Regions Bank is a traditional bank that offers three scalable business checking accounts, an interest-earning checking account, and a nonprofit checking account. All offer waivable monthly fees, a debit card with cashback rewards, online and mobile banking, and access to Regions iTreasury® Small Business (iTreasury SB) iTreasury SB is unavailable with LifeGreen Business Simple Checking and LifeGreen Not-for-Profit Checking accounts. , its cash management platform.
The bank excels at blending traditional banking with useful digital tools. Its online banking platform provides access to an in-house budgeting tool called My GreenInsights, which uses banking data to help you make better financial decisions.
One of the Regions Bank business checking requirements to open an account is to set an appointment at a branch. The bank has branches in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
Pros
- Waivable monthly fees
- Cashback on eligible debit card purchase
- Free budgeting tools
Features
- Free and customizable Regions Business Visa Debit Card that earns cash back rewards
- Online and mobile banking
- Access to iTreasury SB, a cash flow management platform
- Access to My GreenInsights budgeting tool
- Fraud prevention tools
- Discounted first orders of custom business checks for some accounts
- Discounted safe deposit boxes
- Integration with QuickBooks
- Overdraft protection option
How Regions Bank Stacks Up Against Its Competitors
When Regions Bank Is a Good Fit
- You run a nonprofit organization: There are no monthly fees for the Regions Bank LifeGreen Not-for-Profit Checking account.
- You want to earn cash back on debit card spending: Through a program called Regions Offers, you can earn cashback rewards on debit card purchases from select retailers.
- You want a bank that can help you budget: Regions’ Online Banking comes with a free budgeting tool called My GreenInsights, which uses your banking data to analyze spending and help you create budgets, savings goals, and loan payoff goals.
- You seek convenient access to cash management services: Opening a Regions business checking account (except for the basic and nonprofit account) gives you the option to use iTreasury SB, the bank’s online banking platform that provides fraud protection, QuickBooks integration, and secure bank-to-bank payments.
When To Choose a Regions Bank Alternative
- You operate outside of the Regions Bank service area: While Regions Bank has over 1,900 ATMs, it only has branches in 15 states. You can opt for Chase for its nationwide branch coverage. Read our review of Chase business checking to find out which of its business checking accounts matches your needs.
- You want to bank without a monthly fee: There are monthly fees for all Regions Bank business checking accounts. For a zero-monthly fee business checking account, consider U.S. Bank’s Silver Business Checking. We discuss this account in detail in our U.S. Bank business checking review.
- You want to earn competitive interest on a fee-free checking account: The Regions Bank Business Interest Checking account charges a monthly fee of $15. If you want to earn interest without paying a monthly fee, consider Bluevine’s Standard Checking, which earns 2.0% annual percentage yield (APY) on balances up to $250,000. Our review of Bluevine business checking covers how to qualify.
Regions Bank Business Checking Requirements
You can visit the Regions Bank website to fill out an online form so that a Regions Banker can contact you. Another way to open a business checking account is to schedule online for an in-person appointment at the nearest branch. Ask the bank’s specialist what business documents need to be presented at the branch.
Before heading to a branch to open an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of documents typically required upon account opening.
Regions Bank Business Checking Features
Regions Business Visa Debit Card
If you have a Regions business checking account, you can apply for a Regions Business Visa Debit Card. This card features secure contactless chip technology that allows single-tap payment. It is also protected through Visa’s Zero Liability Policy.
Through a free program called Regions Offers, you can earn cash back on debit card purchases with pre-selected retailers. You are required to enroll in Regions Online Banking to view available cashback offers.
For a fee of $10, you can use the Regions YourPix Studio platform to customize your card’s design.
Online & Mobile Banking
Through the Regions Bank website and mobile app, you can do the following:
- Organize and pay bills
- Transfer funds
- Send money through Zelle
- Manage cards
- View online statements
- Use the My GreenInsights budgeting tool
- Deposit checks through mobile check deposit (app only)
Users gave the Region Bank’s mobile app good ratings on both the App Store[1] (4.8 from around 441,000 reviews) and Google Play[2] (4.7 from approximately 105,000 reviews). Customers commented that the app is easy to navigate and reliable. However, a few reported that the recent updates made it difficult for them to log in or move past the bank’s logo screen.
My GreenInsights
My GreenInsights is Regions Bank’s in-house budgeting tool. It lets you do the following:
- View and categorize transactions
- View spending trends based on your banking data
- Set goals for savings and loan payoffs
- Create budgets
- Identify unnecessary expenses
You can link accounts from other financial institutions to get a more complete picture of your financial health. However, not all accounts are guaranteed to be compatible with the platform.
