Consumer complaint received 2024-10-09
Product: Checking or savings account — Savings account
Issue: Closing an account — Company closed your account
Company: REGIONS FINANCIAL CORPORATION (TX)

Subject : Formal Complaint Regarding Unjustified and Unconsulted Account Closures by Regions Bank To : Consumer Financial Protection Bureau ( CFPB ) Date : XX/XX/year> Complainant Information : XXXX XXXX De XXXX XXXX Park XXXX XXXX XXXX XXXX XXXX, TX XXXX Email : XXXX Phone : XXXX ( XXXX ) XXXX Complaint Details : I am writing to complain about the recent closure of my Regions Bank formally accounts ( Money Market accounts XXXX, XXXX, and Checking account XXXX ) by the XXXX, Florida branch XXXX The closures were carried out without any prior consultation, notice, or justifiable explanation, resulting in severe financial consequences and emotional distress. 
Background : As a loyal customer of Regions Bank for over three years, I have maintained my accounts responsibly, ensuring compliance with all bank requirements, including minimum balance thresholds. I consistently managed my accounts in a manner that upholds the highest standards of financial stewardship. 

On XX/XX/year>, in response to a request from my Relationship Banker, XXXX XXXX XXXX, I provided updated contact information and personal identification details, including my Guatemalan identification document ( DPI No. XXXX ). I also provided details regarding my prior professional position in XXXX, along with legal documents affirming my resignation and clarifying that I had no involvement in public procurement or fund management. Despite my proactive approach in updating my records and ensuring compliance, my accounts were closed on XX/XX/year>, without any prior notification. 

Impact : Financial Inconvenience : The closure of my accounts has restricted my access to funds, leading to declined transactions and significant financial complications. On XX/XX/year>, I was unable to complete a transfer to pay my monthly rent in XXXX, Texas. This has placed me in a precarious financial position with my landlord, resulting in penalties and potential harm to my credit rating. 

Lack of Transparency and Communication : I did not receive any information regarding the closure of my accounts until XX/XX/year>, after multiple failed attempts to contact the branch. I was informed via phone that my remaining funds would be returned via mailed checks with a delivery time of up to XXXX business days. This delay has subjected me to late fees and additional financial burdens, which could have been prevented with proper notice. 

Ongoing Disruption and Emotional Distress : Since XX/XX/year>, I have been requesting further information via email but have received no clear response or feedback from Regions Bank. This lack of communication has added to my emotional distress, as I continue to face financial uncertainty due to the actions taken by the bank. 

Request for Remediation : I respectfully request that the Consumer Financial Protection Bureau ( CFPB ) investigate this matter to determine whether Regions Bank has acted in accordance with consumer protection laws. I seek the following remediation : A detailed explanation for the closure of my accounts. 
Compensation for any financial damages incurred due to delayed access to my funds, including demurrage fees, late payment penalties, and any adverse impacts on my credit rating. 

Ensure that Regions Bank will implement more transparent communication protocols for notifying customers of account closures to avoid similar situations in the future. 

This situation has impacted me financially and caused considerable emotional distress. I rely on Regions Bank to manage my funds securely, and this unprofessional handling of my accounts has compromised my trust in the institution. 

Thank you for your attention to this matter. I look forward to a timely response and a resolution that addresses the issues I have raised. 

Sincerely, XXXX XXXX De XXXX XXXX XXXX ( XXXX ) XXXX