Consumer complaint received 2024-08-23
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Getting a line of credit — 
Company: REGIONS FINANCIAL CORPORATION (AL)

On XX/XX/year>, XXXX XXXX and XXXX XXXX ( daughter ) spoke with XXXX XXXX at Regions Bank ( Address : XXXX XXXX XXXX. XXXXXXXX XXXX XXXXXXXX XXXX XXXX # XXXX ). The initial call was to inquire about a personal secured loan at Regions for XXXX XXXX who did not bank with Regions at the time but XXXX has been banking with Regions over 20-yrs. We were at XXXX XXXX XXXX shopping for furniture. We advised that XXXX has the {$8000.00} requested in her credit union bank account and would like to get the loan to ease the financial stress we were going through while moving. 
XXXX advised to stop by the bank and she would get us going. It was late in the business day on a Friday ( around XXXX ). XXXX advised to go to XXXX 's XXXX XXXX XXXX XXXX to make the withdrawal, come back to Regions before closing and she could start the process. We did and when we returned she processed the beginning process of the loan for {$8500.00}, printed the initial documentation and documents were signed. XXXX also opened a checking account and savings account at the Regions branch as well same day. 
XXXX advised that she would call us on Monday for updated status. However, she was out XXXX  and her co-worker XXXX hesitantly assisted us. We advised that we were there to check the status of the personal secure loan applied for. XXXX started a chat with XXXX on her computer. After the conversation with XXXX, XXXX advised " the hold has been released '' and asked us " how much do you want the check for to send to XXXX. We called the furniture store on speaker to confirm the amount ( {$7300.00} ) and XXXX asked what type of check did we want? Puzzled we answered, " I guess a cashier 's check ). XXXX printed the cashier 's check and handed it to us with no paperwork attached. We asked did we need to sign anything and she responded, " No ''. 
The following day ( XXXX ), we called XXXX to follow-up and she advised that because " we chose to take the money out, there is nothing left to secure the loan because the loan process had not cleared '' We advised that we consistently told XXXX ( in her absence ) that we were there to check the status of the personal secured loan. XXXX advised XXXX Never mentioned that on the chat with her and there is nothing they can do about the error unless we deposit ANOTHER {$8000.00}. We advised that would not happen because XXXX. ) We trusted this bank with XXXX 's life savings ( XXXX of age ) - which she Chose to with draw from her credit union of over 30-yrs to start over with a bank she thought she could trust while building up her credit. XXXX. ) We signed paperwork and broke our back trying to beat the banks from closing on XXXX to even start the process. So why would we do all of that just to make the same withdrawal made days earlier just to take it to the same furniture store we could have just taken directly there without Regions being involved at all? 
We stopped by to personally speak to XXXX on Thursday, XXXX. She advised that she Admits that Regions dropped the ball on this loan process and its is " Unfortunate, but unfortunately it is nothing they can do about it ''. She further commented that " At least our furniture is paid off and we do not have to worry about a monthly payment ''. XXXX nor the 6-customer service associates we spoke to at XXXX offered not one effort of solution or an apology for what happened. 
XXXX XXXX is XXXX of age, was in the process of trusting a bank with her life savings when Regions pulled this and with no answers other than they admit they made a big mistake. We are reporting this very SERIOUS matter in hopes of some sort of resolution and to prevent this from happening to ANYONE else. Thank you for your assistance.