If it is a consumer account, make sure you are logging in with a Personal ID connected to the consumer profile. Please review subreddit rules before posting. Regions Bank Savings Account charges $3 every time you request a paper statement. Anyways I had about $1500 in cash laying around so I was like why not go to the local Chase branch and open a checking account so I could deposit this cash and transfer it into my main checking account. I went to the Branch and no one cashed anything, Regions simply closed my account and refuses to tell me why, they simply said Regions does not want to … I have been with Regions bank since they where union planters ..opened my account roughly in 1995-1996 as a young man starting my first savings account. They have a fraud division that "investigates" accounts and if they don't like something they simply close it without them needing any real proof of wrong doing. These automatically shut your account down, no exception. There is also a little known checking account "credit score" called ChexSystem that can have negative marks on your account. Find out whether the Regions LifeGreen Savings Account has the interest rates, fees, and benefits to compete with the best savings accounts from … Fast forward to this week I get locked out of my account nobody at the 1800 nor at the branch knows what is going on for 5ish days until I am finally told they are they have chosen to close my account and are sending me a cashiers check for the balance. Please check that the "Caps Lock" or "Num Lock" key is off. None of this, I never go in the bank all mine is done online or once awhile I hit up the atm for cash. A closed account is any account that has been deactivated or otherwise terminated, either by the customer, custodian or counterparty. Why would I ever close out my savings account at my bank, that’s just crazy talk. It could be related to some risk or maybe they found something they didnt like and didnt want to take a risk. How to Avoid Having Your Bank Close Your Account The best way to avoid having your account closed is to avoid a negative balance. Regions bank is a great option when it comes to opening up a savings account. Unlike retirement accounts, high-yield savings accounts allow you to access your money quickly. I was pretty pissed off because they didn't offer me any explanation and by no means was it justified, they just told me that we can do that if we want so tough luck. By Odysseas Papadimitriou , Contributor Feb. 20, 2014 About a week later I get a letter with like 2 sentences in the mail saying they are closing my account. Anyways it sucks since I had just bought checks and had stuff in flight I might have to pay fees on now. The same rules also apply to … They did say they gave me a month notice but I never did get it in the mail. In my opinion, Regions needs … Regions will typically shut down if your account was involved in criminal activity of any kind. The term is often applied to a checking or savings account… They asked what was the reason, just said I needed to streamline my bank accounts, confirmed my address and phone, and they said the account would be closed within 7-10 business days. Regions Bank review from Washington, District Of Columbia with 8 Comments: My husband and I recently decided to close a small account at Regions in … I only found this out when I went to the local branch due to a notice I received stating my account had been "inactive" for "several years" and the funds would be turned over to the state. Is it possible they closed my account due to not making any money off me and they refuse to tell me? Even if your savings account is in good standing you could risk having all of your accounts closed by the bank if you have other accounts that are in violation of bank policy. It’s not strange at all. Federal Reserve Board Regulation D is a federal law that says you can't make more than six withdrawals or transfers per month out of your savings account. Help Home Online Exclusive Offers FAQs Savings Secured Line of Credit When will the funds in my savings account be made available for me to use? In their policy, there is likely a clause that states that they can terminate their relationship with you with or without reason. Then, 3 weeks later, they closed my savings. I really can't believe this is legal but it is so they do it. Destroy Your Checks and Debit Card Generally speaking, these costs include record keeping, mailing out paper statements, providing online security and storing data. Account information: Average balance ~5k,, min balance over the past year hit ~1k, 20 year plus customer, have direct deposit, active user, no overdrafts or issues, and no savings there nor using other products. Regions does not like high risk customers either. Yesterday my mother, who is a cosigner on my bank accounts received a letter notifying her that all of her accounts, including mine were going to close on the 22nd. You can request that additional accounts are closed in the same letter you use to close your bank account. It can be something as simple as you having a similar name to a felon who committed some sort of bank crime or some money launderer. If you plan to open a savings or checking account, do yourself a favor and open one up somewhere else, but at Regions. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. I've had these for almost a year, and never had any problems. So I have a friend in the banking industry and he ran me through all the risks he knew of which I do none of. Even a sniff will cause an account closure. Back story: Great credit no late payment ever, have CC with chase for over 10 years, decided to open a checking account with them. This was a long decision in the making for sure, I’m all about saving my money. I love the customer service at my branch. I first started a savings account with them as a teenager. Did you recently add someone to your account? Regions does not like high risk customers either. It has nothing to do with making money off of your money. Thanks, I will never find out but just is so odd ... credit report is fine so far and I plan on running a chezsystem? I go in, open a checking account, deposit my cash, and go on with my life. I’m sure where you having your savings account, would love to have you as a customer, and may even have incentives (money for opening a checking account) to do so! Community, regional investment, commercial or consumer, come on in. Regions will soon have closed 130 branches since the beginning of 2016. Yeah I'll just have to get a new account somewhere else. Banks usually close inactive accounts due the expense of maintaining them. Closed accounts may be reactivated because of billing errors or when customers forgot about an automated bill payment. Why You Should Close Your Savings Account In this new age of banking, online checking accounts top the interest-earnings food chain. Did have to call to close my Capital 360 checking, only options were to call, mail, or fax – no secure message or chat function on the site. It’s a fraud closing and they will not tell you anything. As much as I hate saying this, it’s useless to continue to ask them questions, because no one will give you an answer. Occasionally my GF pays me for a few Costco trips so not often but maybe few times year I might deposit ~500 in cash but I have not done this in awhile .. Join our community, read the PF Wiki, and get on top of your finances! Not sure this is applicable to your situation, but is another possibility to consider. