I dont bank with Regions, thank goodness, but I was curious if the way they do business is similar to how all big banks do business.
My mother, 85, has her checking account with Regions in a small Georgia town. She has banked there for 50 years. Her savings is at the local savings and loan and Merrill Lynch.
Recently she wanted to reopen a personal line of credit account with Regions Bank she had closed but had maintained for 15 years with the former Regions and First National.
She told that all loan decisions were now made in Alabama and they would send her information there and would have a decision in a few hours. Three hours later, she called the bank and was told it was be the next day. The next day she called and was told it would be the next week before a decision was made.
She then proceeded to go to the Northeast Georgia Bank, were she does no business. She was told by the branch VP that her credit was excellent and she left the bank 20 minutes later with a $15,000 personal line of credit.
A week later, she has still not heard from Regions.
Is this the way Regions does business? Are there NO loan decision makers at any of the branches and if not, what do the people there do?
I am a former Regions banker. I was with FNB Gainesville until the very poor decision was made to take a buyout offer from the former Regions Financial.
I remained until the next poor decision to merge with Amsouth was made.
I am now happily with BBT.
ALL loans at BBT are made on the local level unless the amount of the loan exceeds the local lending limit. In that case, the decision is made in our regional HQ in Atlanta.
Credit cards are the only form of BBT loan that is made in a central lending office. And even those can be approved by the local branch if declined by Winston-Salem.
This is the reason why BBT is one of the most profitable banks in the US and Regions is one of the most unprofitable.
If the 85 year old woman had prior experience with Regions that was positive, had a good credit score, and had other assets the Regions banker should have been chasing her down the street begging for her to open a Line of Credit.
Centralized credit decisions do NOT WORK in a localized environment.
Since Regions aka Amsouth instituted its policy of centralizing loans in Birmingham, we have seen a huge influx of very good Regions customers who have been targeted unfairly by this loan process.
If you dont trust the bankers in your branches enough to make good loan decisions, then you really DONT need to be in the banking business.
I suspect you are indeed one of the liars.
The actual truth is that many grandmas borrow money who have substantial assets. I would not want to take the penalties on cashing in a CD when I could borrow the funds and pay off the debt when the CD matures.
I dont think any of you have EVER worked in a bank nor do you even qualify for a loan.
Once again, if anyone has any balls they will post the information that is received from Regions about their credit score and reasons when they post. You want me to give you an unbiased opinion about it, then email me the facts and the loan app and proof of assets. Obviously block all names, account numbers, etc... but until people start being able to prove these stories, I could care less about them.
Are there problems in the system? Sure. Are there bad bankers? Sure, always have been and will continue to be. Are isolated incidents representative of the whole picture. VERY unlikely. When a bank runs as many transactions as Regions does, the ball is bound to be dropped from time to time.
But you clowns who continue to try to point out isolated incidents without proof have absolutely no life. You want to be a hero of the people, then maybe you should try to help setup legal counsel for those who have been wronged and let the court battle it out.
But for crying out loud, if you don't have a reasonably educated post, stay your @ss off this board and keep it on the badregions website so that y'all can make each other feel all warm and fuzzy about your financial ineptness.
Former RF Banker.
Maybe then you should not be working in banking.
Any fool would loan an 85 year old woman with substantial assets $15,000 unsecured.
Centralized loan decisions is one of the reasons why Regions loses market share in their markets each period and why local banks gain market.
I called 5 local banks in my market and each said of course they would have given the woman a line of credit.