(Effective July 15, 2018)
At Regions, meeting the treasury management needs of your business is our ongoing commitment. We evaluate our service contracts regularly and make changes when necessary so that we can continue providing you the highest level of quality service. That is why we want to let you know that we will be implementing changes to the Regions Commercial Card Agreement effective July 15, 2018.
Key agreement changes:
- Corporate Card Administrators: Companies will designate two general Company Card Administrators, eliminating the need to distinguish a primary and secondary administrator.
- Terminology Updates: Within the updated agreement, the former term “Pricing Schedule” has been replaced with “Fee Schedule”.
- New Beneficial Ownership Section: Due to the recent FinCEN’s Beneficial Ownership Rule, financial institutions will be required to collect identifying information for “beneficial owners” and a “control owner” of “legal entity customers” for any new agreements.
- Visa Liability Coverage: New language has been added clarifying liability coverage for company users.
For details on all agreement changes, please review the revised Commercial Card Agreement.
Should you have questions, please contact your local Treasury Management Officer or Relationship Manager.
As always, thank you for choosing Regions Bank. We appreciate your business and look forward to continuing to assist you with all your financial needs.