Regions Bank on Wednesday announced a series of financial services to help people and businesses impacted by Hurricane Ida.
In addition, the Regions Foundation, a nonprofit initiative funded primarily by Regions Bank, announced a commitment of $250,000 in grant funding for organizations providing disaster relief.
Special Bank Services:
Regions Bank is currently assessing impacts to its branch network in areas affected by the storm. While the reopening timeframe for individual branches in the most severely impacted areas will evolve in the coming days, banking services remain available around the clock through Regions.com [regions.com] and the Regions Mobile App [regions.com]. Services are also available by calling 1-800-REGIONS or specific departments within the bank as listed below.
The disaster-recovery financial services [regions.com] offered by Regions Bank in impacted areas1 are available for a limited time starting Sept. 1, 2021. Areas covered by these services may be expanded to include additional communities based on ongoing damage assessments. Among services:
- Regions Mortgage Disaster Relief Purchase and Renovation loan programs are available.
- Regions fees will be waived when Regions customers use other banks’ ATMs in the impacted areas for at least 15 days beginning Sept. 1. (Note: Fees charged by other banks or ATM owners may still apply.)
- No check-cashing fees will be charged for FEMA-issued checks when cashed in a Regions branch.2
- Payment deferrals for credit card holders may be available based on individual circumstances.3
- Personal and business loan payment assistance may be available based on individual circumstances.3
- Business loan payment deferrals of up to 90 days may be available based on individual circumstances.3
- One penalty-free CD withdrawal is available upon request (unless within seven days of issuance or renewal).
- An interest rate discount of 0.50% is available through Nov. 30, 2021, on new personal unsecured loans when customers apply in a branch or by phone.4
- An interest rate discount of 0.50% on standard rates is available through Nov. 30, 2021, for new business loans or lines of credit of up to $1 million to help with recovery needs in impacted areas.4
- An interest rate discount of 0.50% is available through Nov. 30, 2021, on new unsecured business term loans of up to $50,000 with up to 36-month terms, including waived origination and loan document fees, as well as options for the first payments to be deferred by up to 90 days.4
- Check www.regions.com/HurricaneIda [regions.com] for an updated list of areas where these offers are available as damage assessments continue.
In addition to the above disaster-recovery services, Regions Bank teams can be contacted at the following numbers for customized guidance on a range of lending products, including:
- Mortgages, home equity loans and lines: 1-800-748-9498
- Other consumer loans: 1-866-298-1113
- Any other banking needs: 1-800-411-9393
Marta Self, executive director of the Regions Foundation, said the $250,000 total will be divided among several agencies meeting short- and long-term needs. Initial grants from the $250,000 total will include:
- $50,000 for the Louisiana Region of the American Red Cross [redcross.org], which is working with community partners to provide shelter and comfort [redcross.org] for people in need;
- $50,000 for the Salvation Army’s Alabama-Louisiana-Mississippi division [salvationarmyalm.org], which is managing large-scale relief work in several areas hit hard by Ida;
- $25,000 for United Way of Southeast Louisiana [unitedwaysela.org] in New Orleans, which is administering a dedicated Hurricane Ida Relief Fund [unitedwaysela.org];
- and $25,000 for the Houma-based United Way of South Louisiana [uwsla.com], which serves Assumption, Lafourche, St. Mary and Terrebonne parishes.
- Remaining funding from the $250,000 total will be allocated to organizations based on longer-term needs that emerge in the coming months.
“Nonprofits and relief organizations are doing incredible work addressing urgent needs, and through these grants, our focus at the Regions Foundation is to provide resources that will support their real-time response to the storm,” Self said. “Additional needs will develop as our communities rebuild stronger, and the Regions Foundation will be there to support ongoing work well into the future. We also encourage people and businesses who are in a position to donate to consider how they, too, can support nonprofits that are on the front lines of helping people impacted by Hurricane Ida.”