Regions Financial Corp (NYSE:RF) reported that it has increased its prime lending rate to 4.50% from 4.25%, effective December 14. In unrelated news, the company reported that it has launched an innovative service that offers customers increased control over when and how their Regions’ credit, prepaid and debit cards are used.
Regions LockIt allows customers turn off/on authorizations for certain sorts of transactions on their Regions Personal Credit Cards, Prepaid Cards and CheckCards in real time, offering useful spending control tools and additional fraud mitigation through its Mobile App. This unique feature offers consumers with further tool to manage the security and safety of their finances, via a premium service that can be used and activated with each entitled Regions Consumer Card in a consumer’s portfolio.
Features of the service comprise the ability to establish controls over authorizations for in-store, ATM or online deals; turn off authorizations in case a card is left or misplaced unintentionally or when a consumer has issues about other prospective compromises; then on authorizations when the card is recovered; get a real-time alert from app when LockIt stops a transaction, and see a repository of blocked transactions.
Scott Peters, the Head of Regions Consumer Services, expressed that turning life better for their consumers can be as simple as turning it easier for them to manage and safeguard their own finances. LockIt allows Regions consumers more flexibility, convenience and security to ensure their cards are utilized when they want and how they want. It was implemented utilizing an innovative technology platform named First Performance Global that gets card transaction data details in real time.
Bill Hernandez, the CEO of First Performance Global, expressed that they are extremely thrilled to view the immediate gains to Regions consumers from their work together on LockIt. Working together, they have succeeded in bringing a powerful and innovative tool to their card holders.