Regions Bank Business Checking: 2021 Review

Regions Bank business checking is an option for companies in the South, the Midwest or Texas.
Ryan LaneMar 18, 2021

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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 branding, 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

LifeGreen Business Simple Checking

LifeGreen Business Checking

Advantage Business Checking

Business Interest Checking

LifeGreen Not-for-Profit Checking

Monthly fee:

$7 (waived with $500 in associated Regions business debit or credit card purchases)

$12 (multiple ways to waive)

$25 (multiple ways to waive)

$15 (waived with average monthly balance of $5,000)

$0

Minimum opening deposit requirement:

$100

$100

$100

$100

$100

APY:

None

None

None

Variable rate based on account balance

None

Transactions:

75 per statement cycle; 50 cents for each additional transaction

150 per statement cycle; 50 cents for each additional transaction

500 per statement cycle; 50 cents for each additional transaction

150 per statement cycle; 50 cents for each additional transaction

75 per statement cycle; 50 cents for each additional transaction

Deposits:

$2,500 per statement cycle; 25 cents for each $100 deposited thereafter

$5,000 per statement cycle; 25 cents for each $100 deposited thereafter

$20,000 per statement cycle; 25 cents for each $100 deposited thereafter

$5,000 per statement cycle; 25 cents for each $100 deposited thereafter

$5,000 per statement cycle; 25 cents for each $100 deposited thereafter

Bonus:

None

None

None

None

None

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.

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-only 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.

Compare business checking accounts

Chase Business Complete Banking℠
NerdWallet rating 

at Chase, Member FDIC

U.S. Bank Silver Business Checking
NerdWallet rating 
Read review
Regions LifeGreen Business Checking
NerdWallet rating 
Read review

Monthly fee $15 (multiple ways to waive)

Monthly fee $0 for Silver, $20 for Gold, $30 for Platinum

Monthly fee $7, LifeGreen Business Simple Checking; $12, LifeGreen Business Checking; $25, Advantage Business Checking; $15, Business Interest Checking; $0, LifeGreen Not-for-Profit Checking

Minimum opening deposit requirement $0

Minimum opening deposit requirement $100

Minimum opening deposit requirement $100

APY None

APY Gold Business Checking: 0.01% on balances of $20,000 or more

APY Only for Business Interest Checking (rate varies based on account balance)

Transactions Unlimited electronic deposits; 20 free teller and paper transactions per month

Transactions Silver: Up to 125 free; 50 cents for each additional transaction

Gold: Up to 300 free; 45 cents for each additional transaction

Platinum: Up to 500 free; 40 cents for each additional transaction

Transactions LifeGreen Business Simple Checking and LifeGreen Not-for-Profit Checking: 75 per statement cycle LifeGreen Business Checking and Business Interest Checking: 150 per statement cycle Advantage Business Checking: 500 per statement cycle 50 cents for each additional transaction

Bonus $300 sign-up bonus

Bonus None

Bonus None

Open account online Yes

Open account online Yes

Open account online No

Branch access Yes

Branch access Yes

Branch access 16 states in the South, the Midwest and Texas