Regions iTreasury® Small Business (iTreasury SB)
Regions Bank provides small business owners with iTreasury SB. This online banking platform integrates business checking accounts with QuickBooks and allows secure fund transfers using wire transfer and automated clearing house (ACH) origination as a low-cost transaction option.
Additionally, business owners are protected from fraud through its Positive Pay services, ACH alert notifications, and user access control. Accounts can also be managed from a desktop, tablet, or mobile device.
Business Services
- Merchant services: Regions Bank offers a mobile payment app for debit and credit card processing, tablet-based point-of-sale (POS) software, loyalty and reward cards, and payments insider—a customer portal for merchants.
- Cash management/treasury management services: The bank offers Regions Quick Deposit®, wire transfers, ACH payments, lockbox services, vault services, commercial card support, sweep services, and Regions Liquidity Manager®.
- Fraud protection: Businesses are protected through the bank’s Positive Pay services, ACH alerts, and commercial check imaging solutions.
- Payroll: Regions Bank provides payroll and employee administration through Paycor, employee retirement plan services, employee and customer loyalty cards, and a payroll card program (Skylight ONE card).
Read our Paycor review for more information on the pricing and features. You may also be interested in our roundup of the best payroll card providers, where Skylight ONE is named the best overall payroll card for small business owners.
Other Regions Bank Business Products
Regions Bank offers a wide variety of business banking products and services, which include nonprofit checking, savings, money market accounts, CDs, credit cards, lending products, and priority business banking services.
LifeGreen® Not-for-Profit Checking provides nonprofit organizations with up to 75 fee-free monthly transactions and a $5,000 cash deposit allowance. This account has no monthly fees but requires an opening balance of $100. A 50% discount applies for the first order of custom business checks.
Regions Bank lets you open savings accounts, money market accounts, and CDs:
- Business savings: For a $100 minimum opening deposit, you can earn variable interest with your Regions Business Savings account. The $5 monthly fee is waived when you maintain a $500 daily balance.
- Business money market: With a $1,000 opening deposit, you can grow your money with the Business Premium Money Market account. No monthly fee is collected when you meet the $5,000 daily balance requirement. Otherwise, $12 is charged monthly.
- Business CD: For a $2,500 minimum deposit, you’re offered guaranteed returns on your business CDs at flexible terms of seven to 89 days. Terms starting at 90 days are available and will require only $500 as an opening deposit. CDs have no monthly fees.
There are two types of Regions Bank business credit cards:
- The Regions Visa Business Credit Card offers temporary interest-free financing with no annual fee—it provides an APR of 0% up to the end of your sixth billing cycle. Our Regions Visa Business Credit Card review can help you determine whether the card is right for you.
- The Regions Visa Business Enhanced Rewards Credit Card also provides 0% APR for your first six months and earns one redeemable reward point per $1 spent. Learn more about the card’s rewards program through our Regions Visa Business Enhanced Rewards Credit Card review.
Regions Bank offers the following types of lending products:
- SBA 504 loans up to $6.25 million
- SBA 7(a) loans up to $5 million
- SBA Express loans up to $350,000
- Equipment and finance leasing up to $400,000 and $750,000 for hard assets
- Small business loans Contact the bank for information on loan amounts.
- Lines of credit Contact the bank for information on loan amounts.
This preferred-customer program connects you to a dedicated Priority Banker who attends to your daily banking needs. To qualify, you need the following:
- A business checking account
- At least $50,000 in combined deposits, loans, and investment balances
Regions Bank Business Checking Reviews From Users
The bank has a 3.8 out of 5 rating on WalletHub[3] from around 2,100 reviews. Several users who left a Regions Bank business checking review complained that the bank placed a long hold on check deposits, which sometimes reached 10 days. As a result, some customers were charged overdraft fees.
Most of the bank’s positive reviews came from credit card holders who were satisfied with the product’s rewards program. As for the bank’s customer service, some clients expressed negative feedback, having stated that they received canned responses from the staff when they explained their account issues. Others also said they didn’t receive callbacks despite leaving a couple of emails.
Frequently Asked Questions (FAQs)
Yes. As a member of the FDIC, Regions Bank’s deposits are protected up to the standard FDIC-insured amount of $250,000 per depositor and account ownership category.
As of the bank’s filed call report in December 2023, Regions Bank has approximately $151.3 billion in assets.
To open a Regions business checking account, you are required to make a $100 initial deposit.
Bottom Line
We recommend Regions Bank for organizations wanting useful digital banking tools without sacrificing the traditional banking experience. With in-house budgeting software and cashback programs for debit and credit cards, the bank is also a great choice for businesses looking to boost their savings. Its iTreasury SB online platform further helps small business owners manage their cash flow effectively.
User review references:
[1]App Store
[2]Google Play
[3]WalletHub