Regions Bank Review

Regions Bank is a brick-and-mortar bank that supports online banking and has a user-friendly mobile application for customers to use in other to meet customers' demands.

According to Regions Financial Corporation, it has $139 billion in total assets and makes provision for full-service financial services at over 1,500 branches and 2,000 ATMs. 

In 1970, the holding corporation was chartered with three banks which include; the First National Bank of Montgomery, the First National Bank of Huntsville, the Exchange Security Bank of Birmingham.

For those who want in-person banking and free ATMs, Regions banking is a suitable choice, and its account offerings are limited to customers in the following fifteen states. They include; Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

If you are not located in any of the areas where Regions Bank operates, it won’t be possible for you to operate a Regions Bank account. Some of the lowest interest rates in the industry are offered by Regions Bank.

There are certain benefits you also get from Region Bank, which are;

1. -         Deposit of cash at selected ATMs.
2. -         There are no monthly fee bank accounts for minors.
3. -         There is the availability of free online bill payment.
4. -         For non-customers, there is check cashing and prepaid debit cards.
5. -         For those who qualify for free waivers, there is free checking available.
6. -         If you cash out on time, the CDs don’t charge hefty penalties.

What Region Bank Offers.

Checking Accounts: For checking accounts, we have the following;

LifeGreen Checking

By maintaining an average monthly balance of $1,500 in the account or by creating automatic deposits with a total of at least $1,000 per month or a single monthly deposit of at least $500, an account holder may qualify for a fee waiver. In the absence of that, there is an account charge monthly which is $11 with paper statements or $8 with online statements.

A minimum opening deposit of $50 is required and this comes with a visa debit card, free access to online banking and bill paying, unlimited check writing, and mobile banking. Those with accounts here can make free online payments to friends and family who make use of Zelle.

LifeGreen Simple Checking

The difference between the LifeGreen Simple option and the regular LifeGreen account is that there is a lower monthly fee which cannot be waived. Unlike the regular LifeGreen account, here, an account with paper statements costs $8 per month and $5 per month for an account with online payment.

LifeGreen Preferred Checking

For a preferred account, in addition to all that comes with a regular LifeGreen checking account, there is an annual percentage yield of 0.01%. Customers with preferred accounts do not pay fees for money orders or cashier’s checks. If any of the following standards are met, a flat fee of $18 can be waived;

-         Maintaining at least $25,000 in all Regions accounts combined.

-         $5,000 average monthly balance.

-         Having at least $25,000 outstanding in all Regions loan accounts.

LifeGreen eAccess Account

For customers who do a lot of their banking online, the LifeGreen eAccess is a suitable option. The eAccess account has the very features of the LifeGreen regular account, the exception being that only the first three paper checks are free and options to receive paper payments are not available. If at least 10 purchases are made per month with the Regions debit or credit card, a flat monthly fee of $8 can be waived.

LifeGreen Checking for Students

With no monthly fee, customers who are 25 years of age or younger can operate an account which has all the advantages of the regular LifeGreen checking account. To be eligible to operate an account here, it is solely based on age. Following the name with “students” attached might make it seem like it is only for students.

62+ LifeGreen Checking

As the name implies, this account is basically for those who are 62 years of age or older. It is similar to the regular LifeGreen checking account. With a single monthly direct deposit of $300, as against $500 which is the minimum for a regular account, a monthly fee can be raised.

Money Market Accounts

Regions Money Market Account

To open an account here, it is required to have at least $100 as a minimum opening deposit. An account holder can earn an APY of 0.01% and also pay no monthly fee if a daily balance of at least $2,500 is maintained. Series of transactions can be made which includes, withdrawals, transfers, and checks. There is a limit though, which is six transactions, which can be made free of charge, but any transaction beyond six will be costing $15.

Savings Accounts: There are two types of savings account listed here which are;

Regions LifeGreen Savings

For this account, there is no monthly fee, and also no minimum balance to maintain daily for customers who also operate a Regions checking account. With an initial deposit of $5, accounts can be opened at a branch, but when opened online, it would cost $50. An APY of only 0.01% is paid on the account, an additional 1% can also be earned by setting up at least $100 monthly, in transfers from a Regions checking account.

Savings for Minors

If customers desire, an account can be opened for a child who is below 18 years. With such an account there is no requirement for minimum balances and there are no fees attached, but there is a requirement for an initial deposit of $5 and the APY is 0.01%. An account like this allows children to learn about money and saving, with online banking, they can carry out transactions wherever they go.

Regions Bank Credit Cards

Through Visa, Regions Bank offers multiple credit cards which customers can make use of to aid their transactions, they include;

Rewards Credit Cards: This includes Regions Prestige Visa Signature and Regions Premium Visa Signature.

Cash Back Credit Cards: Here you have, Regions Cash Rewards Visa Card.

Low-Interest Credit Card: You have; Regions Life Visa.

Secured Credit Card: With Regions Explore Visa Card.

Certificates of Deposit at Regions Bank

At Regions Bank, there is an offer for CD terms that range from less than a month to as long as six years. Anyone with a Regions Bank checking account has this available. For CDs, the minimum requirement for deposits is $500 for accounts that have terms of ninety days or longer, $2,500 for accounts with terms from seven to eighty-nine days, and $10,000 for a promotional 9-month term.

The CD rates are as follows;

0 month                         -        0.01%

1-2 months                     -        0.01%

3-5 months                     -        0.01%

6-8 months                     -        0.05%

9 months promotional     -        0.25%

10-11 months                  -        0.05%

12-17 months                 -        0.10%

18-23 months                 -        0.10%

24-35 months                 -        0.10%

36-47 months                 -        0.10%

48-59 months                 -        0.20%

60-72 months                 -        0.30%

Depending on the term you choose, there are early withdrawal penalties. If you hold your CD for more than seven days, the penalty can be limited to any interest which you have earned.

For terms of 31 days or less: All interest you would have earned on the amount withdrawn, this includes interest that has not yet been earned.

For terms of 32–364 days: The lesser of all interest earned or 1% of the amount withdrawn.

For terms of 365 days or longer: The lesser of all interest earned or 2% of the amount withdrawn.

Some Other Financial Products from Regions Bank

There are more financial services which Regions Bank provides to individuals and businesses, and they include

-         Loans

-         Check cashing

-         Retirement and investment accounts

-         Trust accounts

Pros and Cons of Regions Bank.

The Pros of Regions Bank are;

  Free online payments with friends using Zelle.

-         There is no monthly fee for LifeGreen savings.

-         There are reward programs available for checking and saving accounts.

-         There is extensive presence in the South and Midwest.

-         Access multiple branches and ATMs throughout its 15-state region.

-         On checking accounts it's easy to qualify for monthly fee waivers.

The Cons of Regions Bank includes;

-         Only three fee-free withdrawals per month are allowed on Savings accounts.

-         Those who want free checking can be confused with multiple account options.

-         Rates on CDs and other interest-bearing accounts are low.

-         Premium CDs require a high minimum deposit.

-         LifeGreen Checking has an $8 monthly fee if deposit requirements are not met.

Regions Bank Customer Service.

You can reach Regions Bank customer service representatives who are available from Monday to Friday between the hours from 9 a.m. to 6 p.m. EST. For Saturdays, between the hours of 9 a.m. to 1 p.m. EST. You can as well chat online and make inquiries if you have any.