Regions Financial review: overdraft fees 17

We made several debit card purchases over the weekend on Saturday and Sunday Which left $88 in our account on Monday. Monday at 3:00PM I went to O'riellys auto parts and bought a brake caliper and rotor for my car (which was up on a jack disassembled). that single purchase including the core charge overdrew our account by about $75, later that day we returned a part that we realized was under warranty and got $120 credited back to our account.

7 items that we purchased over the weekend posted monday night and we were charged $245 in overdraft fees (despite the fact that the single overdraft item was still pending and had not cleared yet... here is a snapshot of our account!

Debit Balance
08/03/2009 OD FEE NSF OD FEE CLR $245.00 ($167.55)
08/03/2009 CHK CRD CVS PHARMACY #6 CLR $2.99 $77.45
08/03/2009 CHK CRD LJS #23349 CLR $7.72 $80.44
08/03/2009 CHK CRD KMART CLR $9.00 $88.16
08/03/2009 CHK CRD HARDEE S #3 1 CLR $15.35 $97.16
08/03/2009 CHK CRD SHOE CARNIVAL # CLR $19.08 $112.51
08/03/2009 CHK CRD CVS PHARMACY #2 CLR $19.99 $131.59
08/03/2009 CHK CRD WM SUPERCENTER CLR $21.08 $151.58

You can clearly see there was money in the account for those items

The next day a few more weekend purchases cleared...

Debit Credit Balance
08/04/2009 OD FEE NSF OD FEE CLR $105.00 ($261.71)
08/04/2009 CHK CRD HARDEES 1501031 CLR $2.53 ($156.71)
08/04/2009 CHK CRD HARDEES 1501031 CLR $3.58 ($154.18)
08/04/2009 CHK CRD HARDEE S #12 1 CLR $4.24 ($150.60)
08/04/2009 CREDIT AUTOZONE #0136 CLR $21.19 ($146.36)

That puts us up to ten $35 overdraft fees and ... you guessed it, the offending transaction is still pending!

Pending Transactions
8/5/2009 PU OREILLY AUTO PA PND ($146.26) ($407.97)

and our $120 credit from O'riellys is still not even showing up!

all total when everything clears we will have $385 in overdraft fees for a single item. I understand posting items largest to smallest I learned that lesson at a different bank four years ago, but now it seems Regions Bank is holding transactions for several days and then running them largest to smallest, even though the items have not even been paid by the bank yet! Regions bank is preying on low and middle income families that live paycheck to paycheck in order to make up for the downturn in the economy. Avoid Regions Bank like the plague!

It is not the Banks fault for the overdraft. It is the persons resonbility to have the $ in the account before ANY purchase is made regarless which items the bank posts first. If you had money in the account this wouldn't have happened. It is also the customers responsibility to keep a check register so this doesn't happen. Why is always the credit union or banks fault for overdrafting the account? Did the bank take money out of your account and make you go negative? I highly doubt it.

No, It's my fault for 1 overdraft and I'd gladly pay $35 for the banks inconvenience; I am not however responsible for $385 overdraft fee for 1 item! If you look at the statement above you'd see I would still not be overdrawn were it not for the fees since the questionable item still has not cleared the bank, not to mention that these are ALL Debit card transactions and could have been rejected by the bank to prevent overdraft. 10 years ago banks charged $5 per item and ran things through chronologically when they received the transaction. Some local banks still today charge $22 for all items that were overdrawn in a day, not per item. The practice I detailed above is predatory and discriminates against those with poor credit and low income. I applied 3 times for overdraft protection and was refused, even though I have direct deposit $600-$1200 every 2 weeks and my wife direct deposits $300 every week for 2-3 years, but somehow we do not qualify for $300 overdraft?

