Regions Joins Banks Catering to Military Customers

Regions Financial (RF) is the latest banking company to offer specialized services for military personnel and veterans.

It has established a toll-free customer service line for those with military connections, the banking unit of the $121.3 billion-asset Regions said Tuesday.

Regions, in Birmingham, Ala., also formally pledged to recruit service members and veterans for jobs, provide them free online financial education and eliminate fees on two transactions at non-Regions ATMs per month for each of them.

It will continue its work with the Lakeshore Foundation's Injured Military Initiative. The program helps wounded combat personnel return to independent lives through physical activity, recreation and sport.

Regions has a "long history of supporting military service members and veterans," but it is now formalizing that commitment through its military and veterans pledge, Scott Peters, head of the consumer services groups, said in a news release.

Banks have been criticized for their treatment of members of the armed forces and veterans, who are afforded certain protections as such in foreclosure proceedings and limits on fees. Since 2011 Capital One (COF), Wells Fargo (WFC) and Bank of America (BAC) have agreed to pay millions to settle lawsuits or federal probes tied to claims of mistreatment of military customers.

In early 2011 JPMorgan Chase (JPM) changed its lending practices to military customers after acknowledging that it had failed to comply with the law. Wells Fargo said in September that it was broadening its services for active-duty military personnel and veterans through a new military affairs program.