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Regions LifeGreen eAccess Account Fees Guide

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22 views4 pages

Regions LifeGreen eAccess Account Fees Guide

eAccess

Uploaded by

Rashad Kelly
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

A QUICK GUIDE TO YOUR REGIONS LIFEGREEN eACCESS ACCOUNT

This Regions Quick Guide is for general information and discussion purposes only.

The Regions Simplicity Pledge®


Regions is committed to providing you with the information you need to make good financial decisions,
and to helping you understand how your accounts and services work – simply, clearly and in plain language.

ACCOUNT BASICS
Please consult the Regions Personal Checking, Money Market, Savings, Time Deposit & IRA Accounts Pricing Schedule at [Link]/personalpricing for a complete list of
Additional Services and Fees and for details on how we calculate transactions and balances for purposes of certain fees and fee waivers.

Minimum opening $50


deposit
Monthly fee Avoid the monthly fee with this option:
• Any combination of at least 10 Regions CheckCard and/or credit card purchases (posted to your eAccess
Account during the statement period for CheckCard activity and posted in the most recent billing cycle for
your credit card account for credit card activity).
Otherwise, the monthly fee is $8 per month with online statements. See Statement Fee below.
Check writing fee $0 for first three checks written per month; then $0.50 per each additional check.
This fee has been temporarily discontinued pending system modifications. We will notify you before the fee is reinstated.
Interest This is a non-interest bearing account.
Statement fee $0 per month for statement delivered to you electronically (Online Statement).
$3 per month for paper statement without check images.
$4 per month for printed check images with paper statement.
$5 per month for deluxe check images with paper statement.
Statement fee will be assessed whether or not checks are written during the statement period.
Accessing your $0 Regions Online Banking and Mobile Banking* with Bill Pay.
account $0 Using Regions ATMs for withdrawals, balance inquiries and transfers.**
$3 fee per domestic transaction when you use an ATM not owned or operated by Regions.**
*Mobile Deposit transactions are subject to fees, and your mobile carrier’s messaging and data fees may apply.
**Other ATM transactions may be subject to fees, and ATM fees charged by owners/operators of non-Regions ATMs may apply.
See your Regions Personal Checking Pricing Schedule at [Link]/personalpricing for fee details.
Early account closing $25 fee if closed within 180 days of opening.
Checks Check prices vary by style. For information on pricing, visit your local branch or call 1-800-REGIONS (734-4667).
Standard bulk delivery is included in the price. Other shipping options are available at an additional charge.
Stop payments $36 per request/renewal.
Overdraft Protection We do not charge a transfer fee for Overdraft Protection transfers.
transfers (See Overdraft Protection section on page 3 for more information.)
Paid overdraft $36 per item we pay on your behalf when your account does not have sufficient available funds.
item fee (See Standard Overdraft Coverage section on page 3 for more information.)
Returned item fee $0 per item when we do not pay a check or other item when your account does not have sufficient available
funds and the item is returned.
Extended overdraft $0 There is no additional charge to the per item fees, when an account remains overdrawn for
penalty fee multiple days.

For accounts opened in Iowa, certain account fees are subject to Iowa State Tax of 6%, which will be assessed at the time the fee is charged, unless exempt.
The Monthly Fee may not be charged for at least 61 days after account opening even if requirements to waive the Monthly Fee are not met.

1 (Continued on next page)