Exact same thing happened to my husbands and my account this weekend. I am waiting to see what the grand total of over draft fee's is gonna be. On Monday my Husband Deposited $1000 cash into our account but it did not go in till Wednesday Morning. Our account Is all messed up because Century 21 (AIG) Insurance took out money in a pending transaction on Sunday morning ( That was not expose to come out till Sept 2), so we put a $1000 into the back on Monday thinking it would catch this Mistake until C21 puts our money back in, But instead regions took that transaction out first because it was the highest, and then took out 7 small transactions that had been pending since Friday night(which I had enough money in the account to cover these transactions), then left our deposit Pending? Funny thing is, that regions has yet to hit up our account with the fee's, I refuse to use my checkcard or touch this account until they put the fee's on there. I am starting to think that they are not taking out the fee's because they are waiting for me to spend some of my money so they can hit me with fee's twice. As soon as C21 deposits the money back into this account and another deposit from Target should be coming thru, we are closing this account out and going to A Credit Union.

@Hutch_man01

I really dare to put the blame for overdrafts on the banks aswell, there way of proccesing the transactions and the delay that comes withit makes banking a blurry mess, but i also dare to agree with you that offcourse it's mainly our own responsabilty, it is the way the banks deal with those overdrafts what makes people so pissed.

Bottom line the banks just should do there jobs, store money and loan money when needed, there is no justification for a 35 dollar intrest on a few days loan, then i won't even start about the fact that you have to pay a fee per transaction couse everyone with common sence would figure out the amounth of the fee should be a x% of the money you have overdrawn for that certain time.

Happens all the time with all banks. Moral of the story? Quit using money that doesn't exist. Easy enough.

Quite honestly, the only way to get all of the banks attention in the U.S. is to boycott all of them. Why do we even use banks anyway? They don't pay us interest, they charge us outrageous interest rates on loans, and that's even if they'll give us a loan at all. They charge mind boggling NSF and overdraft fees. What the hell is good about using a bank, o yea I forget, your money is secure. Yea right, from who, outrageous bank fees? Buy a fire proof safe, bolt it to the floor and store your money in there, at least you'll know when your out of money in real time.

Huh, what's that, what about paying your mortgage and other bills? Find a money box, walmart or some other store that sells money orders (Not the post office they charge a buck plus for theirs) spend 60 cents on a money order and avoid giving the bank your hard earned cash.

I'm just saying, you gotta fight with your money, the less the banks have of it, the more desperate they become. Then make sure you don't vote for some ### who's gonna give them a bailout.

The bank will have in pending something that will be taken from your account. You see this and go to the bank asap to put in money or move it directly on line from another account in the same bank. Suddenly an hour later, after you moved money what was at the top will appear below before your new deposit. Therefore more fees.

The bank flips order to charge fees. They also charge for depositing cash. Can you believe that? Regions Bank is all about ripping you off. A bank charging for depositing cash is unbelievable in my opinion. Amazing.

American banks are very tough on their customers. I live in the UK and have a £500 interest free overdraft. If I was to go over the £500 limit there is no fee, just annual interest caculated daily on the amount overdrawn which equates to a few pennies a day if you are overdrawn by a small amount.

Considering the American banks are to blame for the global financial meltdown and were loaned $750 billion by the Federal government, I'm surprised that they haven't taken it a bit easier on the hard working folks on Main Street.

It is tantamount to theft.

This has happened to me, too. Regions notified me several times that the government made them stop honoring debit card transactions when there is insufficient funds. The card will be refused. This is because there is a paradigm shift in the way all of us pay for things now. It is an adjustment that the banks are taking advantage of, and the government called them on. After several days of numerous overdraft charges I got a notification by mail. No phone call, no email. They made the excuse that they can still do this to a business account holder. It is a loop-hole in the law allowing for more customer rip-offs. Hundreds of dollars of $35 fees for small ticket items. I am quitting Regions.

