if you had deposited before the cutoff time, the check still has to clear... unless it was drawn on Regions bank. And beyond that, if the bank processes debits before credits, you'd still have been overdrawn.
Debit cards don't work like checks, in as much as you don't get the float which allows your deposit to process before the bedit gets to the bank.
I agree with your choice to find a bank (better yet, a credit union) with which you'd be more comfortable, but you are likely to hit this same problem anywhere if you draw against uncollected deposits.