Regions Bank does not charge a fee to open a checking account
You can open a checking account at Regions Bank with no opening fee. The bank does not ask for a minimum deposit to start the account either, though some account types have monthly maintenance fees if you do not meet certain conditions.
The real cost depends on which account you choose and how you use it. Some accounts waive their monthly fee if you keep a minimum balance or set up direct deposit. Others charge a fee every month no matter what. Understanding these differences before you open the account saves you money later.
Key Takeaways
- Regions Bank charges no fee to open a checking account and does not require a minimum deposit to start one.
- Monthly maintenance fees range from zero to around $12 depending on the account type, but many can be waived by meeting balance or direct deposit requirements.
- You can open an account online, by phone, or in person at a Regions branch, and you will need a government ID and Social Security number.
- Some accounts offer benefits like no overdraft fees or cash back at the register, which may offset the monthly cost for certain customers.
The different checking account types and their monthly costs
Regions offers several checking accounts, and each has its own fee structure. The Regions Everyday Checking account typically has no monthly maintenance fee. The Regions Premium Checking account usually charges a monthly fee but waives it if you maintain a minimum balance or set up direct deposit of your paycheck.
A third option, Regions Student Checking, is designed for people under 25 and generally has no monthly fee. If you are a student or under the age limit, this account may be the lowest-cost choice.
Monthly fees and balance requirements change, so call your local Regions branch or visit the Regions website to see the current terms for each account type. The fee structure for your account will be listed in the account agreement you receive when you open it.
How to avoid monthly fees
Most Regions checking accounts waive their monthly maintenance fee if you meet one of these conditions: keep a minimum balance in the account (often $500 to $1,500, depending on the account), set up direct deposit of your paycheck, or maintain a certain number of debit card transactions per month.
Direct deposit is the easiest way for most people. If your employer deposits your paycheck directly into your Regions account, the monthly fee disappears. You do not have to keep any balance at all. Ask your employer's payroll department for the routing number and account number you will need to set this up.
If direct deposit is not an option, keeping the minimum balance is usually the next simplest route. The balance requirement is the amount you must have in the account at the end of each month to avoid the fee — you can spend the money during the month as long as you bring it back up before the statement closes.
What you need to bring to open an account
You will need a government-issued photo ID (a driver's license, passport, or state ID card) and your Social Security number. If you do not have a Social Security number, Regions can issue an Individual Taxpayer Identification Number (ITIN) instead, though the process takes longer.
You will also need to provide your current address. If you have recently moved, bring a piece of mail showing your new address — a utility bill, lease, or bank statement works.
If you are opening the account for a child under 18, you will need to be present as the parent or legal guardian, and you will need your own ID and Social Security number as well.
Opening an account online, by phone, or in person
Regions lets you open a checking account online through their website without visiting a branch. The online process usually takes 10 to 15 minutes. You will upload a photo of your ID and provide your Social Security number and address. You can fund the account when ready by linking a bank account you already have, or you can leave it empty and deposit money later.
You can also call Regions customer service to open an account by phone. A representative will walk you through the same questions and can answer questions about which account type fits your needs.
If you prefer to open the account in person, visit any Regions branch with your ID and Social Security number. A banker can explain the different account options and help you choose. In-person opening usually takes 20 to 30 minutes.
Overdraft fees and other costs to know about
Opening the account itself is free, but Regions does charge fees for certain activities. If you spend more money than you have in the account, Regions charges an overdraft fee — usually around $35 per transaction, though this amount can vary. Some Regions accounts offer overdraft protection, which links your checking account to a savings account and automatically transfers money to cover overdrafts, avoiding the fee.
Using an ATM outside the Regions network typically costs $2 to $3 per withdrawal. Regions has a large network of ATMs, so this is usually avoidable if you plan ahead. Asking for cash back at a store when you use your debit card is free.
Requesting a replacement debit card or a cashier's check may also carry a small fee. These are not charged often, but it is worth knowing they exist.
Frequently Asked Questions
Can I open a Regions checking account if I do not have a Social Security number?
Yes. Regions will issue you an Individual Taxpayer Identification Number (ITIN) if you do not have a Social Security number. The process takes longer than a standard opening, and you will need to provide additional documentation. Call a Regions branch to ask what documents they need from you.
What is the minimum balance I need to keep to avoid the monthly fee?
The minimum balance varies by account type and changes over time. It is typically between $500 and $1,500. Check the account agreement or call your local branch to see the current requirement for the specific account you are interested in.
Can I open an account if I have had banking problems in the past?
Regions checks your banking history through ChexSystems, a system that tracks closed accounts and unpaid fees. If you have issues on your record, Regions may decline to open an account. You can request a copy of your ChexSystems report to see what is on file and dispute any errors.
How long does it take to receive my debit card after opening the account?
If you open the account online or by phone, your debit card usually arrives within 7 to 10 business days. If you open in person at a branch, you may be able to request expedited delivery or pick up a temporary card the same day.
What happens if I do not meet the balance requirement one month?
If you do not meet the balance requirement or have direct deposit set up, Regions charges the monthly maintenance fee for that month. The fee is deducted from your account automatically. You can avoid it the next month by meeting the requirement again or setting up direct deposit.