Regions Bank is offering financial assistance for customers experiencing financial hardship related to COVID-19, the bank announced Friday.
The bank, which is headquartered in Birmingham, holds the largest percentage of deposits made at all banks in Alabama at 23.1 percent. Thousands in Jefferson County alone are expected to lose income from COVID-19 spurred layoffs and temporary business closures.
“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 is offering these assistance options:
- 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
- Vehicle repossessions suspended for 30 days
- New residential property foreclosures on consumer real estate loans suspended 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
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. The Regions Mortgage Payment Assistance team can be reached at 1-800-748-9498. Mortgage assistance applications are available at this link.
In addition, Regions Foundation, a nonprofit initiative of Regions Bank, is initially committing $2.5 million toward organizations that support small-business sustainability and recovery.
"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.”
On Thursday, Alabama Power Foundation announced it was committing $1 million to coronavirus relief.
Resources: Follow our live updates. Find all of our coronavirus stories. A continuously updated vital information post. A free text-messaging service so you can receive the most urgent coronavirus updates on your cellphone. And ask questions. To sign up, subscribe to Alabama Coronavirus Urgent Alerts. A new weekday newsletter is available. You can subscribe here. Also, download our mobile app where you can receive on-the-go notifications.