Bank On-certified account gives people a new option for banking access and reaching financial goals
Regions Bank on Thursday announced the launch of Regions Now Checking, a checking account that combines the convenience of modern banking with no overdraft fees.
“We’re here to meet people where they are and help them get to where they want to be…” @askRegions announces the launch of Regions Now Checking – a #BankOn-certified account w/ no #overdraft fees. Learn more via @RegionsNews. Regions Bank, Member FDIC
The account meets the Cities for Financial Empowerment (CFE) Fund’s national standards for Bank On certification.
Regions Now Checking complements Regions’ Now Banking suite of financial solutions. With a low, flat $5 monthly fee, Regions Now Checking customers will not incur overdraft or non-sufficient funds fees. Regions Now Checking also offers features of a traditional checking account, such as check writing and mobile and online banking with bill pay and Zelle® – all in line with the Bank On National Account Standards. Further, Regions Now Checking accounts can be linked to other Regions accounts for overdraft protection with no overdraft protection transfer fees.
“We’re here to meet people where they are and help them get to where they want to be in terms of reaching their financial goals,” said Scott Peters, head of the Consumer Banking group for Regions Bank. “Regions Now Checking is a natural extension of our commitment to making banking easier by helping people manage and grow their finances through innovative and convenient options. This account also complements the financial wellness and budgeting tools available to everyone for free through the Regions Next Step® program and Regions.com. Our teams work every day to connect people with customized financial insights and guidance, and we are excited to add Regions Now Checking to our comprehensive network of services and solutions.”
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Bank On certification represents a focus on bringing banking solutions to the underbanked and ensuring everyone has access to a safe, affordable bank account. The CFE Fund supports financial empowerment strategies in communities across the country and works to improve the financial stability of low- and moderate-income households. This aligns with Regions’ focus on financial inclusivity and efforts to meet the financial needs of existing customers as well as people who are not yet served by the banking system.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Regions Bank’s Regions Now Checking account,” said Jonathan Mintz, president and chief executive officer of the Cities for Financial Empowerment Fund. “This account offers consumers in the Southeast, Midwest and Texas who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product – this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. Regions Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
In addition to Regions Now Checking, other advancements made by Regions in the last year include moving to an enhanced time-order posting process. Through this process, Regions continues to apply each day’s available credits and deposits to accounts first – before debits, payments and withdrawals are processed – giving customers the highest available balance to cover the day’s payments or withdrawals. What’s new is a more real-time approach to processing debits, payments, transfers and withdrawals to better reflect the order in which those transactions were received by the bank.
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Regions has also reduced the number of overdraft and non-sufficient funds fees customers can be charged on other account types each day. Further, the bank changed how checks are processed on personal accounts to show pending transactions sooner, and Regions improved account alerts to make it easier for customers to be aware of transactions and balances. Customers can set customized alerts, such as deposit and withdrawal alerts, to keep up with their transactions and balances.
Regions also enhanced its online and mobile banking by using simpler language to describe pending transactions and providing expiration dates to indicate when funds on hold from a deposited check will be available. Customers now see a projected available balance as well, which is their estimated available balance after the next nightly posting.
Advancing financial wellness is a key priority for Regions Bank. In addition to the Regions Next Step program, for many years, Regions has supported a variety of financial education opportunities across the Southeast, the Midwest and Texas. This includes Regions’ growing financial support for Operation HOPE and its free HOPE Inside counseling at various Regions branches and through community-based workshops. Regions also works with schools, colleges, universities and other organizations to connect people with free insights to help them build a secure financial future.
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