Complaint / review text:
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:
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!