Consumer complaint received 2024-03-20
Product: Checking or savings account — Checking account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: REGIONS FINANCIAL CORPORATION (FL)

When I moved from XXXX XXXX XXXX XXXX in XXXX, our firm stopped banking with XXXX and began a banking relationship with Regions Bank. We opened the business account for XXXX XXXX XXXX XXXX XXXX, at the XXXX XXXX, FL branch in XX/XX/XXXX with XXXX XXXX, Vice President/Commercial Relationship Manager. Throughout the years, since XXXX until just recently, we have executed all of our banking business utilizing the Regions Bank account with close to {$40.00} XXXX dollars of business being negotiated within our account there. 
My firm has never experienced an overdraft or insufficient funds since opening this account with the account maintaining a steady balance of approximately {$250000.00} as liquid capital to execute daily business operations, freight payments, taxes, payroll, normal business expenditures, etc. etc. Until recently I never had a complaint about the service provided by Regions Bank and recommended the bank frequently. 
However, in XX/XX/XXXX, an unauthorized wire transfer of {$6200.00} was attempted and caught as red flag causing the account to be suspended by the bank for our protection. I immediately contacted my local branch XXXX XXXX XXXX to close the account and opened up a new account and transferring all funds available to the new account, in an effort to stop any further attempts to tap into the account. 
However, on Saturday XX/XX/XXXX, when checking the balance online, I discovered that {$250000.00} had disappeared from our business account, through a series of XXXX unauthorized wire transfers, executed and approved on XX/XX/XXXX, XXXX, & XXXX. All wire transfers were approved using the XXXX platform that we were still in the process of being approved to utilize as we had not received the required credentials from Regions Bank. 
The XXXX platform, is a module Regions Bank provides to their business customers only for the purpose of entering, and approving wire transfers of any amount. This module is a separate security product that must be set up by Regions wire department in XXXX, AL ( I believe ), and Regions charges {$65.00} per month for the secured wire transfer module. 
In XX/XX/XXXX, I requested to my bank XXXX XXXX XXXX to start the process to have the XXXX module set up in the XXXX Account. On XX/XX/XXXX, I emailed XXXX XXXX regarding the status of the module credentials, and he said it will take between XXXX to XXXX business days for the module credentials to be available, which will put us to XX/XX/XXXX. We have never received these credentials, and we are still waiting as of the date of this writing. 
Funds started disappearing the immediate following week starting on XX/XX/XXXX. Unfortunately, I had an extremely busy week traveling and was not able to check on the account up until XX/XX/XXXX. I was never notified or called from anyone at the bank regarding these series of wire transfers, which should have triggered a high alert given the recent attempted intrusion of my former account. 
Out of those XXXX wires, apparently there are XXXX beneficiaries, and XXXX of them initiated and approved ( XXXX ) XXXX transfers every day for XXXX consecutive days. That along should triggered a red flag of wire fraud. None of these fraudulent recipients had ever received a wire transfer of funds from my account. I am the only signatory for the bank account and was never notified of this irregular activity on our business account. Supporting emails, letter and police report is attached. 
Regards, XXXX XXXX ( XXXX ) XXXX ( XXXX ) XXXX XXXX XXXX