Regions Bank Business Checking Review
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
Regions Bank is a traditional bank with five business checking accounts: LifeGreen Business Simple Checking®, LifeGreen Business Checking®, Business Interest Checking, Advantage Business Checking, and LifeGreen® Not-for-Profit Business Checking. It offers waivable monthly fees, a debit card with cashback rewards, online and mobile banking, and access to Regions iTreasury Small Business, its cash management platform.
Regions Bank Business
What We Like
- Multiple small business checking account options
- Waivable monthly fees
- No monthly fee for nonprofit checking account
What's Missing
- Bank locations found in 15 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas
- Only 75 free monthly transactions for LifeGreen Business Simple Checking®
- Opening a checking account requires contacting a Regions banker
Features
- Free and customizable Regions Business CheckCard that earns cashback rewards
- Transfer funds, pay bills, and deposit checks via mobile app
- Online and mobile banking
- Access to Regions iTreasury Small Business cash flow management platform (except for LifeGreen Business Simple Checking® and LifeGreen® Not-for-Profit Business Checking)
- Fraud prevention tools
- Discounted safe deposit boxes
How Regions Bank Stacks Up Against Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 LifeGreen Business Simple Checking® | N/A | Up to $2,500 per month free, then 25 cents per $100 | Free at Regions Bank ATMs; $3 at non-Regions Bank ATMs plus operator fees; $5 for international | $100 |
 Business Advantage Fundamentals Banking | N/A | Up to $7,500 per month free, then 30 cents per $100 per statement cycle | $2.50 per transaction at non-Bank of America ATMs, plus ATM operator fees | None |
 Business Complete Banking | N/A | Up to $5,000 per month free, then $2.50 per $1,000 per statement cycle | $2.50 per transaction at any non-Chase ATM, plus ATM operator fees | None |
When Regions Bank Is a Good Fit
- Small business owners with low monthly transactions: With LifeGreen Business Simple Checking®, you get up to 75 free transactions and up to $2,500 in free cash deposits each month.
- Businesses with moderate to higher monthly transactions: Regions Bank offers higher free transactions and free monthly cash deposits with a LifeGreen Business Checking®, Business Interest Checking, or Advantage Business Checking account. See overview below for more details.
- Nonprofit organizations looking for no monthly maintenance fees: Regions Bank doesn’t collect monthly fees for its LifeGreen® Not-for-Profit Checking account, generating savings for nonprofits.
- Businesses seeking to earn cashback rewards on their business debit card: With a Regions Business CheckCard, you can earn cashback rewards from your eligible business purchases, which are deposited in your checking account automatically.
- Business owners looking to use safe deposit boxes: All of Regions business checking accounts give out a safe deposit box discount per account that can be as high as 40%, provided your Regions checking account has an auto-debit setup.
When Regions Bank Is Not a Good Fit
- Businesses that favor in-person banking but located outside Regions’ 15-state service area: While Regions Bank has over 1,900 ATMs, its branches are in 15 states only. You can opt for Chase, Bank of America, or Wells Fargo for nationwide branch coverage.
- Businesses that want unlimited fee-free transactions: Regions’ business checking accounts have low free transaction limits in contrast to other banks. Although its Advantage Business Checking account gives up to 500 free items, it requires a $10,000 average monthly balance to waive the monthly fee. You can consider Capital One and NBKC Bank to save on transaction fees if your business is located near one of its branches.
- Businesses that want free business checking accounts and are open to digital-only banks: A $100 minimum deposit is required to open a Regions Bank business checking account while it’s free at fully online banks, such as Bluevine, Axos Bank, and Grasshopper Bank.
Regions Bank Business Checking Overview
Regions Bank Business Checking Requirements
You can visit the Regions Bank website to fill out an online form so 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 location. Check what business documents are needed to be presented at the branch with the bank’s small business specialist.
Before heading to the branch to open an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
Regions Bank Business Checking Features
Regions Bank has multiple business checking accounts offering a Business CheckCard debit card with cash back, online and mobile banking, and access to Regions iTreasury® Small Business for some accounts.
LifeGreen Business Simple Checking®
LifeGreen Business Simple Checking® is suitable for business owners with low transaction volume, providing 75 free items each statement period and up to $2,500 fee-free cash deposits each month.
LifeGreen Business Checking®
For sole proprietors, startups, or limited liability companies (LLCs) with larger transactions, LifeGreen Business Checking® offers a choice of Regions iTreasury® Small Business cash management package or Regions Online Banking for Business with Bill Pay. You can enjoy 150 free items each statement period and up to $5,000 free cash deposits each month.
Advantage Business Checking
The Advantage Business Checking fits small business owners with a moderate monthly transaction volume and who prefer to use multiple business accounts and services. It also provides account holders with a choice of Regions iTreasury® Small Business cash management package or Regions Online Banking for Business with Bill Pay. You won’t be charged for 500 items each statement period and can benefit from up to $20,000 free monthly cash deposits.
Business Interest Checking
Business owners looking for a small business checking account that provides an interest rate will find Business Interest Checking a good fit. You’re offered a choice of Regions iTreasury® Small Business cash management package or Regions Online Banking for Business with Bill Pay. You get up to 150 free items each statement period and up to $5,000 free monthly cash deposits.
LifeGreen® Not-for-Profit Checking
LifeGreen® Not-for-Profit Checking is ideal for owners of nonprofit organizations with a low transaction volume seeking checking accounts with no monthly fees. No charges are collected for the first 75 items each statement period and you can enjoy up to $5,000 fee-free monthly cash deposits.
