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Regions Business Account Review - 2024
A Regions Business Checking Account can provide the tools and services needed to manage your company's finances.
We’re going to dive into the pros and cons of a Regions Business Account, potential business account alternatives, how to open a Regions business account, and discuss how Wise Business could be a good option for you.
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Regions Business Account: Features and Bank Account Types
Regions has a variety of business checking accounts designed to meet the needs of companies at different stages. Each Regions bank business account offers basic features like free online and mobile banking, free bill pay, and 24/7 customer service.
Some accounts also offer additional features, such as access to lending services, cash management tools, and mobile deposits. The type of account you choose will depend on your business’s size and goals.
Comparison of Regions Business Bank Accounts
Regions offers accounts for businesses of various sizes. In addition, non-profits can access bank accounts designed for their specific use case. But before moving forward, it's important to assess terms, fees, and features at Regions. Let’s take a look at the different Regions business accounts.¹
| Account Type | Terms | Features | Monthly Fees |
|---|---|---|---|
| LifeGreen Business Simple Checking®: Best for small businesses with few transactions.² |
|
| $7, waived with generating $500+ in Regions Business Debit Card and/or Business Credit Card purchases. |
| LifeGreen Business Checking®: Best for sole proprietors or new businesses.³ |
|
| $12, waived with:
|
| Advantage Business Checking: Small businesses with a moderate monthly transaction volume.⁴ |
|
| $25, waived with:
|
| Business Interest Checking: Companies that want to offer group banking services to employees.⁵ |
|
| $15, waived with:
|
| LifeGreen® Not-for-Profit Checking: Non-profit organizations with low transaction volume.⁶ |
|
| None |
Regions Business Account International Wire Fees
At Regions, business accounts all have the same international wire fees. Each Regions Business Checking Account charges an $18 incoming standard fee and a $45 outgoing standard fee for international transactions.⁷
| Save on transfers when doing business internationally |
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When receiving payments from customers or paying suppliers or freelancers, you can save with Wise Business.
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Additional Regions Business Services
Not only does a Regions business bank account provide the basics for managing your finances, but they also offer access to a variety of additional services.
Business Credit Cards
Regions’ business credit cards offer a range of benefits, including cash back rewards, no annual fee, and flexible payments.
While the Regions Visa Business Credit Card has everything you need, the Regions Visa Business Enhanced Card lets your business earn Regions Relationship Rewards on qualifying purchases. You also use Visa SavingsEdge to get auto savings of up to 15% on eligible purchases.⁸
Regions Online & Mobile Banking
With Regions Online and Mobile Banking, users can manage their accounts from any device. Here are a few things you can do online or via mobile with Regions bank:
- Checking balances
- Transferring funds
- Customizing your small business cash management tool kit
The platform also offers security features to keep your confidential information safe.
Merchant Services
Regions’ merchant services let businesses accept payments and easily manage their customer relationships. Business owners can also streamline operations with a secure payment gateway.
Regions Business Visa Debit Card
This card can be used anywhere Visa is accepted, giving you access to convenient cash back rewards and financial insights. You can even customize your card to fit your business’s branding.
Payroll & Benefits
Regions’ payroll processing services let businesses easily manage their employee payroll and benefits. Companies can simplify HR tasks with retirement plan services, batch payments, and prepaid loyalty cards.
Loans & Lines of Credit
Their variety of loan products is designed to meet different business needs, including secured lines of credit, unsecured loans, and more.
Cash Management
Businesses can take advantage of Regions’ cash management services with tools, such as ACH payments, wire transfers, and positive pay to manage their cash flow.
Regions Business Account Pros and Cons
Like all types of banking, there are pros and cons to opening a Regions business bank account.
Pros
- Wide range of features and services to support businesses of all sizes
- Access to in-person banking and online services, including discounts on safe deposit boxes
- 24/7 customer service is available for assistance whenever you need it
- Cash back rewards and financial insights through the Regions Business Visa Debit Card
- iTreasure account management features with certain accounts
Cons
- Limited number of ATMs and branches available in certain areas (16 states only)
- Limited fee-free transactions
- Some services require additional fees or minimum balances to take advantage of them
Regions Business Account Alternatives and Comparison
Before you open a Regions’ business account, let’s compare Regions to other platforms.
1. Wise Business
Wise Business is a business account that offers features similar to those provided by Regions. One of the plus sides, though, is that the Wise account has no monthly fees, no minimum balance requirements (for US business users), and access to debit cards for employees.
| Save when doing business internationally |
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A Wise Business account gives you the chance to both send and receive money internationally at low rates.
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Wise Business also offers more advanced features like automated accounting integrations and remote deposit capture. If your business works internationally, you can move money seamlessly between currencies with the mid-market rate.
2. BlueVine Business Checking
BlueVine Business is tailored to small businesses, with no minimum balance requirements and free online banking. You can also use Bluevine’s other products like invoicing, payroll services, and tax filing. The downside? You’ll be unable to accept or initiate international wire transfers, making this option a poor choice for businesses that need to send or receive payments from abroad.
3. Small Business Checking by Bank of America
Bank of America's Small Business Checking accounts are for businesses with a higher number of transactions¹¹. If you're already a Bank of America customer, you can integrate existing accounts into the system.
Your account will come with tools like QuickBooks integration, Zelle for business, efficiency tools like Cash Flow Monitor, and small business specialists. But, if you don’t meet their minimum deposit requirements, you’ll be subject to a steep monthly fee.
4. Chase Business Bank Account
Just like Regions, the Chase Business Bank Account is tailored to businesses of all sizes. The products are broken down nicely to those suited to small, medium, and large companies – making it perfect for businesses that see a lot of growth.
