Regions Bank Complaint - Do Yourself A Huge Favor - Find A Small Bank
BIRMINGHAM, ALABAMA -- My husband and I had both our family banking accounts and our corporate accounts at Regions. We had left AmSouth several years ago when we could not get good service for our small businesses or our rental properties. Unfortunately this past summer (2007)Regions and AmSouth merged. From almost the first day everything seemed to fall apart. Our online banking had so many problems daily that between me getting calls from my bookkeeper and my husband getting calls from his bookkeeper almost hourly, we realized from a customer perspective that something had gone terribly wrong with this merger. At one point the bank put thousands of dollars in our 16 year old daughter's account, of course we called. At another point, we went on line one day and all the accounts were simply gone.
Bills paid on line either did not post or posted twice. A branch manager even tried to make a payment in the branch and it did not post correctly. Payments mailed ended up at strange places (one regions manager said Regions had accidentally posted an old incorrect Regions payment address on line that no longer existed so payments were lost there for a few days). The bank incorrectly posted a nonpayment notice to our credit bureaus and adversely affected mine and my husband's credit score right as we were refinancing a rental property for term and rate. It cost us thousands. They corrected it but FICO scores have still not totally recovered.
My husband and his three partners have moved their banking to First American Bank (only to learn that they are being bought out by Royal Bank of Canada). But our personal accounts are still at Regions. Regions has made it almost impossible for us to move them.
We have now learned that many, many of our friends and business associates have left the bank. Regions was a great bank and always made us feel very welcomed and served each and every time we went in our branch. All of the people at the branch have turned over. When we go in the Vestavia Branch we sometimes see or hear people yelling at staff. It seems out of control. Regions was absolutely vital to both of our company's success. Now, the bank has lost this wonderful blend of professional knowledge and personal relationships culture completely.
Regions has some very talented upper management and officers but they seem blind to what has happened to this institution in just one year. It is amazing to me that I can see the problems from the outside. What are these leader's doing? The part of AmSouth's culture we attempted to leave is clearly the culture that prevailed in the merge.
It is apparent to us that AmSouth did not have the capacity needed during the merge to absorb Regions customers or some of its functions. AmSouth also seems to know little about which products and services Regions' customers loved the most - many of them changed for the worse.
The most incredible part of this autopsy is the lack of cross functioning between departments. Literally, we call internet banking and hear one story, we call the branch and hear another, we call the money market manager and get another, and we talk to the equity department and get another. There is very poor (or totally absent) systems communication between this bank's departments internally. We were asked by the Vestavia branch to bring them a copy of a company notice to customers relating to online banking problems (we received it but the staff at the branch knew nothing of it!).
It is literally like calling some international help center. Finally, and the most incredible - managers do not return calls or do not follow up on services. One manager of all the branches called us and offered to solve our issues and then we did not hear from her again. We contacted the corporate office number she gave us and learned that she "is no longer with the bank". I have lost all confidence in this bank's ability to effectively manage my money or to offer any services to me as a small business owner.
We are currently searching for a small bank and hope we can locate one that is not likely to merge. I have decided I am willing to go through the work of transferring all these accounts and setting up new debits, loans, and online banking. The Regions we loved is gone and doesn't look like it is coming back.