Regions Bank Launches Financial Assistance Program in Wake of March 14-15 Tornadoes
In response to the devastating tornadoes and severe storms that ravaged parts of the Midwest and Southeast on March 14 and 15, Regions Bank has introduced a robust set of disaster-recovery financial services. These programs are specifically designed to assist individuals, families, and businesses as they begin the long road to recovery.
The tornado outbreak caused widespread damage, leaving many communities facing significant rebuilding efforts. Understanding the urgent financial needs of affected residents and business owners, Regions Bank has stepped up with a suite of supportive measures tailored to provide immediate relief and longer-term assistance.
A Message of Support and Commitment
“Our teams have experience serving communities in good times and bad, and in addition to the options we’re announcing today, we’re also ready to listen to your unique needs and see where we can help,” said John Jordan, Head of Retail for Regions Bank. “Our hearts are with everyone impacted, and we are here to support people, families, and businesses as recovery moves forward.”
Regions Bank has a long history of being present for its communities during crises. This latest initiative reflects its deep-rooted commitment to not only providing financial services but also being a reliable partner in times of hardship. The bank’s dedicated disaster-response strategy is designed to ease financial strain and assist customers as they rebuild their lives and livelihoods.
Areas Covered by the Disaster-Relief Programs
The relief efforts currently encompass several communities across the following states:
- Alabama
- Arkansas
- Illinois
- Indiana
- Louisiana
- Mississippi
- Missouri
Regions Bank has also indicated that additional communities may be added to the program, pending further damage assessments. As evaluations continue, more areas affected by the storms could become eligible for assistance.
Special Financial Services and Relief Options Available
To alleviate the financial burden facing those impacted, Regions Bank has outlined a comprehensive set of temporary financial relief options, available for a limited period. Some of the key offerings include:
1. Disaster Relief Mortgage Programs
Regions is providing specialized mortgage solutions through its Disaster Relief Purchase and Renovation loan programs. These programs are designed to help customers purchase new homes or repair and renovate damaged properties in the affected areas, ensuring families can quickly restore stability.
2. ATM Fee Waivers
Recognizing that access to cash can be crucial in the aftermath of a natural disaster, Regions Bank is:
- Waiving ATM surcharges for non-Regions customers who use Regions ATMs within impacted communities. This waiver applies for seven days, beginning March 20, 2025.
- For Regions customers, all non-Regions ATM fees will be waived when they use ATMs belonging to other financial institutions in affected areas. This benefit is also effective for at least seven days starting March 20, 2025. (Please note: fees imposed by the ATM owner may still apply.)
3. No Fees for FEMA Check Cashing
Regions Bank will waive all check-cashing fees for checks issued by FEMA (Federal Emergency Management Agency) when cashed at any Regions branch. This gesture ensures that individuals can fully utilize government-issued disaster relief funds without facing unnecessary charges.
4. Loan and Credit Card Payment Assistance
Understanding that many residents and businesses may experience temporary financial hardship, the bank is offering:
- Payment assistance options on personal and business loans, designed to reduce immediate financial pressures.
- Credit card holders may qualify for payment deferrals, giving them additional breathing room to manage their expenses.
- Business loan payment deferrals are available for up to 90 days, with the offer expiring on June 19, 2025.
5. CD Penalty-Free Withdrawal
Regions customers holding Certificates of Deposit (CDs) may request one penalty-free withdrawal from their CD account. This option is available for up to 90 days (until June 19, 2025) and allows customers access to their funds without incurring early withdrawal penalties, provided it is not within seven days of issuance or renewal.
6. Interest Rate Discounts on New Loans
To support customers needing financing during the recovery process, Regions is offering:
- A 0.50% interest rate discount on new personal unsecured loans for customers in the impacted areas. Applications must be submitted either in-branch or via phone, with the offer valid for up to 90 days, expiring June 19, 2025.
- Similarly, customers applying for non-business auto loans in affected communities are eligible for up to a 0.50% interest rate discount, also available until June 19, 2025.
Protecting Customers from Fraud During Recovery
In addition to financial relief, Regions Bank is actively working to safeguard customers from fraud—a concern that often rises in the wake of natural disasters. Scammers frequently exploit times of crisis, targeting vulnerable individuals and businesses with fraudulent schemes.
Regions is encouraging all customers to stay vigilant and has made a range of fraud prevention tips and resources available on its website. These tools are designed to help people recognize and avoid common scams, such as phishing emails, fake relief fund solicitations, or fraudulent contractors.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $157 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC.
