Coffeehouse Thread

36 posts

Forum Read Only

This forum has been made read only by the site admins. No new threads or comments can be added.

Regions Bank is EVIL!

Back to Forum: Coffeehouse
  • User profile image
    jsampsonPC

    4.5 minute rant about how my Bank Stole from me today, and basically laughed in my face...Anybody ever have anything like this happen to you?

    Added:

    Regions says, ($100.00) is Negative One Hundred Dollars. So when I am going through my statement online, and I see "Balance: ($136.75)" I shouldn't interpret that as, "Hey, I have one-hundred and thirty-six dollars."

    They feel that surrounding a number with ( and ) is sufficient to convey that the number is negative, instead of using the traditional -$XXX.XX, they feel it's better to say ($XXX.XX).

    After all, don't you use ( and ) to indicate a negative value in your book-keeping?

    So if you ever see "Balance: ($23.52)" in your RegionsNet statement, and you go and buy breakfast for $5.00, you can be sure that you have just caused a $130.00 overdraft fee (
    Actually, in their defense, I think they over-drafted me for three transactions of $2.50, $6.00, and $3.00. All of which were made while my balance showed a positive number enclosed in parenthesis.). Welcome to Regions, your account balance is now ($158.52).

    http://ustream.tv/SampsonVideos/videos/Yud7.37yZTgPrfNd,YhqEk0MZvteE4Pm

  • User profile image
    Royal​Schrubber

    yawn.. I want my 6 minutes back.

    Someone took that $130, maybe they broke into your account, or maybe it's valid fine, becuase you had your card too much time in negative numbers or something.
    Anyway if you suspect fraud then act appropriately and appeal to instances provided by your bank that are accountabe for such events - don't "video blog" it, and show us how pissed you are...

  • User profile image
    jsampsonPC

    Royal,

    I don't think you understood the message.

  • User profile image
    PaoloM

    It's perfectly normal, in accounting and reporting, to surround negative numbers with parenthesis. It's one of the most common formats in Excel, too...

  • User profile image
    Royal​Schrubber

    jsampsonPC wrote:
    Royal,

    I don't think you understood the message.


    It has some deeper message? Tongue Out Your post is, hmmm, tiresome. I think that's a good word to describe it..

  • User profile image
    jsampsonPC

    PaoloM wrote:
    It's perfectly normal, in accounting and reporting, to surround negative numbers with parenthesis. It's one of the most common formats in Excel, too...


    I never knew that...but regions uses "-" from time to time too...Actually, I've seen "-" in my statement before...doesn't make sense why they would use something that your average joe wouldn't notice as equivalent to "-". Well, maybe your average joe will, but I don't. I'm going to start writing checks with "(" and ")" around the amount Smiley j/k

  • User profile image
    Minh

    jsampsonPC wrote:
    
    PaoloM wrote:
    It's perfectly normal, in accounting and reporting, to surround negative numbers with parenthesis. It's one of the most common formats in Excel, too...


    I never knew that...but regions uses "-" from time to time too...Actually, I've seen "-" in my statement before...doesn't make sense why they would use something that your average joe wouldn't notice as equivalent to "-". Well, maybe your average joe will, but I don't. I'm going to start writing checks with "(" and ")" around the amount j/k
    Dude! $130 is OUTRAGEOUS for overdraft fees. Unfortunately, many banks see this as a legitimate revenue stream.

    Raise a stink! Threaten to report them to the Better Business Bureau... they may forgive you this one time just to shut you up. Be there in person, though. Going to the main branch helps.

    Ask to see the manager. Seriously. It could work.

  • User profile image
    jsampsonPC

    One of the guys I talked to conceded that the parenthesis were confusing even to him and said that he was permitted to refund half of the over-draft fee. He did, but that was all I got out of them. I'm thankful that SOME of their employees are honest and not just trying to suck the client dry.

  • User profile image
    cisco.​hernandez

    $130 for an overdraft fee!?  That's freakin crazy

  • User profile image
    jsampsonPC

    cisco.hernandez wrote:
    $130 for an overdraft fee!?  That's freakin crazy


    Actually, in their defense, I think they over-drafted me for three transactions of $2.50, $6.00, and $3.00. All of which were made while my balance showed a positive number enclosed in parenthesis.

  • User profile image
    cheong

    I was in similar situation before.

    Once upon a time, I wrote a cheque and forgotten to transfer money from my savings account to current account. The bank debt me a charge for writing cheque without enough money in the account. That's fine.

    Then later in the week I wrote a few more cheque, this time I remembered to transfer enough money to the current account. But because my current account now have negative balance, the bank silently charged me fee for each of the cheque I wrote in the week for writing cheque without enough money in the account. Sad

    I phoned the bank, argued that they should have called me for the issue instead of silently charging me for what I have not done wrong. Fortunately, they agreed and waived the additional charges except the first one for me. Smiley

    Recent Achievement unlocked: Code Avenger Tier 4/6: You see dead program. A lot!
    Last modified
  • User profile image
    jsampsonPC

    I wish I would have asked "Ricky" what her last name was, and even asked to speak with her superior. She was the "manager", but it strikes me odd that she was only referred to as "Ricky." Don't employees refer to their managers as "Mr. Smith", or "Mrs. Johnson"? Not, "I've got Ricky on the phone, she's the manager", and then the Manager introduces herself as "Hello, This is Ricky."