Hello:Hello: I do not understand why you people let the banks do this to you, don't you have any back bone? Send them a letter and tell them if the fees aren't refunded you are going to file a law suit. If they don't. File it. Its $75 in Small claims. Let them pay an attorney $1, 000 to keep the $35. I'll bet you $100 to a $1 that they give the money back, its all about money. I have sent 5 letters to banks in my lifetime. 4 gave the money back right away. One I had to file a suit. Their attorney called me and said you can't win this, I said I don't care, they have to pay you to keeo me from winning it. Next day they refunded my money.

So happy the original poster put this here. I have to check my account online several times a day as well as after midnight because Regions updates so SLOW that in a two hour period I will see items 'pending' not there anymore, then return, and then several days later finally be marked as being paid. Recently, two companies double dipped into my account, credited me and I saw the credit as 'pending' the same time as a deposit of money that was going into my account. You would think that at midnight, the bills going through would pass through with the credits and deposit and everything would clear at the same time. Right? Wrong! Regions charged me $140 that the double dipping threw off and then would not refund me due to the fact that it was the two companies faults, which I had in writing.
Now, I see that free checking is not offered and if you do not have a monthly deposit from your job, you need to make several transactions per month or you will be charged. There are other rules to avoid the monthly charge but I figure if I simply transfer money to and from my paypal account, I can avoid that.
Something has to give. This recession is causing banks to become serious vultures and Regions eventually will pay the price for this much like Bank of America and two others that were sued.

I recently had that happen to me, My husband used his debit card and went over the amount in the bank by 20 dollars, this was a Friday evening after 5 p.m., I rush the next day to put the money in the account, before going I checked my account online and the debit card purchase was still pending, this being a Saturday a so called non business working day, I figured it would be alright so I rush and put the money in to cover it that took me 15 minutes to get there and 15 minutes to get back home, when I got home I checked my account again, now the the debit card transaction had cleared posting to my account, it showed it cleared my bank that day before on the Friday, when I called and talk to the bank manager on Monday, he was rude and even yelled at me, when I told him "Not to YELL at me" he said he wasn't, a lie! He then said there is no way that transaction on the debit card was pending on Saturday still, REGIONS does not clear it after a deposit has been made, [censored]! Because never thinking they would do anything like this I did not print out the pending transaction on Saturday and had no way to prove the debit transaction was still pending on Saturday when deposit was made, I therefore had a bounce fee, again overdrawing my account. I have banked with Regions sense 2002, sense January 2011 my account has been overdrawn more times than I could think of and I couldn't figure out how, so I purposely kept a low balance to find out what was happening, and I found out, they are SCAMMING people and lying stating "THERE'S NO WAY REGIONS WOULD DO THAT" yeah right, all Regions customers "BEWARE" they are scamming millions of dollars from their customers who help to build them!
I know I will get lost of post stating, when using the debit card and not having the amount in the account it was overdrawn, my comment to those people is BLAH, BLAH, BLAH...So people please don't leave the comment
"Dah, it was overdrawn the funds were not there" people do over spend when grocery shopping and you should be allowed to correct that before being charge BOUNCE FEE'S...

Yes Regions has also practice bad policies in Texas. I am changing to another bank in the fall of 2011.

Please i advise everyone do not do business with region bank, this bank steal your money in over draw fees, they took $300 from my account in over draw fee, saying i did not have funds to cover my charges, they say my charges were pending so when my charges came through they was no money to cover them, because they took my whole check in over draw fees, this bank a thief in your face .

Do not business with region bank this bank steal all your money in overdraw fees, they took $300 from my account in overdraw fees, saying my charges were on hold, so when my charges came through I didn't have no funds, because they took all in overdraw fee, this bank is a thief do not do business with them, they will steal all your money in fees.

I have had a trust at regions since 1997 and I am now told that in order to do a 1035 exchange I have to pay a 500 fee. I guess I would have no problem if I had been informed on the front end, but in this case we were never informed or given another option. Their ads are right that you can EXPECT MORE they just failed to tell you it was more FEES. STAY AWAY IF YOU KNOW WHAT IS GOOD FOR YOU.