BBVA Compass

BBVA Compass

BBVA Compass was founded in 1857 and has grown into a leading U.S. banking franchise with operations throughout the sunbelt region and ranks among the top 25 largest U.S. commercial banks based on deposit market share. BBVA Compass has nearly 690 branches and is small-business friendly. The BBVA Compass bank is a subsidiary of BBVA Compass Bancshares, Inc. In addition to servicing the U.S., it also reaches to China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, Turkey and the U.K. 

The Good

  • Banking solutions
  • Checking account options
  • Savings account options

Banking Solutions

BBVA Compass offers banking solutions for personal, small business, commercial, and global wealth needs. While the specific services for each of these types of clients may vary, all can expect to receive unparalleled service from BBVA Compass representatives.

Checking Account Options

For personal clientele, there are three different checking account options to choose from. While each vary in terms of exactly what is offered, there are a number of benefits enjoyed by all accounts. These benefits include: online banking, mobile banking, ATM banking, debit card, direct deposit, and safety and security on transactions. The checking account options are broken down as follows:

  • Free Checking: a free checking account with full-service features
    • open with only $25
    • Free online and paper statements
    • Unlimited check writing
    • No monthly service charge
    • No fees for using BBVA Compass ATMs
  • Premium Checking: earn interest and enjoy exclusive perks and features
    • open with only $25
    • Earn interest on checking balance
    • Complimentary online banking, mobile banking, and Bill Pay
    • Complimentary Premium checks
    • Automatic rebates on ATM fees charged by other banks (two per cycle)
    • $15 service charge
  • NBA Checking: support your favorite NBA Team with dedicated debit card
    • open with only $25
    • complimentary online banking, mobile banking, and Bill Pay
    • A BBVA Compass Visa Debit Card that can be customized with a favorite NBA team

Savings Account

There are also a number of ways for BBVA Compass clients to save. When clients open a savings account, they can watch their money grow. There are a number of savings options that range from a simple savings account to a long-term nest egg for retirement. The three accounts include: Everyday Savings (a simple way to start saving), Money Market (maximize interest as the balance grows), and Certificates of Deposits (a simple and secure way to reach savings goals).

Lending options are available as well. BBVA Compass clients can take out: auto loans, home equity lines of credit, home equity loans, mortgage loans, and signature express loans. Each loan is guaranteed to be at a competitive fixed rate.

The Bad

  • Limited locations
  • Monthly service charge

Limited Locations

The BBVA Compass operation only exists in a select few states. If a client does not reside in one of these states, they will not be able to use BBVA Compass for their banking solutions. The only available states for service include:

  • Alabama
  • Arizona
  • California
  • Colorado
  • Florida
  • New Mexico
  • Texas

Monthly Service Charge

A majority of the checking and savings accounts offered through BBVA Compass require a monthly service charge. These charge offsets monthly maintenance efforts conducted on behalf of the clients. There are ways and requirements that can be met to avoid these monthly maintenance fees. However, if these requirements are not met, the charge will be applied.

The Bottom Line

BBVA Compass offers a wide range of banking solutions for both individuals and businesses. BBVA Compass will dedicate a knowledgable advisor to help each client navigate their financial situation and meet their money goals. Those interested in banking with BBVA Compass can expect the following from the service:

  1. Online and mobile banking
  2. Debit card and direct deposit
  3. Safety and security
  4. Limited availability
  5. Monthly service fees

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