- Report: #1062265
Complaint Review: Regions Bank - clermont Georgia
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Regions Bank
5205 Cleveland Highway, Unit 10p clermont, 30527 Georgia, USA
Phone:
706-983-3410
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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!!!!
1 Updates & Rebuttals
Jim
Anaheim,California,
Unfortunately - It's Now Legal
#2Consumer Comment
Wed, June 26, 2013
BofA decided to settle the case for which each person in the class received about $90, but Wells Fargo in a similar case decided not to settle. The result was the courts deciding the practice of reordering transactions is legal based on the adequate disclosure of such practice in the account agreement. I don't specifically know Regions Bank, but the agreements are pretty universal as you review bank to bank. So a class action suit against Regions will likely not go very far based on current legal precedent.
Regions, like every other bank, has been employing the practice of reordering transactions for quite a while. At this point, I would go to your credit union now; I would not even wait because you're not going to get a refund. Best of luck to you.