There are two places where Chase falls short: the limited fee-free transactions and deposits and the monthly maintenance fee. The monthly fee is on the higher end at $12 - $95, depending on the type of account¹².
5. Bank Novo Business Checking
Bank Novo is a digital-only bank for businesses, offering features like free online and mobile banking, free bill pay, and cash management tools. They also have other products including invoicing and payroll services. While Novo itself doesn’t deal with international wire transfers, they’ve integrated Wise Business's international transfer capabilities into its platform.
6. Mercury Business Account
The Mercury Business Account is good for startups and financial tech businesses, thanks to its API access, digital tools, and lack of fees. They’re an online banking platform partnered with FDIC-insured banks for protection.
Mercury also has integrations with other accounting softwaresuch as QuickBooks, Xero, and Sage, and the chance to join the Mercury Tea Room if your business holds more than 250,000 USD. Even better, there are no minimum or transaction fees, and domestic and international USD wires are free. Unfortunately, if you’re a sole proprietor, you won’t be able to open a Mercury business account.
7. Venmo for Business
Venmo differs from other business checking alternatives in that it's a mobile payment platform, not a traditional bank account. It provides an easy and convenient way to pay and request money from individuals.
Not only are receiving payments made easy with QR codes and cards, but your business can also get more exposure on customer feeds. So if this is what you’re looking for, Venmo for Business may be the right choice. It charges a flat fee of 3% per transaction and offers features like free online and mobile banking, free bill pay, and cash management tools.
8. Zelle
Zelle is a payment app that’s integrated with many U.S. banks, including Chase and Bank of America. It's ideal for businesses that frequently send and receive payments from customers or vendors.
The Zelle Business Account is an excellent option for business owners who need to move money quickly and securely. You can instantly send or receive money with anyone in the US with just an email address or phone number, making payments easy and fast. If you do business outside the US or in another currency, note that Zelle is unfortunately exclusive to the US.
9. PayPal
If you're a small or medium business looking to accept payments online, PayPal is one of the best options. It's easy to set up and use and has integrations with third-party tools to balance your books, organize payments, and more. The flexible checkout system lets customers pay with a variety of payment methods like the buy now pay later feature.
Interested in sending and receiving payments internationally. Make sure to look into PayPal’s fees, which may take away from your hard-won earnings when doing business across borders.
10. Wells Fargo
If scaling is in the cards for your business, Wells Fargo has four checking account options for small businesses that are starting out to more established ones.
Here’s the kicker – Wells Fargo has one of the highest minimum balance requirements on the market – logically a concern if your business doesn't have many transactions or enough money in its accounts to meet that requirement. And if you’re making wire transfers, note that it’ll be around $15 - $16 for incoming transfers and $25 - $45 for outgoing.
Wells Fargo also doesn’t use the mid-market rate for international transactions, unlike Wise.
How to Open a Regions Business Account
Opening a Regions Business Account is easy. To open an account with Regions, you’ll need to provide basic information about your business and a valid government-issued identification, for example, a driver’s license or passport. Lastly, you will need to make an appointment with a representative to open your business account.
1. Get your documents
You’ll also need to provide documents which might include your business license, a voided check from another bank account in your company’s name (if applicable), and a completed signature card. You may also be required to provide additional information or documents depending on the type of business checking account you choose. This might mean an Articles of Incorporation or similar documents²³.
2. Go to a branch
If you’re opening a business account in person, be sure to bring the necessary documents and identification with you. You can visit any Regions Bank branch during regular business hours or call customer service.
Can You Open a Regions Business Account Online?
Unfortunately, you can’t open a Regions Business Account online. But, the website lets you schedule an appointment with a bank rep. Visit the bank’s website and click on “Small Business” in the menu. Select “Business Checking and Banking” and click “Checking”. From there, you can select the type of business account you’d like to open and set up an appointment at an in-person branch.
Go global with Wise Business
One thing that Regions Business accounts have in common is their international fees. Wise Business simplifies the process of sending and receiving payments across international borders at low cost.
Whether you want to expand your business’s global reach or need a simpler way to move money around the world, Wise is an ideal solution for businesses of all sizes.
No need to wait in line or talk to a representative. A Wise Business account is easy to set up and easy to use.
Try Wise Business
with no monthly fees 👍
Learn More: Alternatives to Alliant Credit Union for Business
Sources:
- Compare Business Checking Accounts
- Simple Business Checking Account | LifeGreen | Regions
- LifeGreen Business Checking Account | Regions
- Advantage Business Checking | Multiple Services | Regions
- Business Interest Checking | Competitive Rates | Regions
- Not-for-Profit Checking Account | LifeGreen | Regions
- Business Checking, Money Market, Savings & Time Deposit Accounts Pricing Schedule
- Small Business Credit Cards | Apply Online | Regions
- Personal Checking, Money Market, Savings, Time Deposit & IRA Accounts Pricing Schedule
- Personal Checking, Money Market, Savings, Time Deposit & IRA Accounts Pricing Schedule
- Business Checking Accounts for Your Small Business
- Business Checking | Chase for Business | Chase.com
- Small Business Checking to Grow Your Business | Bluevine
- Business Checking Accounts for Your Small Business
- Business Checking | Chase for Business | Chase.com
- Online Business Banking | Novo
- Explore Pricing | Mercury
- Venmo for Business - Business Profiles
- Are there any fees to send money using Zelle®?
- Fees | Merchant and Business | PayPal US
- Compare Business Checking Accounts | Wells Fargo
- Can I use Zelle® internationally?
- Regions Business Switchkit Instructions
- Wise Trustpilot Score
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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