Consumer complaint received 2023-12-04
Company: REGIONS FINANCIAL CORPORATION
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process
Sub-issue: Lien release

Complaint:
On XX/XX/2023, I entered the Regions Bank on XXXX XXXX in XXXX, Florida with enough money to pay off the loan balance in full. I had already called for the exact payoff amount. I was told in an email that the payoff amount was DUE DATE OF PAYMENT : XX/XX/2023 THE CURRENT UNPAID BALANCE IS : {$33000.00} PERIODIC FINANCE CHARGE THROUGH XXXX TOTAL PERIODIC FINANCE CHARGE DUE XXXX TOTAL AMOUNT DUE FOR LIEN RELEASE {$33000.00} XXXX XXXX, Relationship Banker II, brought me inside her cubicle. I was amazed to find out according to XXXX XXXX, that the email letter could not be retrieved from my laptop inside Regions Bank because this bank with hundreds of branch offices does not have wifi in the entire bank. So, XXXX XXXX called some phone number and got the payoff amount, which is the same amount I got in the letter. {$33000.00}. 
Using cash and every penny in my bank account, plus {$260.00} from my social security debit card, XXXX XXXX, an experienced banker who completely knew that I was there at the bank for the purposes of PAYOFF and LIEN RELEASE then got up from her chair, went to the tellers, and came back with a receipt for me, just a single receipt, in the amount of {$33000.00}. Naive about bank procedures for payoff of horrible loans, or any loan for that matter, I asked XXXX XXXX for reassurance. " Does this receipt verify that I have paid off the loan in full? '' I asked her. " Yes, it does, '' she assured me. " And the horrible insurance you put on my house -- this is now terminated as well? '' " Yes, '' she replied. " No more insurance payments? '' " No. '' " Well, where is the paperwork to verify all of that? '' I inquired. " It will come in the mail to you, '' XXXX replied. Most certainly XXXX XXXX knew that she was lying to me. I felt very uncomfortable since Regions Bank, XXXX XXXX, had previously lied to me about this loan/insurance to give me this despicable loan in the first place. I went home and made a call to the XXXX Regions Customer Service phone number. After much frustration I was able to get a live person. And this person told me the LOAN WAS STILL OPEN. " Why '' I inquired. " Because they ran it as a MONTHLY PAYMENT rather than as a payoff. '' " What can we do to solve this? '' I asked her. " All they have to do is re-run it as a payoff. '' But no. Regions didn't do that. Instead, they send me a letter saying there is an open investigation and the estimated Resolution Date is XX/XX/2023. This means that the loan is still open so that they can try to soak even more money and more useless, expensive despicable worthless insurance on me. I would like the CFPB to investigate and to read my previous complaint against Regions Bank because this intentional misrepresentation is further proof that Regions did me dirty in the first place by cancelling a perfectly good loan and giving me a predatory loan with despicable expensive worthless insurance after LYING TO ME and telling me that her friend, the insurance agent, would take insurance payments out of my bank account on autopay. That was a lie and then the worthless expensive insurance was placed on my house which almost doubled the monthly payments. I am so glad to be rid of REGIONS BANK and their predatory loans. They need to rerun my money immediately and remove their despicable lien from my home. I hope you will read my previous complaint about them which in greater detail proves the despicable predatory loan that they made me suffer through. This loan needs to be done and should have been done on XX/XX/2023. Instead, they are dragging this out so that they can look innocent and charge me even more money. Absolutely despicable. I am including the first complaint because now there is further proof and further evidence that I was telling the truth all along about this vile bank. Their last response letter skirted all of the important issues. This time, I want this horrible predatory loan to be closed out in full, with a release of lien letter, and an apology, etc. Just unbelievable what this bank does to people.

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 explanation