Consumer complaint received 2017-05-16
Company: REGIONS FINANCIAL CORPORATION
State: AL
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
On  XXXX   XXXX  I deposited a {$6000.00} check via my mobile device into my new account at Regions Bank in  XXXX , Al. The payor was a jewelry company that purchased an item from me. That company is located across  the street fr om Regions in  XXXX  and their check was drawn on a local bank. I was recently divorced and chose per my decree to return to my previous name  XXXX   XXXX . I opened the new account under  XXXX . I was previously  XXXX   XXXX  and the check was payable to  XXXX . On  XXXX   XXXX  I realized the deposit had not been credited to my account so I called Regions Customer Service. I was told the process normally takes  24  hours and would possibly post that day. It did not post that day so I called Customer service again and I was told that federal law allowed them to hold my deposit for 11 days. On The night of  XXXX   XXXX  I checked my mail and I had received a letter from Regions fraud department that said " we have received confidential information that the deposited check may not be paid '' and the funds would not be available until  XXXX   XXXX . On  XXXX   XXXX  I went into Regions to check on the possible fraud issue and I was told it was not fraud but the check was not paid by the payor 's bank due to NSF funds. I went across  the street to the jeweler that wrote the check. I viewed his on line account and saw that the check WAS  paid and had been drafted from his account. I also spoke to his banker who also confirmed that Regions had been paid for the check and it cleared the payors account and the funds were available. There was never an NSF issued. I went back to Regions and spoke again to the assistant manager, who then said there was a problem with my identify. I immediately provided her with my drivers license, SS card, and voters registration card, ALL under  XXXX . I then pointed out to her that Regions allowed me to open the account under  XXXX  with a  XXXX  ID. She contacted the operations manager and the fraud department in an effort to at least release a portion of my funds to meet my immediate need. The bank refused my request even though they had received the funds and I had proven my identity. This caused an egregious hardship on me and my family. Regions employees all told different lies about the receipt of the funds and the reasons for the lengthy hold. Even though the bank may be legally allowed to deny me access for 11 days to my money there was never a valid reason for them to do so. I am furious! They even offered me a LOC that would cost me interest to cover my immediate need. Regions should be paying me interest for holding my money! The law that allows banks to do that should be amended to define " just cause '' if the funds have been paid and consumer ID is verified.    XXXX   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 non-monetary relief