New Regions Overdraft Grace feature provides an extra business day for deposits to avoid overdraft charges.
Regions Bank on Thursday announced its latest enhancement to its core personal checking accounts: Regions Overdraft Grace. This new, no-cost feature gives personal checking account customers an extra business day to make deposits and cover overdrafts before an overdraft fee is assessed.
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Need a little extra time? @RegionsBank’s new Overdraft Grace feature gives customers an extra business day to avoid overdraft fees. @RegionsNews shows you how this latest enhancement is supporting greater #FinancialWellness. Regions Bank, Member FDIC
Specifically, Regions Overdraft Grace gives customers until 8 p.m. Central Time the following business day if they have overdrawn their account’s available balance by more than $5 to make a deposit.1 If the account’s available balance isn’t overdrawn by more than $5 after nightly processing for the following business day, Regions won’t charge a paid overdraft item fee.
No enrollment is required. Regions Overdraft Grace automatically applies as of June 15, 2023, to all Regions Consumer Banking and Private Wealth Management personal checking accounts. The exception is Regions Now Checking, which is not eligible for Regions Standard Overdraft Coverage and does not carry any overdraft fees.
“Helping customers build financial wellness is a top priority for Regions Bank, and the additional breathing room offered by Regions Overdraft Grace is the latest example of our commitment and the benefit of a banking relationship with us,” said Kate Danella, head of Regions’ Consumer Banking Group. “Regions Overdraft Grace builds on the enhancements we made throughout the last two years and will make it even easier for customers to manage their accounts, cover overdrafts and avoid fees.”
Danella said research involving the bank’s own customers went into the development of Regions Overdraft Grace. The service joins customized Regions Greenprint financial plans, no-cost Next Step financial wellness education, and the My GreenInsights digital personal financial management tool as ways the bank is helping customers optimize cash flow, safeguard against surprises and improve financial health.
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In recent months, Regions has shown customers how the bank is here to help them manage the “IFs” in life. And overdrafts are a common financial “IF” that affect customers at various income levels. The Financial Health Network found that 16% of all households with checking accounts reported having overdrawn at least once in 2020.
Regions encourages customers to subscribe to Mobile and Online Banking alerts for consistently updated account information. Available overdraft alerts now include grace messages to help customers stay on track financially. Regions will send grace notifications to customers by email even if they are not enrolled in Mobile or Online Banking and currently receive emailed updates from the bank at an active email address.
For the best Overdraft Grace experience, customers should enroll in the Negative Balance and Overdraft alerts to receive messages before – and after – overdrafts so they can take action.
In addition to Regions Overdraft Grace, other customer-focused changes the bank has made over the last 18 months include:
- Eliminating overdraft protection transfer fees, which makes Regions Overdraft Protection a no-cost option customers can use to link accounts for automatic transfers to cover overdrafts, avoid fees and minimize disruptions to purchases
- Eliminating non-sufficient funds (NSF), or returned item, fees
- Further reducing the bank’s caps on overdraft fees to a maximum of three per day
- Launching Early Pay, which allows Regions customers who have direct deposit linked to a Regions checking, savings or money market account – or a Regions Now Card® – to receive qualifying payroll and government direct deposits up to two days early
- Launching the digital, invitation-only Regions Protection Line of Credit, which provides $50 to $500 that qualifying customers can use to help avoid incurring overdrafts and related fees
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