Regions aids small businesses with online banking
In today’s business climate, it makes sense to be as efficient as possible. And it is more important than ever to be a good corporate citizen, which often translates into being more ecologically friendly. One way to do both is to integrate online banking practices in your business.Regions Bank, headquartered in Birmingham, Ala., takes its social responsibility seriously. The bank operates each day with a simple – yet powerful – mission: to make life better. Regions has incorporated an ecological outlook into their business model, and small businesses are getting on the bandwagon and learning that online banking is quicker, more efficient, and yes, more environmentally friendly.
Will Loftin, consumer banking executive for Regions, said the bank’s new LifeGreen Checking for Business has been very well received. The program makes checking and savings for businesses simpler, and greener, too. The LifeGreen program helps save time and money, with business-boosting, earth-friendly features like online banking with bill pay options and free online statements. “We see it as quick, convenient and paperless banking at its very best,” said Loftin. It’s so “green,” in fact, accounts come with free checks printed on recycled paper.
LifeGreen Checking for Business works best for companies that are sole proprietorships, start-ups or small business wanting a checking account with free, convenient e-services. Account benefits include online banking with bill pay, a free Business Check Card and 24-hour automated telephone banking. A discount on safe deposit box rental and overdraft protection are also available. A small monthly service fee is waived if a combination of requirements are met, including using a check card, receiving online statements and making five or more electronic transactions.
Of course, the program is a cost-saver to the bank as well. “By going to e-statements, we will save on postage, paper and printing,” explained Loftin. “The savings will be substantial. Just recently, we sent all of our 16,000 associates their health benefit information electronically rather than mailing it to each person. The cost savings was over $45,000. So you can imagine what the savings can be if customers choose to receive e-statements rather than statements in the mail.”
Loftin said their programs were developed internally based on customer feedback. “When we had the merger with Regions, AmSouth and Legacy, we had way too many checking account products out there,” explained Loftin. “We had to simplify and streamline the operations for both our associates and our customers. In doing so, we were able to develop products that are more suited to the times. When we rolled out our LifeGreen accounts, we gave out reusable tote bags to help reinforce the green initiative. That was a constant reminder of how we can effect our environment.”
The bank is so committed to protecting the environment that the newest branch, located at the Renaissance in Ridgeland, is built to LEEDS specifications. “We don’t want to lose contact with our customers,” insisted Loftin. “But we do want our services to be more accessible for small businesses. We know that some people will be perfectly comfortable with doing all of their banking on the internet, including bill paying and even mobile banking using their cell phones. But others prefer that personal human touch.” Loftin said that as customers become more familiar with how easy the online banking can be, they tend to use it more. “Often, it’s just a matter of finding, or taking, the time to figure out everything online and to set it all up. That’s where our online concierge service comes in handy.”
The Regions Concierge service allows customers to make one phone call, and the concierge will walk the customer through setting up the bill-pay options, including setting up merchants and mobile banking, establishing direct deposits and explaining how to transfer funds between accounts online. “We do all we can to make it easier for the customer. Once they take the time to set everything up, they often wonder why they didn’t do it sooner!”
Loftin said a gadget many small business owners enjoy is the Regions Quick Deposit device that allows businesses to process checks and deposit the funds directly into their accounts, without having to make a trip to the bank to deposit checks. “Often, a trip to the bank can take up a whole lunch break,” Loftin explained. “This way, the merchant can sit at his or her desk and deposit the checks electronically without ever getting into the car. That’s both a time saver, as well as being environmentally-friendly. One of our first customers to use it was a guy out of Monticello. He was a driver who delivered chickens, and he actually used the machine in the cab of his truck to save him trips to the bank.”
The bottom line is online banking can simplify things for a small business owner in many ways. “Having to go back through several months’ worth of statements is a hassle,” said Loftin. “With our online e-statements, customers can pull up statements from the past 18 months with a few clicks of a mouse. It’s always there, can’t be mis-filed, and it doesn’t take up room in a file drawer.” And business owners can feel good about doing their banking business online. “It really is a cost-saver, and it’s certainly better for the environment,” Loftin said.
You may contact Susan at larssue@aol.com.