Regions Bank contains retail banking locations primarily in the Midwest, Texas and the South. Headquartered in Birmingham, Alabama, the bank's assets make it one of the 25 largest banks in the US.
While Regions Bank was collectively formed by a union of the three oldest banks in Alabama, the Regions brand remains a relatively recent addition to the financial world. Regions Financial Corporation was founded in 1971. The Regions brand contains several other areas of business, from asset management services to an extensive mortgage department.
Acquisitions and Customer Service
The rapid expansion of Regions Bank is largely due to acquisitions over the past decade. Takeovers of smaller regional banks like AmSouth and Union Planters catapulted Regions Bank's account assets, but took a toll on the bank's reputation for personal service. The fast pace of growth more than likely served as a contributing factor to the customer service issues facing the bank over the last several years. After placing dead last in JD Power's customer satisfaction survey in 2008, Regions Bank has been taking steps to rebuild its image with the public and provide improved service.
Regions Bank Accounts for Consumers
The bank offers standard fare in terms of checking and savings accounts. The checking accounts all require an initial deposit of $50. While the bank does offer "free" savings accounts, most of the checking account options have a monthly fee. This can be sidestepped by maintaining a Morgan Keegan brokerage account or a $100,000 average balance.
Regions Bank recently rolled out the LifeGreen checking and savings accounts, which provide deposit accounts without monthly fees provided clients enroll in direct deposit or maintain a $500 minimum balance. These options are more in line with what many of the other regional banks offer customers.
Increased Marketing Efforts
Periodically, Regions Bank runs promotions to increase deposits and encourage customers to open new accounts. The LifeGreen student account comes with the promise of a free smartphone with a two-year agreement. This is a confusing promotional offer since many cellular companies already offer heavily discounted smartphones with a two-year contract.
Another promotion offers the chance to win an iPad by using online bill pay over a specified period of time. Customers are automatically enrolled in a drawing to win the iPad by utilizing the online bill payment feature.
Community Involvement
Regions' lines of business run through the Gulf Coast area, locations which were affected by the BP oil spill. As a result, Regions Bank has devoted a section of its website to providing information for consumers on the oil spill. From homeowners, struggling small businesses or individuals looking to help out, it's a practical and helpful tool for local customers. The bank also offered to accept tax-free donations for diaster relief at any of the 85 branches it operates in Southern Louisiana.