BBVA Compass has another checking account promotion. It’s similar to its January promotion, except that instead of a Kindle Fire, the bank is giving away a Samsung Galaxy Tab 3. The bank also added an extra requirement. So it’ll take more work to qualify for this gift. Here's the link to the new promotion. Below are the steps required for the bonus:
- Open a consumer checking account with a $25 minimum deposit by 9/30/2013
- Have a qualifying direct deposit of at least $500 from an unrelated third party post to the account within 60 days of account opening, AND
- 10 check card transactions of at least $25 each (excluding ATM transactions) must post to the account within 60 days of account opening, AND
- Make 3 online bill payments of at least $50 each to 3 unique and unrelated third parties. Payments must post within 60 days of account opening.
Below is some of the important small print:
Transfers made from PayPal, ING Direct, or from accounts owned by the accountholder (or related parties) at other financial institutions do not qualify. Bill payments must be completed by the deadline. Payments made by check or person-to-person (P2P) payments do not qualify. Payments made by a third party debiting your account do not qualify.
Offer valid only for new consumer checking accountholders who have not had an existing BBVA Compass consumer checking account within the last 90 days.
Maximum of one (1) bonus per household. Offer not valid with any other offer and subject to change without notice. BBVA Compass may report the value of the bonus to the IRS as required by law.
One important thing to note in the small print is that transfers that you initiate from another bank won't qualify as direct deposit. Also note that the value of the bonus may be reported to the IRS. Amazon lists the value of the Samsung Galaxy Tab 3 (7-Inch) at $199.99
Record of Bonus Payouts?
Have you had success with past BBVA Compass promotions? Or did the bank refuse to pay? Or did they pay only after you called and complained? Please take my poll on BBVA Compass promotions.
BBVA Compass Checking Account Fees
Build-to-Order Checking and CompassLink Checking qualify for this promotion. Both have potential monthly fees. BBVA Compass ended its free checking in 2011. Build-to-Order Checking has smaller fees that are easier to avoid. It requires at least one of the following to avoid a $10.95 monthly fee:
- Direct Deposit transaction (ACH credit) of $300 or more from an unrelated 3rd party, OR
- Average daily collected balance of at least $1,500, OR
- Accountholder is enrolled in the BBVA Compass Preferred Client Program and maintains Preferred status, OR
- Student under 25 (must be approved for student status), OR
To avoid a $20 monthly fee on the CompassLink Checking account, even larger balances are required. To see all the account details, please refer to the Compass Checking Accounts page.
On the first page of the application it states that you must have a permanent residence of one of the following states: Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas. If you're not a U.S. citizen, you must visit a branch to apply.
BBVA Compass is the 31st largest bank in the nation and operates 688 branches in Texas, Alabama, California, Arizona, Florida, Colorado and New Mexico. It's under the bank holding company Banco Bilbao Vizcaya Argentaria S.A., the second largest bank in Spain.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 6.88% (excellent) based on March 2013 data. Please refer to our financial overview of BBVA Compass for more details. The bank has been a FDIC member since 1964 (FDIC Certificate # 19048).