LIFEGREEN eACCESS ACCOUNT: ADDITIONAL INFORMATION
Your account Generally, we track two balances for your account: a posted balance and an available balance. Here’s the
balance difference:
• Posted Balance: The balance in your account on a specific day. It includes all completed transactions that
have been received and processed by us.
• Available Balance: The amount of money in your account that you can use, spend or withdraw. Funds
on hold from checks you have deposited are not available for immediate use. The available balance may
increase or decrease throughout the day as the bank receives or recognizes transactions on your account.
For additional details, please see our Deposit Agreement.
It is important to know your available balance because it determines whether you have enough funds to pay
for a transaction.
You can monitor your account balance through Regions Online and Mobile Banking, at 1-800-REGIONS (734-4667),
or at Regions ATMs or branches.
Funds availability* The funds available to you can be affected by the types of deposits you make as well as the time of day in
Understanding which they are made.
when your deposits • Funds from direct deposits, cash deposits, real-time electronic payments or wire transfers are generally
become available available the same day they are deposited to your account when made before the business day cutoff (see
and why there may Business Day Cutoff section below for details).
be holds • In most cases, funds from checks you deposit before cutoff on a business day are available to you by the
next business day. Business days exclude Saturdays, Sundays and federal holidays. See below for details on
business day cutoff.
• However, in some cases, funds may take longer before they are available for your use (up to 11 business days).
If there is a hold on your deposit, we will notify you of when funds will be available.
*Exceptions may apply. Please see the Funds Availability Policy in the Regions Bank Deposit Agreement for complete details.
Pending CheckCard When you use your CheckCard, a hold for the amount of the authorization request will reduce your available
transactions balance while the transaction is pending. The hold is released when the merchant submits the actual
transactions for payment, or up to three business days after the authorization date, whichever occurs first.
Please see the Standard Overdraft Coverage section for information about how transactions are authorized.
Note: The actual transaction submitted by the merchant may differ from the amount of the hold based on the
authorization request. A common example of this is the addition of a tip to your restaurant bill.

 TIP: Entering your PIN rather than signing for CheckCard transactions may make it easier to monitor
transactions and balances. Signature-based transactions can take up to three days to post to your
account. PIN-based transactions typically post the same day.
Please see the Managing Your Regions Personal Checking Account document for additional information and examples.

Business day cutoff Transactions made after cutoff time are included in the next business day’s transactions. For example, a
transaction made after cutoff on a Wednesday would be processed as a Thursday transaction.
Business day cutoff times may vary by location or service, but these times generally apply:
• Regular ATMs (non-DepositSmart ATMs): 8 p.m. Central Time
• Branches: Branch closing time
• DepositSmart ATMs®: 8 p.m. Central Time
• Online and Mobile Banking: 8 p.m. Central Time
• Real-time Electronic Payments: 8 p.m. Central Time
If a particular location or payment/deposit service has a different cutoff time, it will be posted at the branch or ATM, or within the applicable
service application.
Posting transactions At the end of each business day, Regions posts (processes) all transactions that have been presented
(These practices subject against your account that day. We start with your available balance, and then we post transactions in this
to change.) way: First, we add deposits and credits that are available to pay transactions. (See above for details on
Funds Availability.) Next, we subtract debits, withdrawals and debit card authorization holds in this order:
• Returned deposited items (items that you deposited that were returned unpaid).
• General debit/withdrawal transactions and debit card authorization holds (holds on card purchases) in
the order we receive them or authorize them, which could be different from the order in which you make
them. Examples of these transactions include wire transfers, electronic ACH debits, internal account
transfers made through Online and Mobile Banking, checks, money sent instantly through Zelle,®* etc.
To help us post items in the correct order, most transactions receive an internal “time stamp” indicating
when our banking systems received them.
• If multiple checks and electronic items have the same time stamp, we will post the electronic
transactions first by low-to-high transaction amount, followed by checks in low-to-high check-number
order. Items without a time stamp will be posted after all other items using the same process.
Exceptions may apply. For more information, please refer to the Regions Deposit Agreement at [Link]/agreements.
*Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC, and are used herein under license.
2 (Continued on next page)
LIFEGREEN eACCESS ACCOUNT: OVERDRAFT SERVICE OPTIONS
If your available balance is not enough to pay for a transaction when it is presented for payment, overdrafts may occur. Regions has options for the payment of items when your
account does not have sufficient available funds – Regions Overdraft Protection and Standard Overdraft Coverage. Both services may be available to eligible accounts.