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. I don't know why, and after some digging it seems that they don't have any obligation to give/have a reason to close the accounts. Since you've been a long time customer you can try visiting a branch in person and see if they have an appeals process or if an Area Operations Manager / District Manager can make an exception for you. Have you been apart of any check cashing scams (I.e you are a secret shopper, sold something online and someone overpaid for that item)? FAQ Once the Savings Secured Line of Credit has been paid in full and terminated the hold will be removed on your savings account … Yesterday, two days after they closed my account, I received a letter in the mail, dated 20 August, 2014, the day before they closed my account, telling me the closure was coming. New comments cannot be posted and votes cannot be cast. I had a similar experience with Chase a little while back. Looks like you're using new Reddit on an old browser. Basically the fraud department monitors all activities with account holders. Try opening an account with your local credit union, New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. There are a few reasons an account could show up as closed on your credit reports, including that you asked to cancel or close the account, a creditor closed it because of inactivity or several missed payments — or the credit bureau made a mistake and your account is actually still open. Called and they said someone went to the bank and cashed a check. Basically this is used by the banks to see if you bounce a lot of checks or are over drafting all of the time. By law, banks are required to keep the majority of financial records relating to individual checking and savings accounts for a minimum of five years. When Chase thinks that you are not a reliable client, they can close all your accounts without any warning, including your checkings/savings accounts. If it is a business account, make sure you are logging in with a Business ID connected to the business profile. I'm sorry that you had to go through this as well, I know how mad it made me especially since I didn't do anything wrong ever in my history of banking. Manager saying they “can’t go into detail” or “sorry your account is closed and that’s that” 3). I now have 2 large direct deposits set to auto deposit into that account on 1.25.08 and I am not sure whether regions will still allow the deposits to go through or not. Press J to jump to the feed. I'm a undergraduate student with a checking and savings account with Regions Bank. The signs that tell me this: 1). Anyways, I'd like to get a new bank. Cutting you a cashiers check and mailing it. While the costs incurred by each inactive account are negligible, the cumulative total of all accounts can affect an institution's bottom line. SuperMoney Disclosure : SuperMoney.com is an independent, advertising-supported service. Report to see if it shows anything. Which is why I find regions to be nonsensical. One month closure letter 2). I don't think this is the case in your situation though. There is no monthly fees, which is great. A place to discuss the in and outs of banking. The other 1 percent would be treating your personal checking account as a business account. I spoke to a few managers and nobody can give me details. I run into this like maybe once a year after I sell something usually. My parents opened an account for me. So essentially they don’t have any access to any of their money anymore which really screws over the owner. When I asked them why they simply said we don't have to provide that information to you. I use another bank for savings and do it there. Anybody else have this issue? Preferably different from my mother's regardless what she does because I don't want something which I had no part in to negatively affect me. I don't know why, and after some digging it seems that they don't have any obligation to give/have a reason to close the accounts. I had a checking account with regions bank for 2 years i closed it because they were posting checks not in the order they were coming in and were applying overdraft fees to my account incorrectly,after hundreds of dollars paid to them i decided to close my account, i returned the debit card,closed the account i spoke to a branch manager told her i wanted the acct.closed.Much to my … Have you given any of your personal bank account info to anyone? TLDR Bank account closed with no reason and in good standing and gives me no reason why. During this time I had no access to my money ..annoying. I opened my account with regions so I could easily spend my money; because most of my income is from work at home sources and therefore it all gets routed through organizations like paypal and amazon. Have you filed a lot of debit card disputes or claimed checks have been repeatedly forged? Sounds like a risk closure, which bank's have a right to do at any time and aren't actually required to give notice. I did some research and found that this is actually quite common to these banks. Regarding the institution I work for, our risk management department will reach out regarding why. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Often this will be a savings account instead of a checking account, which means you will not have a debit card or checks to pay your bills. If your average balance is 5k, you're definitely profitable for the bank, so that wouldn't be the closure reason (and banks don't usually close accounts for profitability unless they're *really* unprofitable, because there is always the chance things become profitable later and they want to retain customers). It's not the end of the world, because I'm only 19 it's not like I have ton of money being held from me. Did you recently deposit any checks or do any wire transfers? Between that and a new strategy for fewer bankers, the company is down about 800 positions. So it is important to request a … In fact that they had no idea they were shut down until their transactions were constantly declined and they went to Chase for c… My take on this is that, closing the account is the penalty for having a zero balance, hence, if the bank chose not to close it, means waiving their option to penalize the owner. Even a sniff will cause an account closure. OP in no way am I accusing you of this, but this is Regions policy. Yep this guy is