Consumer complaint received 2021-09-27
Company: REGIONS FINANCIAL CORPORATION
State: TX
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Getting a credit card
Sub-issue: Delay in processing application

Complaint:
On XX/XX/2021, I received an email from XXXX XXXX of XXXX advising me that I was approved for the XXXX XXXX for my business, XXXX XXXX XXXX XXXX XXXX. The terms included submitting a one-time refundable deposit to get access to 3 times my deposit amount. I submitted the {$500.00} deposit to receive access to the credit line. On XX/XX/XXXX, I followed up with XXXX regarding the approval and to figure out why my credit limit only reflected {$500.00}. He then told me that he accidentally sent me the wrong email and that I actually did not qualify for the account that I paid the {$500.00} for. Instead, I only qualified for a regular secured card. After he explained his mistake, I chose to cancel the card and account. I was told that the refund of my {$500.00} deposit would take up to 6 weeks to receive. 

On XX/XX/XXXX, I spoke with XXXX XXXX, XXXX XXXX ( Employee ID : XXXX ) to check the refund status. I was told by XXXX that I would not be able to receive my refund for the BP Solutions card because I was not an authorized person on the account that I canceled months ago. Ludicrous! Not sure how that works since I submitted MY personal information to acquire the account in the first place. I am the sole owner of the business. 

Additionally, I applied for the Universal Premium Fleetcard, not realizing the issuer of this card is the same company- XXXX. The same situation occurred. I submitted a {$500.00} deposit through my bank on or around XX/XX/XXXX, and have not received the card. It is now XX/XX/XXXX. 

I spoke with XXXX XXXX of XXXX on XX/XX/XXXX and he advised me the Universal Fleetcard had already shipped, and to wait for it to arrive in the mail. He said it would take upwards of 60 days to cancel the account and receive a refund for my deposit if I decided to cancel before the card arrived. I opted to just wait for the card. He then followed up with me on XX/XX/XXXX via email about my XXXX XXXX account to tell me that my refund is being processed and the approximate new time frame is 4 weeks. 

At this point, I need both of my deposits back ASAP. I no longer want to do any business with XXXX. 

I have spoken with multiple employees from this company and no one can give me a detailed explanation about where my deposits are. I never received account numbers or confirmation numbers regarding these transactions either. All I have are emails. My next steps will be to seek legal counsel if this does not get resolved by a competent representative of this company. This should have NEVER occurred. You can not hold onto customers ' money and not provide services. 

I HAVE CALLED THIS FRAUDULENT COMPANY MULTIPLE TIMES TO RECTIFY THIS ISSUE. I NEED BOTH OF MY DEPOSITS RETURNED TO ME ASAP. This company ( or lack thereof ) has fraudulently misrepresented itself and has lost all credibility from me.

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 monetary relief