Overdraft Protection With Regions Overdraft Protection, your checking account is linked to a funding account, such as a savings,
money market, credit card or even a line of credit.
• If funds are needed in your checking account to cover items presented for payment, we will automatically
transfer available funds from your linked Regions funding account.
• We do not charge a transfer fee for Overdraft Protection transfers.
• Overdraft Protection is also used to authorize CheckCard and ATM transactions in a variety of insufficient
funds situations.
• For Overdraft Protection, you must open a Regions funding account if you do not already have one and
enroll in Overdraft Protection.
 TIP: Overdraft Protection may be less expensive than our Standard Overdraft Coverage.
Standard Overdraft  egions Standard Overdraft Coverage is a service we may provide to cover transactions for a
R
Coverage $36 per item fee, if you overdraw your account and you do not have Regions Overdraft Protection or you have
exhausted your Overdraft Protection.
• Qualification for this coverage is determined at our discretion based on a variety of factors, including the
account’s balance and overdraft history.
Standard Overdraft Coverage has different applications:
• Provided with your account:
Standard Overdraft Coverage for recurring CheckCard (such as a monthly gym membership), checks and
non-CheckCard transactions.
• Available upon request:
Coverage that can be added to what is already provided with your account for everyday CheckCard
(such as at the grocery store) and ATM transactions in the event of an overdraft.
• In order for Regions to authorize ATM and non-recurring everyday CheckCard transactions in an
insufficient funds situation, you must provide Regions with your permission by electing to “opt in.”
You have the right to change your election at any time.
• You can make your Standard Overdraft Coverage selection by calling 1-800-947-BANK (2265), at your
Regions branch, at most Regions ATMs, or by signing into Online Banking and clicking on the Customer
Service tab.
• If an everyday CheckCard or ATM transaction overdraws your account and you are not opted in, we will
not charge the paid overdraft item fee for that item.
Note: We reserve the right to require you to pay any overdraft immediately or upon demand. We also reserve
the right not to pay overdrafts. We typically do not pay overdrafts if your account is not in good standing, you
are not making regular deposits, or you have too many overdrafts. For more information, please refer to “What
You Need To Know About Overdrafts and Overdraft Fees,” which you may find online at [Link]/coverage
or by request at your Regions branch.
 TIP: Keeping track of your balance and transactions is the best way to avoid overdrafts.
Fee limits •W e will charge you no more than three (3) Paid Overdraft Item fees per day. When the available balance in
your personal account is overdrawn by $5 or less after end-of-day processing, we will not charge you a Paid
Overdraft Item Fee for items that post that day.
• We offer a one-time refund of the paid overdraft item fee for the first overdraft item occurrence after your
account is opened. Contact your local branch for your overdraft fee refund.
Regions Overdraft Regions Overdraft Grace gives you an opportunity to avoid Paid Overdraft Item Fees if you overdraw
Grace your account. When the available balance in your personal account is overdrawn by more than $5
after nightly processing of items presented on any business day, we will waive Paid Overdraft Item Fees for
that business day if by 8 p.m. Central Time on the next following business day you make a deposit or transfer
funds to your account sufficient to bring your available balance to an amount equal to or greater than
negative $5 (-$5) after nightly processing of items presented on that next following business day.

Details about Regions Overdraft Grace can be found in the pricing schedule for your account.

3 (Continued on next page)


WE’RE ALWAYS HERE TO HELP!
For more information, refer to the Pricing Schedule for current product pricing and features or speak with a Regions Banker who can
help you find the products that best fit your needs.
• Give us a call at 1-800-REGIONS (734-4667)
• Visit us at [Link]
• Find a branch or an ATM convenient for you at [Link]/[Link]
• For the current Regions Deposit Agreement, go to [Link]/agreements
• For the current Regions Pricing Schedule, go to [Link]/personalpricing
• For help on Managing Your Regions Personal Checking Account, go to [Link]/FAQ/[Link]

This Guide is subject to change. It is not an offer or contract for any product or service, and it does not replace the legal terms and conditions for your
account. Please refer to your agreement and related disclosures for the legal terms and conditions of your account. Other products and services described
in this Guide may be subject to separate terms and conditions. Credit products are subject to credit approval.

For additional Regions Quick Guides,® please visit [Link]/clarity.

4 (06/23)

Common questions

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Regions Bank provides overdraft services through two main options: Overdraft Protection, which uses linked accounts, and Standard Overdraft Coverage which incurs a $36 fee per overdraft item . Importantly, account holders can face limitations such as not having overdrafts paid if their account is not in good standing, they fail to make regular deposits, or if they have frequent overdrafts . Frequent overdraft occurrence not only incurs the $36 fee per overdraft but might also lead to the bank deciding not to cover future overdrafts, potentially leaving transactions unpaid and impacting the account holder's ability to perform transactions smoothly.

