BBVA Compass is a large, Alabama-based bank that offers retail, small business, commercial, and wealth management banking products and services. The bank’s more than 10,000 employees serve its customers through branches located in states from the East to West coasts. The BBVA Compass name was formed when a bank holding company out of Spain, BBVA, acquired Compass Bancshares in 2007.
On its personal retail banking side, BBVA Compass offers checking, savings, Money Market, CD, and IRA accounts, as well as credit cards, mortgages, and auto loans on the personal lending side. Checking account options include an interest-bearing account, a second chance account, a basic account, and an NBA account. All but the NBA account come with a monthly service charge, and for the second chance account that charge cannot be waived. BBVA Compass’ basic savings account earns minimal interest and has a quarterly service charge unless a minimum daily balance requirement is met. The bank also features a customized savings account that will match transfers made into the account up to a certain percentage. Money Market accounts can be linked to a checking account to prevent overdrafts, and tiered interest rates provide incentives for account holders to increase their balances. Certificates of Deposit (CDs) are available in term lengths ranging from 7 days to 15 years and come with minimum initial deposit requirements. DepositAccounts.com has featured BBVA Compass in the past for different checking account bonuses, as well as competitive CD rates. Small business banking solutions include cash management and employee benefits services, in addition to specialty programs for attorney and health care organizations.
BBVA Compass online banking is free and provides a web-based banking platform on which customers can manage their accounts. Tasks like Quicken financial application integration, bill pay, account balance viewing, and funds transfer, can all be accomplished through the online system. Mobile banking is also available, as the bank has optimized its site to make it easy to use from mobile and tablet devices. Mobile apps make it even more convenient in easy to access and perform banking tasks while on the go, including remote deposit. Account holders can also use text and ATM banking for more simple, round-the-clock banking.
BBVA Compass is a subsidiary of BBVA Compass Bancshares, a bank holding company operating in the United States under the ownership of a foreign banking organization called Banco Bilbao Vizcaya Argentaria, which is headquartered in Spain. Compass Bank was established in 1964 as the Central Bank of Birmingham before changing its name in 1993. After it was acquired by BBVA, it merged the two names to create its current title. BBVA Compass Bank is headquartered in Birmingham, Alabama and serves its customers through numerous branches located throughout the United States.
The workers are either ignorant or their computers are lame or I dnt know what the hell is wrong with this lame company. When I had a problem they say they can't do anything about the issue and tell you to contact some other idiots who apparently don't know anything about the issue when they are supposed to know, so they tell you to contact the same idiots you contacted before. So this goes on and on cuz they dnt give an F about the customer. They just care about the freakin money and getting richer. I feel sorry for the creators and managers of the BBVA compass stupid lame bank. I will leave this bank soon, which they will surely make it hard to do by offering me discounts or some king of rewards. Tragic T_T
I felt compelled to stand up for my bank after stumbling across such negative people on here...So I asked my FRIENDLY local branch to educate me as if I were a new client-they know me there by first name and humored me for the request. (I was actually deciding where to consolidate all of my bank accounts). He did so and here's the answers & fliers I left with:
*65+ y/o Senior Checking reintroduced due to client's voicing their concerns. Free checks and paper statement with your social security direct deposit.
*Everyday Hero-FREE checking for active & retired military, doctors, nurses, EMT, medical professionals/techs, all lines of sworn police & firefighters, teachers.
Qualifiers to get a FREE CHECKING ACCOUNT:
*Direct deposit 1x a month that is $300+ and e-statements from my online banking. This is much nicer than my Chase account I closed out that wanted $500+ 1x a month. My weekly part time checks aren't that much.
*Student accounts for those under 25 are free--pretty cool but doesn't apply to me.
*1500 average daily balance in the checking.-someday I won't laught at that idea :)
Their savings rates were really good as well. Not much now-a-days but every little bit helps. They honestly paid more than my savings credit union and local major and minor banks. We pulled up 6-8 bank rates at his computer and none we found were better. That fits my needs just fine so I decided I'd stay there.
I pride myself on keeping current and here's my response to all the Debby Downers:
1. Free checking accounts didn't really make it mainstream until the 1990's when major players like Wachovia introduced and forced others to offer this as well and interest rates on a CDs were high enough to live off of. Times change, move on.
2. A bank's policies change with tighter Gov't regulation (ex. Durbin Amendment). Everyone wants their cake and eat it too. Regulate to prevent another economic decline yet many individual people are not ready to deal with personal ramifications of this. People get regulation and low yields. They want their 401k/retirement plans to grow magically but don't realise where the money comes from. If you want explosive growth & returns use the stock market-or Vegas :)
3. With BBVA Compass, previously Guaranty, I find it hard to imagine that the customer service in all the branches has changed that drastically. Perhaps the employees ARE doing as much for you as they can or know how. The bank name changed, not the people. Don't shoot the messengers if you have to dial a toll-free 1-800 number...They could easily make YOU pay for the phone call instead. lol!
4. Don't get me started on people who B. about overdraft fees. Don't spend money you don't have, idiots. Take any fee with humility and learn to manage your finances better. Yes, YOU violated the terms of the account, so you pay a fee. It's disclosed when you open an account ANYWHERE! Overdraft fees weren't invented last night nor headline news on CNN in the morning when you woke up. I find that the couple instances in my life I have overdrafted, I politely asked if someone was able to fix it and ya know what? They did. I doubt they would be so nice if I had come in yelling and screaming-I certainly wouldn't have.
