Regions Financial Joins Fintechs in Ditching Overdraft Fees

Regions Financial Corp. introduced a checking account free of overdraft and insufficient-fund fees, the latest bank to adopt features popularized by fintechs.

The Regions Now Checking account charges a monthly $5 fee, the company said Thursday in a statement. It’s a turnaround for the Birmingham, Alabama-based bank, which relied on consumer overdraft charges for almost 5% of its 2020 revenue, according to a June note from Morgan Stanley.

“We’re here to meet people where they are and help them get to where they want to be in terms of reaching their financial goals,” Scott Peters, Regions’ head of ...