Consumer complaint received 2023-06-01
Company: REGIONS FINANCIAL CORPORATION
State: MN
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Can't close your account

Complaint:
XX/XX/XXXX : moved from XXXX XXXX XXXX XXXX XXXX. Updated address information on all bank accounts including Regions Bank in XXXX. Did not close any accounts. 

XX/XX/XXXX : Called Regions Banking information line to inquire whether I could open a CD because the rate for a XXXX-month special was XXXX %. Spoke with XXXX and XXXX. Specifically stated I lived in XXXX, XXXX and asked if this was allowed. I was informed that yes, it was allowed. I was instructed to " draw down '' my money market and checking accounts and transfer the balances into my savings account and then to close both checking and money market accounts. After the balances had transferred, I could open a XXXX through my XXXX account. The total amount I intended to place in XXXX was about {$10000.00}. 

Asked if I could transfer additional money down to add to this XXXX and was told yes. Proceeded to write check from XXXX XXXX in XXXX in the amount of {$10000.00} and remotely deposited this to my Regions account. 

XX/XX/XXXX : Received notice that there was a hold on my remote deposit from XXXX XXXX Called customer service ( XXXX ) and was informed that because it was an out of state check there would be an automatic XXXXday waiting period for it to clear. I would have to wait until it cleared if I wanted to include that money in the XXXX I planned to open. 

XX/XX/XXXX : Called Regions to open XXXX  with the {$10000.00} available from my Regions accounts. Spoke with XXXX and XXXX. Again I was told that because I was out of state, I could still open new accounts but had to use the Regions XXXX customer service line to do so. As directed previously, I closed both checking ( conf XXXX XXXXXXXX ) and money market ( conf XXXX XXXXXXXX ) accounts and opened a XXXX account. I transferred {XXXX} of the XXXX account balance into the XXXX-month special XXXX XXXX at the declared rate of XXXX %. 

I was told once my XXXX XXXX check for {$10000.00} cleared I could either add it to the XXXX or open another XXXX if rates had increased further. 

XX/XX/XXXX : Called former personal banker, XXXX XXXX, at XXXX branch to inquire about transferring money between Regions and XXXX XXXX since check had finally cleared. I was unsure if I wanted to add the {XXXX or keep the cash liquid because some house expenses had come up. XXXX informed me that when my XXXX  account at Regions at closed, the interest rate on my XXXX XXXXropped from 4.25 % to .01 %. XXXX believed I could reopen my checking account which would fix the XXXX  rate, or at least allow me the open to open a different XXXX since I was in the XXXX-day grace period for changes to the XXXX created on XX/XX/XXXX. He instructed me to call the XXXX Customer Service. 

XXXX with XXXX on the XXXX and asked to reopen checking to correct this error. She stated I needed to talk with the XXXX  department and transferred me to XXXX, who stated the XXXX department can not open or close accounts or make changes to existing accounts, she could only act on " tickets '' sent to her department via the Contact XXXX Support Services. She stated the Contact Center does not have a phone number and I as a customer can not contact them. She also stated she can not contact them by phone or fax from her department. XXXX stated that the Contact Center could correct the rate if I opened another checking account and transferred me back to New Accounts to do that. 

Spoke with XXXX from New Accounts on the XXXX who stated I could not in fact open a new XXXX account if I reside outside the Regions " footprint ''. She stated I could retain the XXXX at the existing rate of .01 % because I had the savings account. She stated I should not have been advised to close my checking account because that automatically reduced the CD rate. She consulted with a supervisor and upon return, stated the CD should never have been opened because I live outside the Regions footprint. She stated my only option was to close the CD, pay interest penalties, and in order to close the CD I had to send a notarized letter to the Contact Center Support Services with all my information and request the account be closed. She stated they could send me a check with the balance or I could transfer it to savings. She stated I could then call the XXXX to close out the savings once the money from the CD had been transferred back into Savings. 

She stated there was no option to fax or otherwise get the information to the Contact Center Support Services, which was in charge of approving the closure of the CD. She also stated she could not contact the Contact Center Support Services but provided me with the address in XXXX XXXX She stated I would need to send the notarized request along with a copy of my driver 's license or passport and in my letter explain why I needed to close the account. She stated it would likely take 2-3 days to process my request once the letter was received, and another 7-10 days to close the account and transfer the money into my savings account. She stated because I was within the XXXXday grace period this would not negatively impact me in terms of penalties, or at least the penalties would be minimal. She assured me the penalties assessed would only be applied to interest earned, not principal. 

I expressed dissatisfaction with this outcome because it was all due to errors and misinformation provided to me by XXXX  employees and yet Regions was unable to resolve it internally. XXXX offered me the option to speak to her supervisor and file a complaint which I did. 

Spoke with XXXX, XXXX 's supervisor who stated she would review the calls I made previously to determine whether my version of events was correct. 

