Regions Bank Review - What You Need to Know

Checking, Savings, and More in 15 States

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Regions Bank is a brick-and-mortar bank with online banking and a mobile app that should satisfy most consumers. The bank provides branches and free ATMs in 15 states throughout the South, Midwest, and Texas. Regions has a broad range of services for individuals and businesses.

Who Is Regions Bank Best For?

Regions is a well-established choice for those who want in-person banking and free ATMs in the 15-state service area: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas. It might be a good fit for you if you also want these benefits:

  • Free checking available if you qualify for fee waivers
  • Check cashing and prepaid debit cards for non-customers
  • Free online bill payment
  • CDs that don’t charge hefty penalties if you cash out early
  • Cash deposits at selected ATMs
  • No-monthly-fee bank accounts for minors

Pros and Cons

Pros

  • Video Teller Machines provide customer service via ATMs

  • Relatively easy to qualify for monthly fee waivers on checking accounts

  • Free online payments to friends with Zelle

Cons

  • Overdrafts are expensive (if you opt into overdraft protection)


  • Savings accounts allow only three fee-free withdrawals per month

  • Multiple account options could confuse those who just want free checking

Types of Accounts

  • Checking accounts
  • Money market accounts
  • Savings accounts
  • Certificates of deposit (CDs)
  • Other accounts and services

Checking Accounts

Regions offers a variety of checking accounts, including free options and premium offerings.

  • Send money to friends for free with Zelle
  • Monthly maintenance fees from $5 to $18 (but it’s relatively easy to qualify for fee waivers)
  • $25 minimum to open
  • Visa check card for payments and ATM withdrawals
  • Free online bill payment for one-time and recurring payments
  • Mobile check deposit

Easy fee waivers:

  • For the LifeGreen Checking Account, you may qualify for a fee waiver by keeping $1,500 in your account (average monthly balance) or by setting up automatic deposits of at least $500 per month.
  • For the LifeGreen eAccess Account, you can earn a fee waiver by using a Regions card at least 10 times each month.

Overdraft options: If you overdraw your account, you have two overdraft options available for a fee from Regions (you can also opt out of overdraft protection):

  • Standard Overdraft Coverage: Regions can provide funds to pay for charges on your debit card, checks, and other transactions. The cost for each item is $36.
  • Regions Overdraft Protection: If you prefer to transfer money from another account to cover overdrafts, Regions can pull from a savings account, credit card, money market, or line of credit to fund your payments. The fee for that service is $15 for each day a transfer occurs. Plus, you may pay interest or other charges on the accounts you pull money from.

    Overdraft protection can save you from bounced check fees, as well as penalties and fees from parties you made payments to (say, your credit card company or auto lender) when you didn't have enough money to cover the payment. But you also pay fees to your bank for every overdraft, so overdraft protection may not be worth it for you. Learn more about overdrafts before you sign up for an overdraft plan.

    Peer-to-peer (P2P) payments: Regions partners with Zelle for payments to friends or other individuals. You can also link your account to other services (such as PayPal and Venmo), which provide P2P payment services.

    According to the bank’s customer service department, Regions does not allow you to set up external bank accounts for free ACH transfers. However, you can link to your Regions account from other banks and initiate transfers from those accounts.

    Money Market Accounts

    Money market accounts are your best option for earning interest at Regions Bank, but you need a significant balance to benefit from these accounts—rates increase with larger account balances. For the best results, you need to qualify for “promotional” rates, which are available for new deposits only.

    • 1.5% APY on balances above $10,000
    • 1.75% APY on balances above $250,000
    • Monthly fees from $12 to $15
    • Fee waivers are available if you keep at least $2,500 minimum daily balance in the Regions Money Market account. For the Premium Money Market, you can get a fee waiver if you keep at least $15,000 in the account, or if you have a LifeGreen Preferred checking account.
    • Minimum initial deposit of $100
    • Maximum of six withdrawals per month (ATM and in-person transactions don’t count toward the limit), the most allowed by any money market account.

      Federal regulations require banks to place limits on withdrawals from savings and money market accounts. If you make more than six withdrawals per month from either type of account, the financial institution can charge you a fee, close your account, or convert it into a checking account.

      Savings Accounts

      Regions Bank’s savings accounts are paltry. However, with a 1% annual savings bonus, the Regions LifeGreen Savings account may be useful for some consumers.

      • No monthly fees for the Regions LifeGreen Savings account if you have a Regions checking account and meet other deposit requirements
      • $50 initial minimum deposit required
      • Earn 0.01% APY on all balances
      • Deposit and withdraw cash at ATMs using your linked debit card
      • Mobile check deposit
      • Maximum of three withdrawals per month (ATM and in-person withdrawals do not count toward that limit). This is more stringent than some competitors.
      • Open an account for minors (under age 18) if you visit a branch in person

        1% bonus: If you have a Regions checking account, your Regions LifeGreen Savings account may qualify for an additional 1% earnings bonus if you set up automatic transfers from checking to savings. The maximum bonus amount is $100 per year, effectively enabling you to earn up to 1% on $10,000.

        If your primary reason for considering Regions is to get the best rate on your savings, you'd be better off looking to other banks. Many online banks pay 2% or more for savings, and have low minimum balance requirements.

        Certificates of Deposit (CDs)

        Regions offers standard Regions CDs, Promotional CDs, and Relationship CDs with a variety of terms. The Promotional CDs offer the best rates for a limited time period. Relationship CDs are available if you have a Preferred Plus, PFS, 50+ LifeGreen, or At Work 50+ LifeGreen checking account. As with most CDs, you may pay early withdrawal penalties if you remove funds before the CD matures.

        Minimum investments for the three types of CDs are:

        1. Promotional CDs: $10,000
        2. Regions CDs: $500
        3. Relationship CDs: $500

        The rates on most of Regions Bank’s CDs are relatively low. Terms of fewer than five years pay less than 0.50% APY. But several notable exceptions include:

        Best Regions Bank CD Rates
        Type and Term of CD APY
        Promotional CD for 18 to 23 months 2.15%
        Relationship CD for 8 to 11 months 1.50%
        Relationship CD for 12 to 17 months 2.10%

        Those rates compare well against other brick-and-mortar banks. However, several online banks pay significantly more.

        Early withdrawal penalty amounts depend on the term you choose. As long as you hold your CD for more than seven days, you can usually limit the penalty to any interest you’ve earned. See your deposit agreements for details, but for a simplified outline:

        • Terms of 31 days or less: You’ll have to pay all interest that you would have earned on the amount you withdraw (this can include interest you haven’t earned yet, so you receive less than you deposited).
        • 32 day to 364-day CDs: The lesser of all interest earned or 1% of the amount withdrawn
        • 365-day or longer CDs: The lesser of all interest earned or 2% of the amount withdrawn

        Other Accounts and Services

        Regions provides a variety of additional services to individuals and businesses.

        Trust accounts: Trustees can open checking accounts, savings accounts, and investment accounts.

        Loans: Regions offers a wide range of loans, including personal loans, student loans, home purchase loans, home equity loans and home equity lines of credit, auto loans, and commercial loans.

        Retirement and investment accounts: If you want one-stop-shopping, you might be interested in opening taxable investment accounts and retirement accounts with the help of Regions Bank’s financial advisors. Those non-bank accounts are not FDIC insured and may use investments that can lose money.

        Check cashing: Regions provides check cashing at locations throughout the U.S. to non-customers. It’s probably best to open an account with a bank so you can deposit checks (or cash them for free), but Regions can help when that’s not an option. Fees range from 1% to 4% of your check amount and can be loaded onto a prepaid debit card.

        How to Bank With Regions

        To open an account, visit Regions.com or call 800-734-4667.

        Phone representatives are available from 6 a.m. to 7 p.m. Central time, Monday through Friday, and 8 to 2 Central on Saturdays. You can also chat online with customer service to ask questions about opening an account.

        You can fund your account with direct deposit, ACH transfers, wire transfers, remote deposit, or deposits by mail. And your initial deposit may come from another checking or savings account, or through a debit or credit card.

        Account Fees

        Fees at Regions Bank are fully disclosed, but the account options and variety of fees could cause some confusion. The costs below are a sampling of the fees Regions charges.

        Monthly charges:

        • Monthly checking account fees depend on the account you choose, ranging from $8 to $10 (fee waivers are available in most cases).
        • Savings account fees also vary, ranging from $0 to $5 a month.
        • Money market funds charge between $12 and $15 a month unless you qualify for a waiver.

        Withdrawals:

        • Savings accounts allow you to withdraw funds three times a month for free. After that, you pay $3 per withdrawal.
        • Money market accounts allow you six free withdrawals per month, with a fee of $15 per withdrawal, transfer, or payment after your first six.

        There are also other fees you should be aware of.

        Additional Fees of Note
        Service Charge
        ATM withdrawal at a non-Regions ATM $2.50
        International ATM transaction $5
        Zelle P2P payments No charge
        Bank-by-mail deposits  $5
        Notary services No charge
        Overdraft charge  $36
        Returned check  $15
        Stop payment  $36
        Incoming domestic wire $15
        Outgoing domestic wire  $25
        Outgoing ACH $3

        About Regions Bank

        Regions Financial Corporation has $125 million in assets and provides full-service financial services to consumers and businesses in the South, Midwest, and Texas. The holding corporation was chartered in 1970 with three banks: the First National Bank of Huntsville, the First National Bank of Montgomery, and the Exchange Security Bank of Birmingham. Currently, Regions Bank has over 1,900 ATMs and 1,500 branches.

        Regions uses security measures typical of financial institutions in the U.S. to protect your account information. The bank reports that the mobile app, website, and other digital connections are encrypted, and the app does not store your account details. However, any text messages you receive might be visible in your phone’s texting app, which might not be secured.

        Lock your cards: Regions helps you reduce the risk of fraud on your Regions cards with the Regions LockIt feature. That service allows you to turn off your cards through the mobile app when you don’t need to spend with those accounts.

        Deposit insurance: Your deposits at Regions Bank are insured for up to $250,000 through FDIC insurance.

        The Bottom Line

        Benefits:

        Regions has a wide range of products and services, and there are plenty of retail locations available to customers in the bank’s service area. If you want high-touch service, you can get your needs met. Plus, Regions’ money market account rates are relatively good for brick-and-mortar banks.

        Drawbacks:

        Although you can earn interest at Regions, rates on savings accounts are typical of brick-and-mortar banks, and you can do better at online banks. Also, the Regions Bank product lineup is a bit confusing, with Promotional products, Relationship pricing, and multiple versions of checking accounts. Choice is good, but the average consumer might not be up for the task of figuring out all of the different options.