Regions Bank Announces Special Financial Assistance amid Coronavirus Concerns
Friday, March 27th, 2020
Regions Bank on Friday announced special financial assistance to help customers experiencing financial hardships related to the novel coronavirus/COVID-19.
In addition, the Regions Foundation, a nonprofit initiative of Regions Bank, is initially committing $2.5 million toward organizations that support small-business sustainability and recovery.
“Every day, we are working closely with our customers and the communities we serve. We are listening to their needs and identifying meaningful ways we can be of assistance,” said Scott Peters, head of Consumer Banking for Regions Bank. “Our hope is that the assistance we are announcing today can make this difficult time easier for the people and businesses we serve. And our commitment is that we will consistently identify more ways we can serve our customers and communities through the duration of the current crisis – and beyond.”
Regions Bank announced it will make available the following assistance:
Penalty-free CD withdrawals
Waiver of standard fees for excessive withdrawals from all Savings and Money Market accounts
Loan payment deferrals and extensions with no late fees
Payment extensions with no late fees for credit cards
Consumer mortgage payment forbearance and payment deferment for 90 days
Suspending initiation of new repossessions of automobiles and other vehicles for 30 days
Suspending new residential property foreclosures on consumer real estate loans for 30 days
For customers experiencing hardship as it relates to the novel coronavirus/COVID-19, Regions has an array of deposit account fee waivers available based on customers’ needs.
Regions maintains an ongoing customer assistance program designed to listen to customers’ unique needs and identify additional areas where the bank may assist. Customers can call 1-866-298-1113 to discuss payment or assistance options related to Regions credit cards, personal loans, home equity loans and business loans. Additionally, the Regions Mortgage Payment Assistance team can be reached at 1-800-748-9498, and a mortgage assistance application is available at this link on Regions.com.
The financial commitment from the Regions Foundation will be used to fund grants for organizations with proven track records of helping small businesses navigate economic or operational challenges.
“Small businesses are the economic heartbeat of our communities, and in the weeks and months to come, we are focusing our efforts on ways the Regions Foundation can work with community partners to support the health and strength of these businesses,” said Marta Self, Executive Director of the Regions Foundation. “Throughout our communities, there are dedicated organizations that work directly with businesses on their evolving needs and challenges. We look forward to supporting these organizations and, in turn, helping small businesses navigate this challenging time.”
Regions Bank will continue to monitor developments related to the coronavirus as part of the bank’s ongoing business continuity process. Regions’ top priority is the safety and well-being of customers and associates.
The bank has taken several proactive steps in recent weeks, including enhanced facility cleaning and clear guidance to associates regarding measures designed to limit exposure. Additionally, the bank recently announced branch-banking services would temporarily be limited to drive-through options and in-office appointments to help protect the health of the bank’s customers and teams.