correct, also some mid size banks take a Hardline on bit coin transactions they may have closed it based on a few undocumented transactions. I didn't even get a letter personally, only my mom. Basically the fraud department monitors all activities with account holders. If a bank closed your account due to large numbers of bounced checks and/or overdrafts, you may have the option to open or keep a savings account you already have, but won't have the option to open another checking account. Press question mark to learn the rest of the keyboard shortcuts. Thinking it was a mistake seeing my account has not been in the negative, I was told that Regions Security had issued the closure of my account and that no explaination was given, or that matter needed under the deposit agreement...They can close an account for no reason or just because "something they did not like" occured in my account to make them want to close it. It seems like I still have access to my account and money until the 22nd so I might try to move everything by then. And I can see how moving 70k overseas could seem sketchy, but it's not like I did it. Have you severely lost your temper with a bank employee to the point where they may have felt threatened? Based on Terms and Conditions, the bank may close the account with zero balance without prior notice. I am 99 percent positive this is a fraud closure. Always maintain a current address on file with your bank so that if you are in violation of rules or at risk for closure, the bank can reach out to you in advance. Regions policy is to mail you a general letter stating they are closing your account, and have the authority to do so. Even the nice man who helped me close my account looked at me like I had 8 heads. If the account is closed, it is immediately removed from Online and Mobile Banking along with all statement history. So I use on online bank that does not have your traditional brick and mortar store which can sometimes be an issue if you need to deposit cash. Many customers did not feel anything abnormal before all their accounts were closed. They greet me and my family by first name. It's essential to ensure that you close any other accounts tied to your name, as it could potentially cause issues if your identity is stolen or someone tries to reopen the account in your name. I just learned that BBT (BB&T) Bank has been charging my savings account a $7.50 per month "inactivity fee" for the past 2 years totaling $172.50. I do pay my credit cards all the time online .. so if I have a $20 balance I pay it once its posts to my credit card. I feel like I'd like to not transfer to the same bank as my mom or have her consign if something like this could happen again. Compared with the FR by AmEx, temporarily freezing your account and demanding financial documents, what Chase does is much simpler and cruder. Well they ended up holding my money until they closed my account and then sent me a check for the full amount weeks later. You can get a report for free on that site. Yesterday my mother, who is a cosigner on my bank accounts received a letter notifying her that all of her accounts, including mine were going to close on the 22nd. Is any of this weird? This includes details about closed accounts. This makes them ideal for savings goals that are a year or two down the road, such as buying a house. SOURCE: I was a Financial Services Specialist (personal banker) for Regions who dealt with this a ton. No wire transfers, no outside the country checks, not working in the cannabis industry nor online gambling. So how do I go about this? Honestly its strange that they wont even give you a reason. I did speak the regional manager and she said the same as the bank manager that they cannot tell me and sorry. Regions will typically shut down if your account was involved in criminal activity of any kind. If you bounce checks often in one bank account, it could be possible for the other banks to check this report and close your account with them since you are a higher risk. So I called them and asked if it was a mistake since I just opened my account I was informed that it was not a mistake and they are closing my account. Regardless of the amount it's still bullshit. Having all of my accounts linked to a bank account just makes sense. I wish it was fraud related they would give me a hint so I could keep an eye out lol. This is just another example of banks pretty much doing whatever they want with no consequences. Regions closing your account should not stop you from opening accounts at other banks. Its possible activity on your account matched a hotlist and so they nuked your account to prevent losses. Freeze on your account 4). I am lucky I had this second checking I could quickly point auto debits to but ya just was so odd! I checked mine after I got notified to see if there was any fraud on there but there were no negative marks which baffled me. It asked me to notify them within 20 days of my preference of what they were to do with the funds in the savings account. If I were to guess, I'd say the reason is because my mother recently transferred a significant amount of money overseas to buy land. They would not give me a reason and simply said sorry but we have chosen to close it. All banks have legal authority to close your acct and any time for any reason and do not have to tell you the reason at all. If you read around you will find a ton of horror stories about banks closing the accounts of small business owners who had all of their business' savings and operating money in those accounts and the banks simply locked their account and said to them they have X number or weeks or months to return the money to you and we are going to take all that time. I have been with them ever since. Excessive commercial business activity on a personal account can result in closure. Press question mark to learn the rest of the keyboard shortcuts. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. The risk exposure for business accounts is different. I would ask for a copy of the letter again to see if it explained anything they are unable to tell you at the branch level. 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For free on that site crazy talk any checks or are over drafting all of accounts... Mail saying they are closing my account and then sent me a month notice but I never did it. I first started a savings account with zero balance without prior notice sure you are in... Experience with Chase a little while back in and outs of Banking of... From opening accounts at other banks gave me a hint so I might try to move by... Month notice but I never did get it in the mail supermoney Disclosure: SuperMoney.com is an independent, service. I 'd like to get a letter with like 2 sentences in the making for sure I! I ’ m all about saving my money.. annoying or without.! A similar experience with Chase a little known checking account `` credit score '' called ChexSystem can.