Regions Financial Corporation was established in 1971 as First Alabama Bancshares Inc.; however its banking roots trace back as far as 1856. Known as Alabama’s first multibank holding company, Regions now has more than 2,000 locations and 2,400 ATMs in 16 states.
Company Headquarters:
Regions Financial Corporation
1900 Fifth Ave
Birmingham, AL 35203
Website: www.regions.com
Customer service: 1-800-734-4677
Types of Accounts Available
Regions offers a well-rounded selection of savings, checking, money market and CD accounts.
Savings Accounts
The Regions LifeGreen Savings account serves as the bank’s rewards account of sorts. Its features and requirements include:
- $50 to open online or $5 to open at a branch when setting up automatic recurring monthly savings transfer (must also open/have LifeGreen Checking account)
- 1 percent annual interest bonus
- Interest compounded daily and paid monthly
- Account can be uses as overdraft protection
- No monthly fee
- Discount on Safe Deposit Box
The bank also offers Regions Savings and Savings for Minors accounts.
Checking Accounts
Regions currently offers five checking accounts (options vary from state to state). One of the more popular accounts is Regions LifeGreen Checking:
- $50 to open
- No annual fee
- 24-hour automated telephone banking
- Free online banking with Bill Pay
- Free Platinum Visa CheckCard
- Optional overdraft protection
- $6.95 for first order of checks
- Avoid $8 monthly fee by setting up $10/month direct deposit, making 15 monthly electronic transactions or maintaining an average monthly balance of $1,000
- 30 percent discount on safe deposit box rental with an additional 10 percent discount for auto-debit
- Free paper statements
Other checking accounts available include Regions 50+ LifeGreen Checking, Regions LifeGreen Checking for Students, Regions Preferred Plus Banking and Regions PFS Checking.
Money Market Accounts
Regions Money Market account is one of two offered by the bank. It comes with the following requirements and features:
- $100 to open
- Interest earned on balances of $2.500 or more
- Avoid $12 monthly fee by maintaining a balance of $2,500 or more
- Free online statements
- Free standard check images
- 24-hour automated telephone banking
- Free online banking with Bill Pay
- Discounted Safe Deposit Box
- Interest is compounded daily and paid monthly on collected balances
In addition to this MMA, the bank offers the Platinum Relationship Money Market account.
CDs
Regions offers a number of CD options (Regions CD and Regions Relationship CD) with requirements and features that include:
- $500 to open (term of 90 days or longer) or $2,500 to open (term of 7 to 89 days)
- Free online banking services
- No monthly fee
- Fixed interest rate
- Interest is compounded daily and paid according to the terms of the CD
Region’s CD terms are as follows:
- 7-89 day
- 3 month
- 6 month
- 12 month
- 18 month
- 24 month
- 36 month
- 48 month
- 60 month
This bank does not advertise jumbo CDs.
How to Open Account
While some accounts at Regions must be opened at branches, for the accounts that can be opened online, you will need to provide the following:
- Valid driver’s license and expiration date
- Social Security number
- Current home address
- Current e-mail address
You will also need funding account information (Regions account number and routing number or debit/credit card information).
FDIC Insurance and Coverage
Regions deposits (checking, savings, money market accounts, IRAs and CDs) are protected up to the insurance limit by the FDIC, which is currently $250,000 per depositor.
Customer Service
Customers (and non-customers) in need of assistance can reach Regions Bank a number of ways. Its customer service options include toll-free numbers for general customer service, online banking, lost ATM cards and fraud. Customers can also send an email to the company, mail inquiries or visit a branch for assistance.
Security
Regions uses anti-virus software, firewalls and system updates to protect customer online accounts. For those interested in added protection against identity theft, the bank offers credit report monitoring options.
In addition to deposit accounts, Regions offers credit cards, loans (mortgage, auto, student, personal HELOC), investment options (mutual funds, annuities, IRAs) and insurance coverage. Regions also helps prospective homeowners locate properties for sale that are owned by the bank.
