Consumer complaint received 2020-08-06
Company: REGIONS FINANCIAL CORPORATION
State: FL
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
In XXXX I was offered a business line of credit and visa card thru a banker at Regions Bank in XXXX, FL. I used the account to help my business. In late XXXX my personal life took over my XXXX  concerns when my wife was put into hospital. I had to take care of my XXXX small children. In XX/XX/XXXX my wife recovered and I turned back to my XXXX  which was in trouble. I have spent the last years getting my XXXX  back on track somewhat successfully until very recently. In XXXX I fell behind in payments on my line of credit and Visa card. My wife and I communicated with the bank and made smaller payments when we could. What we did not know was that the banker who had given us the loan had moved to another bank and we had no account manager. As things deteriorated, we tried talking to many people at Regions and no one really helped us. We wanted to turn the credit accounts into a long term fixed rate loan. We were not getting anywhere and we got calls from Regions reps asking for payment ( we found out later that they were collections agents who work directly for Regions but would never identify themselves as such. We thought we were still working with the bank. We continued to make payments on the line of credit and Visa card up until XX/XX/XXXX. We then found out that the loan had been charged off in XX/XX/XXXX. We have not been able to make any progress to get the accounts back in good standing. We are not sophisticated financiers. We have found out that the line of credit is listed as an " automobile loan ''. In early XXXX, I had a representative on the phone and as usual was asking about the state of the account and had it been turned into a long term loan. She said that it had and when I asked what the rate was she said : zero. She also gave us an opportunity to pay {$77000.00} to pay off the account or make monthly payments of {$980.00}. I told her that we were not able to pay the {$77000.00} but were willing to pay the {$980.00} per month. After the call, I was a little confused since she was with the mortgage loan dept. My wife had called the number back and got another rep. who told her that if we did not get current, the bank would " take our home ''. 
At this point our business is back on track and trying to expand and we are unable to move forward since we cant make any progress with Regions. I still have no account rep. I cant get an answer as to where the money I paid went to. It cant pay down a charge off. Our family owner company is struggling to survive and we need some resolution and a path forward to resolve the past with Regions and we keep getting bumped into the mortgage foreclosure dept. This is all a result of our account manager moving on and Regions not assigning us a new account manager. Instead we got swept up into a huge online system and have experienced tremendous hardship as a result.

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