Consumer complaint received 2020-08-27
Company: REGIONS FINANCIAL CORPORATION
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
On XX/XX/XXXX I went to the XXXX branch of Regions Bank and asked what we owed on a XXXX XXXX truck. XXXX XXXX printed out a Loan Calculator with Extra Payments which showed our ending balance to be {$42000.00}. He checked the XXXX XXXX for resell value and told me we were $ XXXX {$12000.00} upside down on the loan. I took the information provided to be correct and did not question the banker. At first I kept the news to myself. Eventually I spoke with friends, relatives and financial advisors regarding the issue. The resounding resolution appeared to be letting the truck be repossessed. This was a devastating thought. At my wits end, I finally informed my husband of the situation. At that point, we went to the XXXX office to discuss the problem. We did not have an appointment. We were directed to the drive-thru. The account was never found and no resolution was provided. We made an appointment to talk with XXXX at the XXXX branch at XXXX XX/XX/XXXX. That appointment was canceled via an email saying I had canceled the appointment, which I did not. The appointment was actually canceled by the bank due to the branch being closed after an employee tested positive for Covid 19. After  being on hold for over 30 minutes to reschedule the line was disconnected. After a 37 minute wait I was told the cancellation was due to the XXXX branch being closed due to Covid 19. I  realize the stress Covid 19 has put on businesses, however sending an email stating a customer canceled an appointment when in fact the cancellation was not at customer request is unacceptable. Just another red flag causing our faith in quality and competent customer service from Regions to be doubted. An appointment was made at the XXXX XXXX location for XXXX XX/XX/XXXX. XXXX assisted us to the best of his ability. Since there was no management on site we left still disillusioned, disappointed, and discouraged. We asked XXXX to provide us with the contact information for Bank Examiner.  He was unable to locate such information. XXXX XXXX XXXX was called on Tuesday, XX/XX/XXXX after our Friday meeting with XXXX. She asked questions and tried to make sense of the situation. Several days later we were told the XXXX branch would need to handle the issue since the misinformation was provided through them. XXXX XXXX called XX/XX/XXXX to begin the investigation. An appointment was made and kept with XXXX XXXX at XXXX XX/XX/XXXX. An email was sent to XXXX XXXX XX/XX/XXXX with the following information to facilitate Regions in being knowledgeable of the incident and our expectation. " We experienced undue pain and suffering from being told we owed several thousand dollars more than we actually did. We would like for Regions to take responsibility for this miscalculation in the form of authorizing a new loan with zero interest. The purpose for our meeting on Thursday is to discuss the situation, our request, and Regions resolution. Please contact me if you have questions or concerns before the meeting. When we leave the meeting an agreement for compensation needs to be agreed upon, and/or Bank XXXX contact information provided. '' The email was never acknowledged or answered. When we left XXXX XXXX ' office XX/XX/XXXX she assured us her supervisor, XXXX XXXX would be in contact. She said she would file a complaint with Regions regarding the misrepresentation of loan balance. To date our requests for copies of complaint has been ignored. XXXX XXXX did call today XX/XX/XXXX at XXXX. During the span of the 19 minute phone call Mr. XXXX mispronounced our name even after being corrected several times. Mr. XXXX questioned my " common sense '' and " prudence '' since I did not question the information provided by the Regions banker, XXXX XXXX. He asked what resolution we were seeking. He stated that no restitution was in order for the situation when I said we felt the loan should be refinanced at zero percent to compensate for the anquish caused by misrepresentation of Regions employee. At this point, I made the declaration that not once had anyone from Regions apologized for the inaccurate information provided. Mr. XXXX then offered his apologies for any wrong information received. He said he would be in contact before the close of business XX/XX/XXXX with information on updated loan statements. I had asked for a contact to report the misrepresentation from the XXXX XXXX and XXXX branches of Regions. Neither branch was able to provide requested contact information. Mr. XXXX told me to contact Consumer Financial Protection Board. I am trusting that Consumer Financial Protection Bureau will consider the incident and provide a report accordingly. Thanks in advance for your assistance. XXXX XXXX

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