Customers get new tools to improve their daily cash flow.
Regions Bank on Tuesday announced its latest enhancements
designed to help customers improve their financial health and
wellbeing.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220913005232/en/
Regions Bank is launching Early Pay and
the Regions Protection Line of Credit, two new enhancements offered
by Regions to help customers improve their financial health and
wellbeing. (Photo: Business Wire)
New offerings include:
- Early Pay: Through this no-cost feature, Regions
customers who have direct deposit to a Regions checking, savings,
or money market account – or a Regions Now Card® – can receive
qualifying payroll and government direct deposits up to two days
early.
- Regions Protection Line of Credit: This digital lending
solution provides $50 to $500 to cover short-term financial needs.
The result is qualified customers will have access to a
competitive, low-cost borrowing solution as an alternative to
incurring overdrafts and related fees.
“These new services are an extension of several enhancements
we’ve made to give our customers even more options for managing
expenses and reaching their financial goals,” said Kate Danella,
head of Regions’ Consumer Banking Group.
“Combined with fewer fees and more simplified banking, Regions
customers now have more options to optimize their cash flow,
safeguard against surprises, and improve their financial health,”
Danella added. “And, as always, our teams remain available to help
people develop financial plans that are custom tailored around the
needs of individual consumers.”
Customers do not have to enroll in Early Pay but must set up
direct deposit to receive qualifying direct deposits up to two days
early in their Regions checking, savings, or money market account
or Regions Now Card. Direct deposits that may be received early
include payroll and government disbursements, such as Social
Security, retirement, and state unemployment benefits. Deposits
from employers should be notated as payroll or something similar to
become eligible for Early Pay. Customers can subscribe to alerts to
get notified when Early Pay direct deposits are available.
The Regions Protection Line of Credit is a digital-invitation
only offer that provides $50 to $500 in instant overdraft
protection to qualified customers through a simple, fixed-rate line
of credit. This new, low-cost line of credit has no annual or cash
advance fee and automatically becomes the customer’s linked account
for overdraft protection upon activation.
Regions also expects to introduce a grace period feature in 2023
to give checking account customers more time to make deposits and
help avoid overdraft fees.
Early Pay and the Regions Protection Line of Credit are among
changes Regions previously announced for 2022 to reduce
overdraft-related charges as part of the bank’s long-term
commitment to helping customers build and maintain financial
success. Already in 2022, Regions has:
- Eliminated overdraft protection transfer fees and lowered
transfer amounts from $100 to $10 increments
- Removed non-sufficient funds fees, or returned item fees, from
all checking, savings, and money market accounts
- Lowered the daily cap on overdraft fees to three for all
banking accounts except analyzed and commercial accounts
Regions’ consistent focus on helping customers build and manage
their daily finances previously brought improved account alerts,
time order posting, and the Bank On-certified Regions Now Checking℠
account with no overdraft fees. Further, the bank launched the
LifeGreen Savings Bonus and Now Savings Bonus Programs that enable
customers to earn an annual savings bonus by meeting program
requirements. Regions also enhanced projected available balance
displays, along with other Mobile and Online banking enhancements,
and the bank unveiled upgrades to its personal financial management
tool – My GreenInsights – along with other additions to make
banking easier for customers.
Regions also offers no-cost financial education through Regions
Next Step®, which is available to everyone online, regardless of
whether they bank with Regions. In addition, Regions Greenprint®
financial plans give customers a financial health score and
recommended next steps to reach financial goals.
The launch of Early Pay and the Regions Protection Line of
Credit comes as Regions debuts a new “Embrace the IF in Life”
promotional campaign that uses the concept of “Life Banking” to
show these and other benefits that come from banking with Regions
and its LifeGreen® Checking and LifeGreen® Savings account
suite.
About Regions Financial Corporation Regions Financial
Corporation (NYSE:RF), with $161 billion in assets, is a member of
the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, and mortgage products and services. Regions serves
customers across the South, Midwest and Texas, and through its
subsidiary, Regions Bank, operates approximately 1,300 banking
offices and more than 2,000 ATMs. Regions Bank is an Equal Housing
Lender and Member FDIC. Additional information about Regions and
its full line of products and services can be found at
www.regions.com.
Forward-Looking Statements This release may include
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995, which reflect Regions’ current views
with respect to future events and financial performance. The words
“future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,”
“believes,” “predicts,” “potential,” “objective,” “estimates,”
“expects,” “targets,” “projects,” “outlook,” “forecast,” “would,”
“will,” “may,” “might,” “could,” “should,” “can,” and similar
expressions often signify forward-looking statements.
Forward-looking statements are not based on historical information,
but rather are related to future operations, strategies, financial
results, or other developments. Forward-looking statements are
based on management’s expectations as well as certain assumptions
and estimates made by, and information available to, management at
the time the statements are made, and are subject to various known
and unknown risks, uncertainties, and other factors that may cause
actual results to differ materially from the views, beliefs, and
projections expressed in such statements. Factors that could cause
actual results to differ from those described in forward-looking
statements include those risks identified in Regions’ Annual Report
on Form 10-K for the year ended December 31, 2021, and our
subsequent filings with the Securities and Exchange Commission. You
should not place undue reliance on any forward-looking statements,
which speak only as of the date made. We assume no obligation to
update or revise any forward-looking statements that are made from
time to time.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220913005232/en/
Media Contact: Jeremy King Regions Bank 205-264-4551
Regions News Online: regions.doingmoretoday.com Regions News on
Twitter: @RegionsNews
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