    Who knows, maybe I'm crawling too deep into this conspiracy that the bank swindled me out of $60 Smiley Hehe. Ricky and her cronies are probably enjoying Mt. Dews and Big Macs on my behalf tonight - damn you Regions!

  • User profile image
    wkempf

    Not to be rude, but:

    1.  That's accounting 101, and you should be aware of it.  This was taught to me in 9th grade math.

    2.  You should be doing your own accounting and not relying on a printed statement from your bank.  By not doing so, you're enabling them to do things that really would be evil, such as charging you for a transaction twice, or other things that could be construed as simple accounting errors.

    What Regions has done here is not "EVIL!", no matter how much it sucks for you (and I do sympathize, I've been there as well).

  • User profile image
    phreaks

    jsampsonPC wrote:
    
    cisco.hernandez wrote:
    $130 for an overdraft fee!?  That's freakin crazy


    Actually, in their defense, I think they over-drafted me for three transactions of $2.50, $6.00, and $3.00. All of which were made while my balance showed a positive number enclosed in parenthesis.


    Even still $40 for an overdraft fee is ridiculous.
    Heck, Even $25 is crazily inappropriatte.

    Banks make so much money on overdraft fee's which are really just Very High Interest Short Term Loans, and really ought to be restricted to the same percentage points that Short term loans are...

  • User profile image
    wkempf

    phreaks wrote:
    
    jsampsonPC wrote:
    
    cisco.hernandez wrote:
    $130 for an overdraft fee!?  That's freakin crazy


    Actually, in their defense, I think they over-drafted me for three transactions of $2.50, $6.00, and $3.00. All of which were made while my balance showed a positive number enclosed in parenthesis.


    Even still $40 for an overdraft fee is ridiculous.
    Heck, Even $25 is crazily inappropriatte.

    Banks make so much money on overdraft fee's which are really just Very High Interest Short Term Loans, and really ought to be restricted to the same percentage points that Short term loans are...



    I don't agree.  A loan is something the bank chooses to do, an overdraft is out of their control.  You can't compare the two and conclude them the same.

  • User profile image
    figuerres

    jsampsonPC wrote:
    One of the guys I talked to conceded that the parenthesis were confusing even to him and said that he was permitted to refund half of the over-draft fee. He did, but that was all I got out of them. I'm thankful that SOME of their employees are honest and not just trying to suck the client dry.



    Now that's the scarry one...

    if I had a bank employee who told me that the "()" confused them I'd be asking to talk to the supervisor or manager about thier lack of training...

    Jsampson:  sucks to get hit with fees but really almost all aco(I need to watch my language)ing systems I have ever seen use (5.00) the same way.  granted if you do not know accounting /or/ if you do not know the right context of the account then it can be confusing...really it's amazing how many folks do not know what "Debit" and "Credit" really mean...

    HINT: they do not mean "+" or "-"

    HINT#2:  "DOUBLE ENTRY ACCOUNTING"

  • User profile image
    phreaks

    wkempf wrote:
    
    phreaks wrote:
    
    jsampsonPC wrote:
    
    cisco.hernandez wrote:
    $130 for an overdraft fee!?  That's freakin crazy


    Actually, in their defense, I think they over-drafted me for three transactions of $2.50, $6.00, and $3.00. All of which were made while my balance showed a positive number enclosed in parenthesis.


    Even still $40 for an overdraft fee is ridiculous.
    Heck, Even $25 is crazily inappropriatte.

    Banks make so much money on overdraft fee's which are really just Very High Interest Short Term Loans, and really ought to be restricted to the same percentage points that Short term loans are...



    I don't agree.  A loan is something the bank chooses to do, an overdraft is out of their control.  You can't compare the two and conclude them the same.


    Think about it, what is an overdraft?

    An overdraft is simply a short-term loan, there really is no other way to define it.

    The bank loans you the money and automatically pays it to the debtor. The bank doesn't have to pay them, they could simply refuse the charge, at which point the debtor that originated the charge is responsible for collecting the cash value from you.

    The fee is the interest rate of the loan. That's pretty much how it works.

    In fact here is the definition from investopedia.

    Investopedia.com wrote:

    Overdraft

    An instant extension of credit from a lending institution.

    Investopedia Commentary

    If you have an overdraft account, your bank will cover checks which would otherwise bounce. As with any loan, you pay interest on the outstanding balance of an overdraft loan.



    //edit to see if this will force a refresh on main page.

  • User profile image
    phreaks

    //weird C9 Bug

Conversation locked

This conversation has been locked by the site admins. No new comments can be made.