Regions Bank is the banking division of the Regions Financial Corporation, which is one of the largest financial service providers in the United States. The bank provides individual and commercial customers with deposit and loan products and services, as well as trust and wealth management services. Regions Bank also employs Wealth Advisors on its wealth management side to provide customers with guidance on various investment and insurance products.
On its Personal Banking side, Regions offers its customers various depository products including Checking, Savings, Money Market, and Certificate of Deposit accounts. Multiple checking accounts are available that offer simple services like direct deposit and check writing. Several checking account offerings are customized for different demographics like seniors and students, and most of the accounts have no monthly fees. As far as savings accounts, Regions offers one with a good interest rate if conditions are met, as well as an account for minors. Money Market accounts are available as well and come with a monthly fee and minimum balance requirements. Regions also offers CDs that range in term lengths starting from as short of a period as 7 days.
Regions Bank online banking is a sophisticated Internet platform on which customers can pay bills, view check images, transfer funds, and manage their rewards. The bank’s reward program offers points for purchasing activities performed using a Regions-issued Visa checkcard. Regions Bank also has a mobile smartphone app that allows customers to perform tasks like bill pay, account management, mobile deposit, and fund transfer while on the go.
Regions Bank is headquartered in Birmingham, Alabama, and is the largest bank in the state and one of the largest banks in the southeastern United States. It operates over a thousand branches across multiple states in the region. Regions Bank was originally established as the Exchange-Security Bank in 1928 before changing its name to First Alabama Bank of Birmingham in 1975. After a series of acquisitions and mergers, the bank expanded its operations to cover the majority of the Southeastern United States. In 1994, the bank changed its name to Regions in order to reflect their expanding operational presence.
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7/7/14 - Competitive 70-Month Promotional CD at Regions Bank
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7/31/12 - Regions Bank's $125 Checking Account Bonus in Several States
4/4/12 - Treasury: Regions Financial Repays TARP Funds
8/29/11 - Regions CD Owners Take Note
1/9/11 - Regions Bank CD Special Relationship Rates On 1/9/2011
12/7/10 - Regions Bank CD Special Relationship Rates
1/9/10 - 2.00% 12-Month CD, 2.50% 23-Month CD & 3.25% 42-Month CD at Regions Bank in Several States
12/16/09 - 2.00% 15-Month CD & 2.50% 23-Month CD at Regions Bank in Several States - Local Only
10/24/09 - 3.25% 42-Month CD at Regions Bank in Several States
9/20/09 - 3.25% 42-Month CD & 2.50% 23-Month CD at Regions Bank in Several States
4/21/09 - 3.25% 39-Month CD and Other Competitive CD Rates at Regions Bank
11/10/08 - Update on Regions CD and Money Market Account Promotions
10/9/08 - 4.00% Money Market Promotion and Update on CDs at Regions
10/3/08 - 5.00% 30-Month CD at Regions Bank
8/29/08 - 5.00% 6-Month CD at a Georgia Bank (Integrity Bank).
8/29/08 - 5.00% Reward Checking Account at a Georgia Bank (Integrity).
8/29/08 - 4.25% 10-Month CD at a Georgia Bank (Integrity).
8/5/08 - 4.00% 7-Month / 4.75% 30-Month CD at Regions Bank (Rates May Vary By State)
Holding My Money
I had a friend help me out. He got some of his friends to donate me some money to get my teeth worked on and other things I needed.
They deposited checks. Regions thought they looked suspicious so they put a block on my account.
When I talk to them at my branch they said they thought they were fraudulent and they were protecting me and themselves in case they were bad. I was asked if I knew who deposited them. I told them the truth no I didn't and it came as a surprise to me. But I said when I called my friend they people preferred to remain anonymous. But I said thats fine hold them until you see that they are good.
Its been two months and they still have my account blocked holding my money. You would think if they were fraudulent it would have showed by now.
But they will not close out my account and send me my money. What do I do?
Leaving Regions - Like Others Due To Indefinsible Deposit Holds
When we moved to Florida some 3 years ago there was a Regions just 5 minutes from our new home - very convenient. Since then the lobby area has increasingly remained closed (not even a sign on the door) - with only drive up service available. According to the Manager, this has been due to a shortage of personnel ... FOR WEEKS OR MONTHS. This is particularly true and aggravating on Fridays - a peak banking day for many.
As others have decided and posted, we will begin our account moves out of Regions to another institution on Monday - due specifically to these indefensible deposit holds ... 10 days or more - even for CASHIER CHECKS DEPOSITED FROM MAJOR BANKS BLOCKS AWAY! Of course these holds defeat the entire purpose of getting a cashier's check to speed financial transactions along in the first place. In fact, these Regions practices make a mockery out of the entire cashier check process within the industry.
I can only wonder if sitting on deposits like this could be a sign of deeper overall corporate financial concerns ...
A few phone calls today indicated "the norm" within the financial industry locally seems to be a 24 hour hold for cashier's checks. If not outright illegal, these practices seem unethical at best. Bye bye Regions.
Going Downhill Fast
I've been banking with Regions for decades, but recently, there have been changes that make it difficult to stay with them. First of all, a year or so ago, they fired almost all of their long-time employees, leaving the staff shorthanded. Then they closed on Saturdays. Last week, I lost a credit card. I called the bank, they told me I had to call an 800 number to report the loss, they couldn't handle it in the office! 800 number has a wait time of 20 minutes, and they hung up on me after about 10. That's happened 3 times this week. As a result of COVID, I tried for weeks to set up online banking with no success. I have begun the process of moving my savings to another bank.
Definitely Do Not Recommend
We opened a checking account with Regions in 2015 when we finalized our mortgage with them. At the time we thought we would be changing banks. However we decided to stay with our current bank but never closed the Regions account and never signed up for online banking. We opened the account with $50 and never used the account. Today we closed the account. Of our $50, $14 was returned to us. We were told it was for low balance fees for July and August. Coincidently, we refinanced our mortgage with another bank for a lower rate in July. Up until then we were not charged any "low balance" fees. Today, I also requested the last 6 months of statements and was told I would be charged $5 per or $30 for them to either mail them to me or for me to pick them up at a branch. I will never use them again for any of my financial needs nor would I recommend them to anyone.
Data as of Q2 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 12368 |
| Year Established | 1928 |
| Employees | 18738 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.96% |
| Return on Equity - YTD | 16.21% |
| Annual Interest Income | $2.02B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $154.7B$143.4B |
| Loans | Q2 2021vs Q2 2020 | $83.65B$89.42B |
| Deposits | Q2 2021vs Q2 2020 | $132.8B$119.8B |
| Equity Capital | Q2 2021vs Q2 2020 | $18.52B$17.78B |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $1.60B$2.28B |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $829.0MM$709.0MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $20.0MM$54.0MM |