Regions Bank's online account access allows customers to manage their LifeGreen eAccess Account effectively, as there are no fees for using online or mobile banking tools, including Bill Pay . This digital accessibility empowers customers to track posted and available balances, make informed decisions to avoid overdrafts, and ensure timely payments by monitoring transaction postings and managing funds in real-time without incurring extra costs. This structure encourages a proactive approach to finance management, reducing reliance on costlier services like paper statements while enhancing convenience and control over account activity.

Regions Bank processes transactions based on business day cutoff times, generally at 8 p.m. Central Time for most services like ATMs, branches, and online banking . Transactions after this cutoff are processed the next business day, affecting the timing of available balances and transaction postings. Customers must plan to conduct critical transactions before the cutoff on the current business day. Failure to adhere to this timing could delay transaction processing by an entire business day, impacting funds availability for time-sensitive payments.

The Regions Overdraft Grace feature significantly benefits account holders by waiving Paid Overdraft Item Fees if the account is brought back to at least -$5 by 8 p.m. the next business day after an overdraft . This grace period can be a critical benefit during temporary cash flow shortages, allowing customers to rectify negative balances without incurring additional fees, provided they act swiftly. The feature encourages maintaining liquidity to cover shortfalls promptly and fosters a buffer against unexpected expenses, potentially reducing overall banking costs stemming from overdrafts.

When using the Regions CheckCard, authorization holds temporarily decrease the available balance by the transaction authorization amount while the transaction is pending . These holds can last until the merchant submits the actual transaction, or up to three business days post-authorization . The implications include potential reduced spending capacity as the available balance reflects the hold amount, and the risk of incurring overdrafts or declined transactions if not monitored closely, particularly when the final transaction amount differs, as seen when adding gratuities to restaurant bills.

Using paper statements with the Regions LifeGreen eAccess Account incurs costs ranging from $3 to $5 per month depending on whether check images are included . Individuals seeking to manage costs effectively are incentivized to opt for electronic statements, which are free, thus eliminating these additional fees. For those requiring physical documentation, strategic review and request for necessary documents could minimize costs, or they could selectively print electronic statements if need arises. Overall, transitioning fully to electronic management strategies can streamline both financial tracking and reduce expenses related to account management documentation.

The Regions LifeGreen eAccess Account offers a monthly fee of $8, which can be avoided through making at least 10 combined transactions using a Regions CheckCard or credit card within the statement period for purchase activities or the most recent billing cycle for credit card activities . Comparatively, typical checking accounts might waive monthly fees under similar conditions, although the specific transaction requirements can vary widely, including maintaining minimum balance thresholds or setting up direct deposits. The Regions approach emphasizes frequent use of their card services, which benefits both the bank by increasing transaction volume and the consumer by maintaining a fee-free account.

Regions Bank posts transactions daily, prioritizing deposits and credits, followed by debits and holds ordered by the timestamp provided; similar timestamp transactions get posted by size — low to high for electronic items and check numbers . This approach, prioritizing low amount transactions, potentially reduces overdraft fees for smaller transactions but might lead to larger late-processed charges if not managed. Customers can optimize management by ensuring funds are available for large pending charges, managing timing for deposits to align with large payments, and monitoring accounts frequently through provided digital tools to stay informed about their transaction sequence and balances.

Regions LifeGreen eAccess Account users face negligible check writing fees, temporarily waived but initially costing $0.50 after three checks per month . Users writing checks frequently could find these fees accumulating, pressing them towards digital transactions that carry no such fees, such as using the Regions CheckCard for purchases. Digital transaction users incur fewer direct costs and can benefit from the account's no-cost online banking services. As more transactions shift online, individuals reliant on check writing might choose to adapt, utilizing available digital tools, to decrease fees and leverage the fee-free transaction feature of digital channels.

Regions Bank employs transaction timestamps to dictate posting order, affecting transactional fairness by addressing the sequence of receipt rather than customer transaction intent . This could lead to customer dissatisfaction if pre-planned larger balances are affected by later small transactions being prioritized. However, timestamp utilization supports consistent processing and diminishes systemic biases like processing larger debits first, which historically increase overdraft instances. The impact pivots on expectations management—crucial for customer satisfaction. Providing clear communication on posting practices can mitigate adverse effects and help customers strategically arrange their transactions to fit the timestamp protocol.

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