5. Most banks and credit unions now have qualifiers for their accounts it seems. My friend banks at a credit union that charges $1 a month for a debit card.
6. Former Guaranty Bank failed. They didn't receive a bailout. I feel happy that someone took them over and they didn't go running to the gov't for TARP bailouts. A poorly run business suffered the just consequences. Ex. You won't learn why you shouldn't touch the hot stove until you feel it's burn.
This is turning into a rant. I hope it helps at least 1 person out there. Give BBVA a try, I think you'll like them. I certainly still do.
The following are pretty compelling reasons that I am in the market for a new bank for my business.
1. Compass Points program changes and problems. The program is essentially worthless based on changes in the fall of 2011. The program is now limited to a glorified advertising/referral program for vendors I don't use. Also, I’ve never received notice of expiring points from when the program was worth something. They might check with United Airlines, but I don't think systematically diluting value from a customer loyalty program is advisable especially when it is this blatant.
2. Charges for phone transfers despite the fact they are never done correctly. I have watched this service decline over the last 24 months to the point that it is almost laughable. I could get in my car and drive the funds to the counterparty and avoid delays and follow up calls necessary to make certain the transfer was completed correctly. I also enjoy being chastised by a Compass phone representative for using phone transfers as opposed to options I have already evaluated and found were not a good fit. Did I mention I pay for each transaction? That’s what I look for in a bank, condescending customer service. Compass might remind their customer service reps that I am revenue and they are expense.
3. Deactivation of business check card accounts for possible fraud and no attempt to contact the customer to let them know. It was nice of Compass to shut down my business without notifying me. To add insult to injury, the security representative explains that I was not notified because they are shorthanded. She then tells me about the $50 fee to expedite my card replacement. I guess as long as they can shut down my business, they might as well gouge me with an outrageous replacement card fee since they know I have no other option. I guess I could let the fee slide if it supports the cost structure for their 24 hour check card support line, but they no longer have one.
I think Compass can do better, especially since they’ve proven so in the past. It’s amazing what adding four letters to the Compass brand has done to their perceived value of customers. Rest assured that if the Compass culture is one where the customer is a problem, it will be a temporary issue.
I signed up for a checking account with BBVA after being provoked by their free Kindle Fire offer. 3 reasons why I will not be this naive again: BBVA is holding my money hostage with a fee-loaded gun ($4 per month if under $1500 in the account and $25 fee for closing the account inside of 6 months), you can't close the account over the phone, and branches are a sales trap. I did receive the Kindle Fire, but boy they are making me pay for it. The account pays no interest, so I am basically paying them for the Kindle by giving them free money. Their online banking platform is a bit arduous to navigate, as the layout and terminology can be confusing at times, and pages take longer to load. Customer Service Reps were helpful, so all in all I had a good experience.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 BBVA Compass had $458.27 million in non-current loans and owned real-estate with $12.2 billion in equity and loan loss allowances on hand to cover it. This gives BBVA Compass a Texas Ratio of 3.76% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for BBVA Compass decreased dramatically from 6.97% as of March 31, 2013 to 3.76% as of March 31, 2014, resulting in a positive change of 46.07%.This indicates that the balance sheet and financial strength for BBVA Compass has improved dramatically in recent periods.
In the past year, BBVA Compass has increased its total deposits by $4.71 billion, resulting in 8.96% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth BBVA Compass has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. BBVA Compass has $74.64 billion in assets with $12.2 billion in equity, resulting in a capitalization level of 16.34%, which is excellent.
|FDIC Certificate #||19048|
|Assets and Liabilities|
|Equity Capital||$11.49 billion|
|Loan Loss Allowance||$707.67 million|
|Unbacked Noncurrent Loans||$436.29 million|
|Real Estate Owned||$21.98 million|
|Historic Data - March 2013|
|Equity Capital||$11.02 billion|
|Loan Loss Allowance||$786.02 million|
|Unbacked Noncurrent Loans||$436.29 million|
|Real Estate Owned||$45.94 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.13%|
|Return on Assets||0.57%|
|Return on Equity||3.65%|
|Interest Income||$566.67 million|
Always verify rates and promotions with the bank or credit union. We are not BBVA Compass, we are a rate comparison website and can not provide official rates or promotions.
|0.15%||-||-||BBVA Compass ClearChoice Savings|
|0.05%||-||-||Build My Savings|
|1.00%||$10k||$5m||BBVA Compass ClearChoice Money Market Account|
|0.15%||$75k||-||BBVA Compass ClearChoice Premium Checking Account|
|2.00%||$500||$1m||60 Month CD|
|2.00%||$500||$1m||60 Month Featured CD|
|1.25%||$500||$1m||29 Month CD|
|1.25%||$500||$1m||29 Month Featured CD|
|1.15%||$500||$1m||18 Month CD|
|1.05%||$500||$1m||48 Month CD|
|0.95%||$500||$1m||36 Month CD|
|0.45%||$500||$1m||12 Month CD|
|0.45%||$500||$1m||12 Month Featured CD|
|0.30%||$500||$1m||9 Month CD|
|0.20%||$500||$1m||6 Month CD|
|0.10%||$500||$1m||1 Month CD|
|0.10%||$500||$1m||3 Month CD|