Investigation and potential class action lawsuit against Regions Bank for allegedly wrongfully charging overdraft fees and other types of bank fees to its customers.
Many Regions Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that Regions Bank re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: Regions Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. Regions Bank then posts the $20.00 debit, and then charges a second overdraft fee. Regions Bank then posts the $5.00 debit, and charges a third overdraft fee. If Regions Bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that Regions Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be Regions Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by Regions Bank, please contact us to explain your experience.
Name (Stock Symbol)
Regions Financial Corp (RF)
Regions Financial Corporation is provides consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services.
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