Regions Business CheckCard With Cashback Rewards
Regions business checking account holders with transactional and signature authority can receive a free Business CheckCard. It earns cashback rewards and is enrolled automatically in the Regions Cashback Rewards program if you’re enrolled in Regions Online Banking. The cashback earnings are also deposited into your checking account automatically.
You can customize your Visa CheckCard with Regions YourPix Studio® for a fee of $10. This card features secure contactless chip technology that allows single-tap payment.
Online & Mobile Banking
Regions Bank lets you make online scheduled bill payments, deposit checks using its mobile banking app, send and receive money through Zelle, and view online statements. Download Regions Bank’s mobile banking app at the App Store and Google Play.
Regions iTreasury® Small Business
Regions Bank provides small business owners with an online banking platform that 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. Furthermore, business owners are protected from fraud through its Positive Pay services, ACH alert notifications, and user access control.
Business Services
- Merchant services: Mobile credit card processing, point-of-sale (POS) software, loyalty and rewards cards, and Payments Insider merchant portal
- Cash management/treasury management services: Regions Quick Deposit®, wire transfer, ACH payments, lockbox services, vault services, commercial card, sweep services, and liquidity manager
- Fraud protection: Positive Pay and Regions ACH Alert
- Payroll: Skylight ONE card, Paycor, employee retirement plans, and employee loyalty cards
- Industry solutions: Agricultural banking and restaurant/franchise banking/McDonald’s franchise financing
Other Banking Products
Regions Bank has a full suite of banking products available to small business owners from business savings and money market accounts to credit cards and lending:
- Business savings: For a $100 minimum opening deposit, you can earn a variable rate of interest with your Regions Business Savings account. The $5 maintenance fee is waived when you meet the $500 daily balance requirement.
- Business money market: With a $1,000 deposit, you can grow your money with the Business Premium Money Market account. No monthly fee is collected when you maintain a $5,000 minimum daily balance.
- Business CD: For a $2,500 minimum deposit, you’re offered guaranteed returns with little risk on your Business CDs at flexible terms of seven to 89 days. If you want longer terms starting at 90 days, only $500 is required as a minimum opening deposit.
- Business Promotional CD: For a $10,000 minimum deposit, you can take advantage of high returns with Business Promotional CDs. This is for a limited time when you have a Regions business checking account. This product has no monthly fees.
- Business credit cards: With a Regions Visa® Business Credit Card, Regions Bank savings and checking account holders can access an interest-free financing option for large business purchases. Meanwhile, the Regions Visa® Business Enhanced Rewards Credit Card is advantageous for existing business checking account holders since you can increase the number of points you earn each time you use your credit card for qualified purchases.
- Priority Banking for Business®: A preferred-customer program that provides you with a dedicated Priority Banker to attend to your daily banking needs. To qualify, you need a business checking account and at least $50,000 in combined deposits, loans, and investment balances.
- Lending: Regions Bank offers small business owners Small Business Administration (SBA) loans, equipment finance and leasing, small business loans, and lines of credit.
Regions Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Access to discounted safe deposit boxes | Free transaction limits lower than other banks |
| Access Regions iTreasury® Small Business for cash flow management and fraud protection | Fee-free cash deposits only up to $2,500 for LifeGreen Business Simple Checking® |
| Earn cash back from Regions Business CheckCard | Need to use Regions business debit card or credit card to waive the LifeGreen Business Simple Checking® monthly fee |
Regions Bank offers great business checking accounts where you can earn cash back when using your Regions Business CheckCard for eligible business purchases. Save for LifeGreen Business Simple Checking® and LifeGreen® Not-for-Profit Checking, all other business checking accounts give you a choice to access Regions iTreasury® Small Business for efficient cash flow management and better fraud protection. In addition, Regions business checking accounts offer a discounted safe deposit box per account that’s useful for business owners, although this is subject to availability.
While Regions Bank has several business checking accounts, the free transaction limits are rather low in contrast to other banks. Its basic LifeGreen Business Simple Checking® also gives out only a $2,500 free monthly cash deposit while competitors generally offer $5,000 for its low-tier checking product. Another drawback is you need to use a Regions business debit card or credit card to spend $500 to waive the $7 monthly fee of the LifeGreen Business Simple Checking® account. Although this can be beneficial for frequent debit or credit card users, it can be a setback for those who prefer to maintain a fixed balance to waive the monthly fee.
Alternatives To Regions Bank Business Checking
Regions Bank has a variety of business checking account options available but it might not be the right fit if you seek a bank with more branches nationwide, prioritize higher free cash deposits, and prefer an interest-earning digital bank.
Here are three alternatives to consider:
- Chase is best for business owners wanting in-person banking access nationwide.
- Capital One is best for businesses looking for free unlimited transactions.
- Bluevine is best for businesses seeking the convenience of a digital bank offering interest. With Bluevine, you get 1.5% APY for qualified deposits.
Check out more providers in our list of the best small business checking accounts.
Bottom Line
Regions Bank is an excellent choice for providing businesses with checking accounts that can meet their specific banking needs. Its LifeGreen Business Simple Checking® matches the low monthly transactions of new businesses. As your business grows and your needs shift, you may require more banking services, free transactions, and higher free cash deposits—you can then switch to Regions Bank’s higher-tier business checking accounts. If your business is located near a Regions Bank branch, this is a worthwhile bank to build a relationship with for its convenience and wide array of products and services.
