Regions Now Checking

What it is

Regions' no-overdraft-fee account costs a flat $5 a month with no waivers and takes $10 to open. Unlike most accounts in this category, you can order and write paper checks; items the balance can't cover are returned or declined without overdraft or returned-item fees. Regions doesn't pitch it to people with past account problems, and its agreement allows it to request consumer reports.^3,4

Does Regions use ChexSystems?

Regions's account terms say it may pull consumer reports when you apply. Those can include banking-history reports like ChexSystems. The 'Verification' section of the Regions Deposit Agreement says you authorize Regions to investigate information you provide at any time, including by requesting reports from credit bureaus and consumer reporting agencies. ChexSystems isn't named.¹

Fees and overdraft

Monthly fee

$5 a month. None; Regions lists ways to avoid the fee as 'not applicable'. The fee is charged in advance on the first business day of each statement period and isn't prorated if you close the account.^3,4

Minimum to open

$10

Overdraft

No Standard Overdraft Coverage. Items presented against an insufficient available balance are returned unpaid and debit card and other withdrawals are declined, with $0 paid-overdraft and returned-item fees. The account can still go negative through timing or fees, and payees may charge their own fees.

ATMs

No fee at Regions ATMs; $2.50 per withdrawal request, balance inquiry or transfer at non-Regions ATMs ($5 for international withdrawals and transfers), plus any owner fee. Service members with a military ID get two non-Regions ATM transactions per period without the Regions fee.

Early direct deposit

Yes

Who can open it

Regions says the account can be opened online in about 5 minutes, or by branch or phone. Its online-opening page lists no residency or state requirement beyond age of majority, and doesn't say which states are eligible.

Deposit insurance: Regions Bank, Member FDIC

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^7,8
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^9,10
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^9,10,11
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹²

ChexSystems, explained