Strategies to Sidestep Monthly Maintenance Fees at Regions Bank
Regions Bank, based in Birmingham, Alabama, offers ways for customers to avoid various banking fees by meeting certain criteria. Understanding how to bypass these fees can save you significant amounts annually. Here’s a guide on how to avoid Regions Bank’s fees for different accounts.
### Checking Account Fees
Regions Bank’s checking account fees start as low as $8 per month, which is relatively affordable compared to other banks. Here’s a breakdown of the fees for different checking accounts:
– **Lifegreen Checking**: $11 per month, or $8 with paperless statements (no interest).
– **eAccess Checking**: $8 per month (no interest).
– **Now Checking**: $5 per month (no interest).
– **Preferred Checking**: $18 per month (earns interest).
– **Student Checking**: No monthly fee (no interest).
– **62+ Checking**: $11 per month, or $8 with paperless statements (no interest).
Regions Bank offers a fee reduction for signing up for paperless statements. However, there are other fees you might encounter:
– **Out-of-network ATM**: $3 in the U.S.; $5 outside the U.S.
– **Overdraft Charge**: $36
– **Wire Transfers**: $15-$45
– **Stop Payment**: $36
– **International Debit Purchase**: 3% of the transaction
– **Debit Card Replacement**: $3, or $25 for rush delivery (waivers available)
Many of these fees can be avoided by managing your account wisely, such as maintaining sufficient funds and avoiding stop payments.
### Savings Account Fees
Regions Bank’s savings account fees are minimal, with a maximum of $5 per month. However, the annual percentage yields (APYs) are relatively low. Here’s a quick look:
– **Lifegreen Savings**: No monthly fee, 0.01% APY
– **Regions Savings**: $5 monthly fee, 0.01% APY
– **Savings for Minors**: No monthly fee, 0.01% APY
– **Now Savings**: No monthly fee, 0.01% APY
### Avoiding Monthly Maintenance Fees
Banks often provide ways to avoid monthly fees, such as maintaining a certain balance or linking accounts. Here are some methods to avoid Regions Bank’s monthly checking account fees:
– **Lifegreen Checking**: Make a direct deposit of $500 or more, or combined deposits of $1,000 or more, or maintain a $1,500 balance.
– **eAccess Checking**: Make 10 or more purchases with your Regions CheckCard or credit card.
– **Preferred Checking**: Maintain a $5,000 balance, a combined balance of $25,000 in various accounts, or have a $25,000 balance in loans and lines of credit, or keep a first-lien home mortgage in good standing.
– **62+ Checking**: Make a direct deposit of $300 or more, or combined deposits of $1,000 or more, or maintain a $1,500 balance.
The student account has no monthly fee, and the savings account fee can be waived by maintaining a $300 daily balance.
### Avoiding Overdraft Fees
To avoid overdraft fees, you can sign up for overdraft protection, which links your checking account to a savings or money market account. If your checking account lacks sufficient funds, Regions will transfer money from the linked account.
### Avoiding ATM Fees
You can avoid out-of-network ATM fees by:
– Using in-network ATMs
– Using a credit card for purchases instead of withdrawing cash
– Withdrawing cash directly from a Regions Bank branch
Active U.S. military members are exempt from ATM fees on two non-Regions ATM transactions per statement period. Similar benefits apply to Preferred Checking.
### Comparing Fees with Other Banks
When choosing a bank, it’s important to compare fees. Here’s how Regions Bank’s fees compare to other major banks:
– **Monthly Maintenance**: Up to $18 (Regions), up to $25 (Bank of America, Chase), up to $30 (Citi, Wells Fargo), up to $24.95 (U.S. Bank)
– **Out-of-Network ATM Withdrawal**: $3 in the U.S., $5 outside the U.S. (Regions); $2.50 in the U.S., $5 outside the U.S. (Bank of America, Chase, U.S. Bank, Wells Fargo); 3% of the transaction outside the U.S. (Citi)
– **Overdraft**: $36 (Regions, U.S. Bank), $35 (Bank of America, Wells Fargo), $34 (Chase, Citi)
– **Excess Transactions**: $3 (Regions), $10 (Bank of America), $5 (Chase), no fee but account restrictions (Citi), $15 (U.S. Bank, Wells Fargo)
– **Stop Payment**: $36 (Regions), $30 (Bank of America, Chase, Citi), $35 (U.S. Bank), $31 (Wells Fargo)
– **Wire Transfer**: $15-$45 (Regions), varies (Bank of America, Wells Fargo), $15-$50 (Chase), $17.50-$35 (Citi), $20-$50 (U.S. Bank)
– **International Debit Purchase**: 3% of the transaction (all banks)
– **Card Replacement**: $3, or $25 for rush delivery (Regions); $5, or $15 for rush delivery (Bank of America); free, or $5 for rush delivery (Chase); free, or $6 for rush delivery (Citi); free, or $25 for rush delivery (U.S. Bank); free (Wells Fargo)
By understanding and managing these fees, you can make informed decisions and potentially save a significant amount of money.