Regions Bank has been ordered to pay $141 million in penalties and refunds in a settlement with a federal consumer protection agency.
The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions, the bureau said in a statement. In a statement, Regions said it disagrees with the bureau’s characterizations of the fees, cooperated with the investigation, and “is pleased to move forward.” The bank says the fees impacted a “small percentage” of customers.
The fee was imposed in situations where there was sufficient money in an account when a debit card or ATM transaction was authorized – but not when the transaction actually posted to the account, due to other transactions. Consumers do not control, and have no way to know, when a particular transaction they executed will be debited to their account since the bank controls this process.According to the bureau, even Regions Bank’s own employees could not explain to customers why they incurred the overdraft fees.
Their mortgage company needs to be investigated next for illegal practices and unreasonable and excessive interest charges
askregions with how many fees and crap y’all have put on an 18 year olds account, it’s sad. Stressing me out to the point I closed my account, and they took half my money just for closing it!
Get ready to get that $1.11 deposited right into your account.
How do we double check to see if Region's accurately refunded those fees?
How do you know if you're qualified for repayment, and how will people receive repayment?
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