Spend & Save Program Terms and Conditions

Spend & Save Program

The Regions Spend & Save Program (the “Program”) is a savings program that allows you to set up automatic funds transfers (“Spend & Save Transfers”) from your Regions checking account to your Regions savings or money market account based on the number of purchase transactions you make with your Regions Visa® CheckCard.

PROGRAM ELIGIBILITY REQUIREMENTS

To participate in the Program:

  • You must have a Regions personal or Private Wealth Management checking account that is open, active, and in good standing according to our deposit account policies (the “Checking Account”). The Regions Now Card and Regions SafeGuard Checking are not eligible as Checking Accounts in the Program.
  • An owner on the Checking Account must be an owner on a Regions personal or Private Wealth Management savings or money market account that is open, active, and in good standing according to our deposit account policies and that may be linked to the Checking Account for receipt of the Program automatic funds transfers (the “Savings Account”). It is not necessary for all owners on the Checking Account to be owners on the Savings Account. Regions Explore Card Savings and Regions Now Savings are not eligible as Savings Accounts in the Program.
  • The Checking Account must have at least one activated Regions Visa® CheckCard (the “CheckCard”).

ENROLLING IN THE PROGRAM AND CHANGING PROGRAM ELECTIONS

You may enroll or unenroll in the Program or change your Program elections (including the linked Checking Account or Savings Account and the Spend & Save Transfer Option (defined below)) at any of our banking offices during normal business hours, through our Customer Contact Center during normal business hours, or by following the Program instructions in Regions Online Banking. Enrollment, unenrollment, and changes in Program elections must be completed before 9:00 p.m. Central Time on a business day in order to be effective in nightly processing for that business day.

ENROLLMENT RESTRICTIONS AND CONDITIONS

Any owner on the Checking Account may enroll in the Program and link a Savings Account on which such person is an owner to the Checking Account. A Checking Account may be linked to only one Savings Account at a time. However, multiple separate Checking Accounts may be linked to a single Savings Account provided that at least one owner on each such Checking Account is also an owner on the Savings Account. Any owner on a Checking Account may unenroll the Checking Account from the Program at any time or change the Savings Account that is linked to the Checking Account to a different Savings Account on which such person is an owner. Deposit processing system limitations may prevent the linkage of certain Checking Accounts and Savings Accounts.

AUTOMATIC TRANSFERS TO SAVINGS ACCOUNT

During nightly processing for each business day, for each Checking Account that is linked to the Savings Account, we will count the number of posted transactions for the purchase of goods and services made with all activated CheckCards issued on that Checking Account (including CheckCards issued to Checking Account owners and CheckCards issued to non-owner, authorized users). We will then multiply that number by the funds transfer amount you select for the Checking Account from the available amount options we provide (the “Spend & Save Transfer Option”).

We will then transfer the total of the calculation from the Checking Account to the Savings Account as part of the nightly processing (the “Spend & Save Transfer”). The following table hypothetically illustrates how Spend & Save Transfers are calculated:

Checking Account Linked to Savings Account Checking Account No. 123
Number of Activated CheckCards Issued on Checking Account 2
Total Number of CheckCard Goods/Service Purchase Transactions Posted in Nightly Processing 5
Spend & Save Transfer Option $0.50
Spend & Save Transfer Made to Savings Account from Checking Account $2.50 (5 x $0.50 = $2.50)

Each Spend & Save Transfer will appear in the periodic statement for the applicable Checking Account and in the periodic statement for the applicable Savings Account. You also may monitor Spend & Save Transfers from and to Checking Accounts and Savings Accounts on which you are an owner in Regions Online Banking and Mobile Banking.

OTHER RESTRICTIONS, LIMITATIONS, AND TERMS

Only posted CheckCard transactions for the purchase of goods and services (including recurring purchase or bill pay transactions you have set up on your CheckCard and including payments you make with the CheckCard through certain person-to-person payment services) are counted in the Program.

Pending, but not posted, CheckCard transactions and CheckCard transactions for ATM withdrawals and for cash advances are not counted. We will not complete a Spend & Save Transfer from a Checking Account if the amount of the Spend & Save Transfer exceeds the available balance in the Checking Account or if an overdraft protection transfer has been made to the Checking Account during the nightly processing in which we otherwise would make a Spend & Save Transfer.

A subsequent reversal, return, or refund on a CheckCard purchase transaction will not result in any reversal of a Spend & Save Transfer and will not affect the number of posted CheckCard transactions we count in nightly processing for the purpose of calculating the amount of the Spend & Save Transfer.

Ownership requirements and other qualifications for Checking Accounts and Savings Accounts must be maintained for continuing eligibility for the Program. Changes in ownership (e.g., the removal of an owner from a Checking Account or a Savings Account) or failure to meet other qualifications (e.g., the requirement that the Checking Account or Savings Account be in good standing) may result in the disqualification of a Checking Account or Savings Account from the Program or termination of Spend & Save Transfers. The Savings Account may be subject to transaction limits or excessive withdrawal fees (see your Savings Account terms and conditions for details), and you should carefully choose a Spend & Save Transfer Option in order to avoid having to make excessive transfers from the Savings Account back to the Checking Account to cover Checking Account transactions. You also should consider how the Spend & Save Transfer Option will affect your Checking Account balance if your Checking Account is eligible for a monthly fee waiver based on maintenance of a minimum balance (see your Checking Account terms and conditions for details).

Your enrollment and participation in the Program constitute your acceptance of and agreement to the Program Terms and Conditions, as amended from time to time. We may terminate, suspend, or amend the terms of the Program at any time without notice, subject to the requirements of applicable law. If we do provide notice in our discretion, or as required by law, we may use any form of written or electronic communication available to us, including (without limitation) by posting notice in our banking offices where deposits are received, by including notice with or on your account statement, by posting notice on Regions.comor in any electronic banking service or application we offer, by transmitting notice to any email address we have on file for you, or by mailing notice to any mailing address we have on file for you, and we may provide a summary of any change to the Program or any amendment to the terms of the Program in lieu of a complete, detailed, or exact description of any such change or amendment.

We may maintain a copy of the Program Terms and Conditions on a page dedicated to the Program at our website. It is your responsibility to visit the page and review any posted Program Terms and Conditions periodically to ensure that you are familiar with the current terms and conditions of the Program.