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REGIONS FINANCIAL CORPORATION has unethical business policies. BadRegions.com was designed
to expose the unethical policies of Regions Bank. We provide a forum for people to post their fraud
stories, complaints, lawsuits and other dissatisfactions.
Click here for Regions official website.
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Forum Topics > Regions Policies > Regions Policy on Debit Card Transactions
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| REGMAN |
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| Checkcard purchases are guaranteed transactions by VISA to the merchant. Therefore, a customer's checkcard transactions will NEVER be returned to a merchant. Since these funds MUST be paid, they are held in reserve on the account to ensure prompt payment to VISA then the merchant.
Debit card purchases MAY or MAY NOT post to a customer's account on the day the transaction was made depending on several factors. These include:
- merchant payment processes - Regions Processing - time of day the transaction was made
The LEDGER balance on an account is UNAFFECTED by a debit card hold (because a ledger balance is the balance after LAST NIGHTS processing) Debit card transactions are held out of the available balance on an account. Once the funds are held for payment, the amount held will NOT cover any checks, POS transactions or other withdrawal of transfer the customer requests or makes. This may result in a customer being charged overdraft/NSF fees while never actually having a NEGATIVE ledger balance!
When a debit card is presented for a POS transaction, the merchant MAY request authorization for the transaction at that time. The funds held will be released when the merchant presents, and we process, the transaction....or three days after the transaction date, whichever occurs FIRST.
To avoid fees, make sure you have the avilable funds to do the transaction. This can befound on online banking, it will show your PENDING transactions and your balance after they clear. use this number to evaluate what you can spend. You can also call your bank for an available up-to-date balance or stop by.
It is also a great idea to keep a transaction register to avoid being caught in the overdraft trap. Another good thing to get is overdraft protection attached to your savings, money market, Equity line, credit card or just get an overdraft loan! Then you would never have to worry about fees at all.
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| REGMAN'S MOM |
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| In the last paragraph of your post you correctly stated that customers need to "avoid" being "caught in the overdraft trap" -- now son, I thought I raised you better than to work at a place that tries to "trap" unsuspecting and trusting customers like myself....
Shame on you! |
| REGMAN |
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| Oh Mom,
The trap is of your own making, not the bank. Maybe get some overdraft protection, or at least balance your checkbook regualrly and write your purchases in a transaction register and you would avoid it.
Poor Mom, in the sauce again....... |
| arkain04` |
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| Overdraft protection will only protect you at regions from the 39.00 overdraft fee. Every time your overdraft protection works they charge you 10.00. WTF |
| A child of the elderly. |
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| This is a form of robbery. The money in an account is in the account until the debit comes in. No one has the right to hold the money and cause NSF fees because of a hold of a possible debit. NSF fees should only be charged if the debit comes in and the account does not have the enough money to cover the debit.
For instance: An order for prescriptions was sent in with authorization for the company to debit the account the next business day. Somehow, the bank was notified that a debit was coming in, the debit card was used somewhere else that same day. The money would have been in the account the next day, but because of the pending possible debit from the prescription place, two NSF charges were made against the account. Yes! TWO! One for the current days debit and one for the possible debit charge the next day. A transfer of funds to this same account was done that evening and should show on the account the next day. Meaning it would have never been in a rears. Needless to say, the prescriptions were canceled because of what has happened. Meaning the account was NEVER in a rears. Does that mean the NSF charges will come off? Was told by bank manager to get the NSF fees from the prescription place, which has said they never debited the account. Needless to say, this is another way to swindle/rob money from customers. Especially the elderly who is on a limited income. If this is the policy of this bank, then it shouldn't be in business. They should be made to refund all funds robbed from unsuspecting customers that was never given a copy of their banking policies. This is not the first time this has happened. When it happened before, the current manager (at that time) took off the fees. The manager at the branch now will not take them off. Like I said before, IT'S ROBBERY! |
| gone and glad |
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| Absolutely it is wrong. Happens all the time, for example you mistakenly give a store your debit card meaning to give them your credit card. Well, even though the store will credit your debit card back right there, it takes three to five days for the credit to come back to your account but the first charge was instantaneous, so yep you overdraft!!! Not all banks do this because of these issues and congress needs to address this huge problem. |
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