Regions Bank Business Checking: 2022 Review

Regions Bank is headquartered in Birmingham, Alabama, with approximately 1,500 offices and 2,000 ATMs throughout the South, the Midwest and Texas. If you live in those areas, a Regions Bank business checking account could be a good fit.

The bank offers multiple accounts under its LifeGreen business checking brand, including one that bears interest and an option for nonprofits with no monthly fee. But most Regions accounts have low transaction limits — as few as 75 per billing cycle — and you must speak with a bank representative to get started. Those barriers may make a different business checking account a better fit.

Regions Bank business checking is best for small-business owners who:

• Already use Regions Bank for their business or live in an area in which the bank operates.

• Will take advantage of brick-and-mortar banking services, such as safe deposit boxes.

• Run nonprofit organizations and want a no-monthly-fee checking account.

Pros and cons

Pros

• Multiple types of business checking accounts to choose from with different transaction limits and costs.

• Access to in-person banking features — including discounts on safe deposit boxes — as well as online services like bill pay and account transfers.

• Certain accounts let you choose the bank’s iTreasury program for your online services, which offers additional account management features like increased fraud protection.

Cons

• In-person locations available in 16 states only.

• Must contact a bank representative to open an account.

• Rate on interest-bearing account depends on your balance.

• Can waive the monthly fee on LifeGreen Business Simple Checking only by making at least $500 in purchases on a Regions business credit or debit card (which Regions calls a CheckCard).

Regions Bank business checking at a glance

How Regions Bank business checking works

Regions Bank has five business checking accounts: its basic LifeGreen Business Checking account, as well as LifeGreen Business Simple Checking, Advantage Business Checking, Business Interest Checking and LifeGreen Not-for-Profit Checking. To open any business checking account with Regions Bank, you’ll need to speak with a bank representative.

The Regions website offers tools for scheduling an in-person meeting at a branch or having the bank contact you via phone. You’ll likely want to prepare information about yourself, your business and any additional business owners for your meeting, though the Regions representative will let you know what you need to open a business checking account. For example, you’ll likely have to prove your business is an eligible nonprofit for a LifeGreen Not-for-Profit Checking account.

After you open your account, you'll be able to fund it, enroll in online banking and get your debit card. Regions may pay a transaction if you overdraft on your account, though you’ll likely be charged a fee for doing so. If you’d prefer, you can link your new business checking account to a separate Regions account — such as a savings account or credit card — to enroll in enhanced overdraft protection.

If you’re choosing Regions because of its in-person services, bank locations typically have the features you’d expect from a brick-and-mortar financial institution, such as safe deposit boxes and drive-thru ATMs. Locations are often open from 9 a.m. to 4 p.m. or 5 p.m. Monday to Friday, and some branches have Saturday hours. Regions offers dedicated ATMs that are open 24/7, and you can always access your account via the bank’s online services and its automated telephone system.

» MORE: Best banks for small businesses

Where Regions Bank checking stands out

Multiple account options. Regions Bank offers a suite of business checking accounts, allowing you to find one that fits your specific needs. If you already use a Regions business credit card and have minimal monthly transactions, the bank’s LifeGreen Business Simple Checking account could be a good low-cost option. On the other hand, if you run a high-volume business, the Advantage Business Checking account from Regions offers higher no-fee transaction and deposit limits.

In-person services. With approximately 1,500 offices and 2,000 ATMs, Regions has a strong physical footprint in the South, the Midwest and Texas. If you live in those areas and prefer to bank in-person, a Regions business checking account could be a good fit. You could also receive up to 40% off a safe deposit box with your account (if you opt for auto-debit from your account), which could be a nice added benefit if your business has valuables that need secured storage.

Mobile banking. Regions Bank business accounts come with digital banking tools, including bill pay, mobile deposits and online fund transfers. Most of the bank’s checking accounts also let you opt for Regions' iTreasury small business cash management package instead of typical online services. This allows you to provide account access to multiple users — while controlling their permission levels — and offering increased fraud protection services overall.

Where Regions Bank checking falls short

Not in all states. Regions Bank has a number of branches, but they’re located in just 16 states. If you live in an area in which the bank doesn’t have a strong footprint, such as the Northeast or West, you won’t get the in-person benefits of opening a business checking account with Regions. If you don’t mind banking with a financial institution you can’t visit, there are online business checking account providers that may offer better benefits than Regions.

Monthly fees. Almost all of Regions' business checking accounts charge a monthly fee ranging from $7 to $25 (with the LifeGreen Not-for-Profit Checking account an exception). And while there are ways to waive these costs, there are other brick-and-mortar banks and online providers that offer free business checking accounts.

Limited fee-free transactions. Most of Regions’ business checking accounts have relatively low limits on the number of transactions you can make each cycle before fees kick in. For example, compare Regions' LifeGreen Business Checking account with Chase Business Complete Checking℠. Regions’ account caps you at 150 transactions, whereas Chase offers unlimited electronic deposits.

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