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$150 Checking Account Bonus at BBVA Compass (available in AL, AZ, CO, FL, NM & TX)

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BBVA Compass Bank is offering a bonus of up to $150 for opening a new checking account, using online bill pay and direct deposit. Here's the promotion page link. To earn the first $75 requires the use of Online Bill Pay. The second $75 requires direct deposit. The new checking account must be opened by 2/28/2010. Here are the details:

Earn up to $75 when you use online bill pay
  • Open a new Compass checking account and sign up for Online Bill Pay by 2/28/10
  • Pay at least 5 bills online every 30 days for the first 90 days your account is open
  • For each month that you do, you'll get $25 - up to $75 total
Some important small print:
  • Online bill payments must be made to a third party and be at least $25 in order to be eligible
  • Each $25 bonus will be deposited into the new checking account from which online payments were made, within 60 days of fifth eligible online payment for each 30-day period.
$75 for signing up for Payroll Direct Deposit
  • Open a new checking account online by 2/28/2010 and sign up for payroll Direct Deposit.
  • Get your first payroll Direct Deposit within 30 days that your account is open.
  • $75 bonus will be deposited, within 120 days of first recurring payroll direct deposit, into the new checking account that receives the direct deposit.
Some important small print for both bonuses:
  • Minimum $25 opening deposit required
  • Offer available to new checking households only
  • Bonus may be subject to income tax reporting
  • Limit one bonus totaling $150 per household
  • Bonuses are paid on the last business day of the month
Requirements for Opening Compass Bank Accounts:
  • Must be a U.S. Citizen
  • Must be a resident of one of the following states: Alabama, Arizona, Colorado, Florida, New Mexico, or Texas.
BBVA Compass now has branches in California after its acquisition of the failed Guaranty Bank last August. However, these branches may not be transitioned over yet to allow people to qualify for these Compass promotions. If you're in California and interested in this promo, it may be worth a call to Compass.

Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. Also, bill pay is free. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my last Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. I received the $25 bonus for both 2008 and 2009.

BBVA Compass Bank is a member FDIC (FDIC Certificate # 19048).

Thanks to the reader who commented on this promo in the bank deals hub.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
  Tags: Alabama, Colorado, Arizona, New Mexico, Texas, checking account, Florida

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Comments
11 comments.
Comment #1 by Anonymous posted on
Anonymous
How do these banks expect a direct deposit within 30 days of opening? Most employers take 2 paychecks to make the change, so it's usually impossible to do. And 5 bill pays? I don't even think I have 5 bills to pay a month, and not all of them offer billpay.

1
Comment #2 by Anonymous posted on
Anonymous
I remember few years back when the bonus was paid upfront just for opening the account, now we have to work and work and wait and more wait and to receive just drips and drabs of the bonus.
I will not waste my time for such bonus which is made to make you forget something or are unable to fulfill the requirement on time and the whole deal is off.

1
Comment #3 by Anonymous posted on
Anonymous
Most of municipality bills can not be paid online and I only have 3 bills per month that can be paid electronically, so count me out too.
My SS payment can not be switched in 30 days, it takes 45-60 days to do it, so that is impossible too.

This is done on purpose just not to pay the bonus, conniving bank, at least to say.

1
Comment #4 by Anonymous posted on
Anonymous
Another way to by pass the bill pay requirement is say if you have one bill make $1 payments on it. Usually I do the payments on different days just to be safe.

-1
Comment #5 by Anonymous posted on
Anonymous
Yea banks are getting more picky about this bonus just read the part where it says you need $25 min bill payment. My other comment of $1 payments is good just not with this bank. :(

1
Comment #6 by Mike Burek (anonymous) posted on
Mike Burek
BBVA Compass takes 2-3 weekday business days to post deposits, including cash. It was a very big annoyance when I signed up for this offer in 2008.

1
Comment #7 by Anonymous posted on
Anonymous
I never got the Direct Deposit Account Bonus from last time.

Lousy bank, Lousy service too.

1
Comment #8 by Anonymous posted on
Anonymous
They are manipulative bank, stay away, I complained few times and they closed my account.

1
Comment #9 by Anonymous posted on
Anonymous
" Bonus may be subject to income tax reporting "

There is no maybe, 100% sure you will get the 1099.

1
Comment #10 by Anonymous posted on
Anonymous
The first thing that crossed my mind is that there is no way a Direct Deposit can be done within 30 days.

Although five bill pay transaction are not that hard to accomplish even if the transaction amount should be $25+, the DD is the killer of the deal.

I give it a "No-Go".

Compass Bank tried to lure in customers for giving "free" iPods a couple of year ago. After using my magnifying glass for 15 minutes to read their fine print it was discovered that "free" means a $19.99 special shipping fee.

I don't have much respect for this bank.

1
Comment #11 by Anonymous posted on
Anonymous
applied online, received message to the effect, "thanks, we'll get in touch."  hrm.  a week later, phone call comes, trying to get me to fund the account over the phone.  when I didn't, the application was cancelled (and I was auto-emailed indicating this was per my request.)  web site is weak, took way too long to apply.  definitely not worth the time spent.  better not be a credit inquiry over this...

2