Received call fromXXXX, a XXXX of one of the XXXX agents I spoke to. XXXX repeated the information I had received from XXXX : I would have to send a notarized request to the Contact Center Support Services ( unreachable by any other way, according to XXXX and XXXX and XXXX ). XXXX apologized on behalf of Regions. I stated I was deeply dissatisfied with the series of events and pointed out that while Regions had committed the errors that led to this, I would have to pay money of out pocket to resolve these mistakes. Meanwhile, Regions Bank still had the money I had deposited in my savings and XXXX accounts and could earn money on my money which I was unable to access. XXXX stated the mistakes were not intentional. I stated I knew that but the impact was the same regardless. XXXX stated I could keep the interest earned on my CD but with the reduced interest rate that would only amount to XXXX XXXX. I stated I was not satisfied with this and would await the results of their internal complaint review. In total, spent approximately XXXX  hours on the phone. 

XX/XX/XXXX : Write my letter to request closure of XXXX account, included a copy of my driver 's license and passport, my current address, the circumstances necessitating the closure of account, and requested that the balance be transferred to my XXXX  savings rather than have a check mail. Had letter notarized and sent via Certified Mail with XXXX 

XXXX : Set up an " external transfer '' from Regions to my XXXX XXXX account in XXXX so I could transfer savings balance with CD money back to a bank close to me. The Regions portal informed me I could only transfer {$2000.00} per transfer and a max of XXXX per month, with a {XXXX fee per transfer. I decided I would wait and then request to close out this account altogether once the CD had been closed and and the money returned to my XXXX 

XX/XX/XXXX : Confirmed via tracking number that my letter had been received on this date by Contact Center Support Services. 

XX/XX/XXXX : Received letter from Contact Center Support Services denying my request to close CD account for the stated reason : " The account must be closed at a local branch, or the branch where you opened the account. '' ( I opened the account by phone, as previously stated. ) A " XXXX '' number associated with this denial was provided. 

I called the XXXX again ( XXXX ) and first spoke with XXXX XXXX who transferred me to the XXXX  department. Spoke with XXXX in the XXXX servicing department who stated she could not find anything associated with the " XXXX '' number provided and I would have to speak to someone in a different department see if they could research the specifics behind the denial. XXXX stated that there was a XXXXday hold on all new accounts in my name, and also because I sent the request letter ( as directed by Regions ) to the Contact Center Support Services , she had no way of accessing the letter. She stated she could not ask for a copy of the letter from the Contact Center Support Services, nor could she contact them via email, phone, fax, or any other means. She stated I should send a new notarized request to her department in XXXX XXXX and then she would be able to close out the XXXX account. I stated I had been told multiple times by multiple people on XX/XX/XXXX to send the letter to the address in XXXX XXXX and stated this did not make sense to me. She stated I should not have sent the original letter to XXXX even though I had been repeatedly told to do so. She stated I needed to re-write the letter, repeat the process, and then the CD would be closed I could be sent a XXXX XXXX  check. 

I asked to file another complaint, and did so with XXXX. Following that, I asked about closing out my XXXXXXXX account once CD was closed and XXXX stated she did not know about that, I would need to talk to someone else and transferred me to XXXX, a personal banker. XXXX stated XXXX should be able to research the " XXXX '' number associated with my denied request from the Contact Center XXXX  Services department. 

Spoke with XXXX, who stated she would not look up the XXXX number until I had explained the reasons for my call. Once I had, she stated I had probably made a mistake on the letter and should submit it again. She asked me to read the letter to her that I had received from Contact Center Support Services in its entirety, and then restated her position that I should " just try again. '' I stated I had done as instructed and asked her again to look up the " XXXX XXXX' number if she was capable and she finally did, stating that the details stated my request was denied because I had asked for the balance to be transferred into my savings rather than be sent a cashier 's check with the balance. She did not say why this was denied. She stated I would have to talk to the " local branch '' where I opened the account. I stated I had opened the account over the phone. She stated that according to the records, the CD had been opened via the local branch on XXXX XXXX in XXXX and I would have to talk to them. She transferred me to that branch. There was no answer. I let it ring for about XXXX  minutes then hung up and tried calling again. There again was no answer at this local branch. Total time on the phone was slightly over one hour. 

XX/XX/XXXX : Called my previous local Regions branch on XXXX XXXX in XXXX and spoke to a personal banker whose name I did not write down. I was trying to reach XXXX XXXX but he was on vacation. The banker I spoke with stated I can not close a savings account remotely. My only option was to do external transfers with the imposed limits, paying fees each time. This banker stated he did not know another way for me to close out the savings. He stated I should never have been advised to close my checking because that not only ruined the CD rate, it also made it very difficult to get my money back in my own possession. He suggested I called the Regions XXXX and ask for a supervisor in existing accounts to see what they could do to correct all these errors. 

*Because of the never-ending series of transfers every time I try to contact customer support, the opaque nature of the Contact XXXX XXXX  Services who allegedly dictates whether or not I can close the CD which was opened with false information provided to me by Regions employees, the circuitous and erroneous information I have been repeatedly provided by Regions in attempts to remediate these problems, and my fundamental inability to access my own money despite following the procedures laid out by XXXX customer service. All I want is to have my money back. I am now beyond the XXXX-day grace period and do not know what penalties will be assessed or even if Regions will ever close this CD. I have no faith in XXXX to resolve this internally. Previously, as an in-person customer, I had only positive experiences with Regions. However, having moved out of their " footprint '' now I am completely unable to get this resolved and ask for your help.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief