Is Regions Bank a Good Bank?

FT Contributor  | 

Regions Bank was founded in Alabama in 1971 and has become one of the largest full-service providers of commercial and consumer banking services in the U.S. It holds $129 billion in assets and operates about 1,500 banking offices.

As a subsidiary of Regions Financial Corporation, Regions Bank has made a name for itself as a well-known banking institution in 15 states throughout the county. Branches are located in the South and Midwest U.S.

In addition to personal banking, Regions Bank provides services to business owners and investors, such as small business loans, mortgage services, and wealth management advising. In many cases, consumers choose this bank because it offers a wide variety of accounts.

Who Can Use Regions Bank?

Since Regions Bank branches aren’t located in all 50 states, you’re only eligible to open an account with the bank if you live in a certain area. Regions Bank is accessible to consumers who live in the following states:

  • Alabama.
  • Arkansas.
  • Florida.
  • Georgia.
  • Illinois.
  • Indiana.
  • Iowa.
  • Kentucky.
  • Louisiana.
  • Mississippi.
  • Missouri.
  • North Carolina.
  • South Carolina.
  • Tennessee.
  • Texas.

Since it has many banking features, you may benefit from becoming a Regions Bank customer if you’re interested in using free online bill payment. The bank also offers savings accounts for minors without fees.

Even if you aren’t a Regions Bank customer, you may still benefit from some of the services offered. If you have access to a branch, you may still cash checks or request prepaid debit cards.

Regions Bank Financial Services

Regions Bank has several services it provides to customers, such as checking and savings accounts. The bank also provides consumers with a robust suite of financial services.

Checking Accounts

Most banks offer checking accounts but Regions Bank has several options that cater to different consumer lifestyles.

For example, the LifeGreen eAccess Checking Account was designed for customers who prefer online banking. These consumers benefit from completing most banking transactions online by having fees waived when they make at least 10 purchases with their Regions debit or credit card.

Young consumers are eligible to open a LifeGreen Checking Account for Students. There are no monthly fees for consumers 25 and younger who keep a positive balance. The bank also offers a 62+ LifeGreen Checking Account for consumers 62 and older. When the account holder makes a monthly direct deposit of at least $300, monthly service fees are waived.

Savings Accounts

Regions Bank customers may open a savings account for a minor with no fees and a minimum balance of $5. The bank also offers a LifeGreen Savings account that allows three free transfers or withdrawals per month and no monthly fees if the account holder also has a Regions checking account.

Money Market Accounts

Consumers who want more access to their savings may be interested in opening a money market account. Regions Bank customers pay no monthly fees if they maintain a daily balance of at least $2,500. They also qualify for up to six free transactions in the account, such as withdrawals, checks, or transfers.

Certificates of Deposit

You’re only eligible to open a certificate of deposit (CD) with Regions Bank if you already have a checking account with the bank. You can open a CD with a term ranging from seven days to a full year and your minimum CD deposit varies based on the term.

Additional Services

Through Regions Bank, you may also qualify for a credit card or you can visit the bank for check cashing services. A wealth management advisor can help you develop a retirement plan and open investment, trust, or retirement accounts to help you reach your goals.

Additionally, the bank offers several types of loans, including the following:

  • Student loans.
  • Auto loans.
  • Mortgages.
  • Home equity loans.
  • Personal loans.

The loan terms offered depend on your credit score and the current market conditions.

Regions Bank Customer Service

You can visit the Regions Bank website and utilize the live chat function to speak with a customer service representative. It’s possible to connect with a customer service representative by phone, email, or by making an appointment at a local branch. The bank also provides an extensive FAQ section on its website that covers many products and services.

Regions Bank Contact Information

Call the customer service center at 1-800-734-4667 to have your questions answered Monday through Friday from 9 a.m. to 6 p.m. Eastern Standard Time and Saturdays from 9 a.m. to 1 p.m.

You can also connect with Regions bank through their social media channels and have your questions answered Monday through Friday from 8 a.m. to 5 p.m. Central Time or Saturday from 8 a.m. to 12 p.m. Alternatively, customers can contact customer service by email using a contact form.

Pros and Cons of Regions Bank

Regions Bank customers have reported both advantages and disadvantages to banking with the establishment.

Benefits

With Regions Bank, you have numerous account options so you can conveniently keep all your accounts with one bank. You can manage your accounts online, through the mobile banking app, or in person at a local branch. You can also send money to friends and family members directly from your account using Zelle.

Regions Bank offers personal accounts, commercial accounts, loans, wealth management, and other financial services. Your personal financial goals and preferences will determine whether it’s the right bank for you.

Drawbacks

Regions Bank is only available to customers in the Midwest. While there are many types of accounts available to consumers, most of them are associated with low-interest rates. For example, the money market account may only allow account holders to earn an annual percentage yield (APY) of 0.01%, depending on their location.

Some consumers have also reported that the Regions Bank account service fee structure is confusing. Each account has its own rules and fee structure so it’s important to review these terms before opening an account.

For example, with the LifeGreen Preferred Checking Account, you can avoid the $18 monthly fee by meeting one of the following requirements:

  • Maintaining a $5,000 average monthly balance.
  • Having a combined minimum deposit of $25,000 in all your Regions Bank accounts.
  • Having a combined $25,000 minimum outstanding loan balance on all loans through Regions Bank.
  • Having a first-lien home mortgage in good standing with any loan amount through Regions Bank.

Image Source: https://depositphotos.com/