Consumer complaint received 2024-02-22 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: REGIONS FINANCIAL CORPORATION
State: FL

Complaint narrative:
My husband and I XXXX XXXX XXXX XXXX that requires cash deposits nightly. We have chosen Region banks to manage our business account. In the beginning it appeared as though the account was working out for us, but then after a couple of months we notice that we were receiving more overdraft fees, due to the business being a cash business it has required us to make nightly deposits to cover the written checks due to the store merchandise. Many of nights we would attempt to make deposits at different locations and notice that 75 precent of the time the ATM would be down. We then notice that as we continued as business owners that we continue to make nightly deposits. We notice that when making cash deposits after XXXX that a notice would appear on the screen that informed that any cash that is deposited after XXXX would not be credited until the following business day, although we could clearly see that the deposit was reflecting in the nightly deposits. This has cause multiple overdraft charges towards the account. When we would call to address the matter the banking representee could only returned three overdrafts fee. We also notice that after a certain amount of nightly deposits that regions would charge a fee to make a deposit. We also have our credit card system making daily deposits and regions will continue to charge overdraft fees. We recently had an issue where an unauthorized charge was made to the business account. Regions sent a text message asking if the business authorize the transactions, we the consumers responded no, we then received a respond back by text informing us that they were going to close out the card, we then called regions to inform that we did not authorize the charge. The banker informed us that the charge would be blocked. This happen on a Friday XX/XX/XXXX, Monday was XXXX XXXX when we checked the account the amount of XXXX was pending, we called again on Tuesday to inform that of the matter they informed us that they would be making a compliant and that it could take up to 10 days before the money was returned to the account. I explain to the banker that I called in informing regions on Friday regarding this matter, I informed that banker that they allowed someone to get away with almost XXXX dollars and now regions is informing us that it could take up to 10 business day before the funds are returned. I ask to speak with a supervisor, and she provided us with the same information. I informed her that regions has been a disservice to us I begin to complain about the constant over daft fees that the business has occurred due to the cash not being deposited before XXXX I then informed the online banker that this doesn't make any sense when the cash deposit reflects in the account immediately, meaning if we wanted to make a withdraw from the account with the funds that were deposited at the time we could. The banker supervisor just apologized and informed us that she there was nothing that she could do. The banker informed us that it could still take up to 10 days before the funds were returned to the account, the baker informed us that they would be sending us an email with the claim information, we never received it, we then made our attempts to call back and was told the same thing that a claim was put in and it could take up to ten days. Please advise us on we can move forward it appears as though regions bank is not making any sense their protocols.

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