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Traditional and Online Bank Option

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BBVA is both a traditional, brick-and-mortar bank and one that offers complete online and mobile banking access. It’s not the bank for everyone – it doesn’t pay the high-interest rates you may see with online banks. But if you’re looking for a full-service banking relationship, including various financing options – as well as small business and commercial services – BBVA may be the bank for you. And if you live in one of the seven states where they operate, you’ll also have access to local bank branches.

What is BBVA?

BBVA, Member FDIC, offers a full suite of online and mobile banking. The company is based in Birmingham, Alabama, and was started in 1964.

The bank operates 637 branches, with about half in Texas, and the rest in Alabama, Arizona, California, Florida, Colorado, and New Mexico. It’s one of the 25 largest banks in the U.S.

BBVA offers a complete lineup of personal deposit accounts, including checking, savings, and money market accounts, as well as certificates of deposit. They also provide all types of loans, including credit cards, personal loans, auto loans, and home financing.

And as a commercial bank, they also provide services to small businesses and commercial establishments, as well as wealth management to high net worth consumers.

BBVA Product Features

Minimum balance requirement: $25 for checking, savings, and money market accounts, and $500 for certificates of deposit.

Online banking: Available on all accounts, providing access to account statements, the ability to make payments or pay bills online, send account alerts, and transfer funds.

Visa Debit Card: The BBVA Visa Debit Card comes with chip technology and cash back rewards (see below). It connects with your BBVA checking account and can be used to access cash at ATMs, as well as make purchases online and in-store. And since it’s issued by Visa, it’s backed by Visa Zero Liability for unauthorized charges.

The card can be personalized with your own photography or artwork, or with an image from the bank’s design gallery. You can also select a sports theme, which can be Houston Dynamo, the University of Alabama, or Auburn University.

Cashback rewards: These are offered through the Simple Cash Back program, which is offered free and requires either mobile or online banking enrollment. You’ll earn rewards by selecting offers from the Rewards Center. Rewards are specific to each offer and may be required by shopping at a participating merchant location, though some offers will require shopping through a link provided with the offer.

ClearBenefits Program: Provides $10,000 in accidental death and dismemberment insurance, identity theft restoration, identity theft insurance up to $1 million, roadside assistance, and cell phone protection of up to $200 for theft or damage. The phone coverage is good on up to three phone lines if you pay your phone bill through your BBVA checking account. The program is available for an additional fee of $4 per month.

ATM Network: BBVA offers a total of 64,000 no-fee ATMs through a combination of its own ATM network as well as the Allpoint ATM network.

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BBVA Checking Accounts

BBVA offers five checking accounts:

Premium Checking

Premium Checking offers the following features:

  • Minimum opening deposit: $25
  • Free standardized checks
  • Free paper statements
  • Overdraft protection available by linking with a BBVA savings account
  • Interest on all balances (check BBVA for latest rates)
  • Automatic rebate of ATM fees charged by out-of-network ATMs, two per month
  • Monthly Service Charge: $19, but waved with qualifying monthly direct deposits of $4,000+, or with an average daily collected balance of $4,000+

Online Checking

Online Checking offers the following features:

  • Minimum opening deposit: $25
  • No monthly Service Charge
  • Overdraft protection available by linking with a BBVA savings account
  • Paper statement fee: $3 per month (online statements are available free of charge)
  • Overdraft protection available by linking with a BBVA savings account
  • BBVA ClearBenefits Program at $4 per month

Free Checking

Free Checking offers the following features:

  • Minimum opening deposit: $25
  • No monthly Service Charge
  • Free customizable alerts
  • Free online and paper statements
  • Overdraft protection available by linking with a BBVA savings account
  • Unlimited, free check writing
  • There’s no BBVA fee for using another bank’s ATM. You can receive up to four automatic rebates per statement cycle for ATM fees charged by other banks ($5 per statement cycle).
  • BBVA ClearBenefits Program at $4 per month

Free Checking is also available as a checking account for teens. You can open an account, which will be held jointly in your name and your teen’s name. It will provide all the benefits and features of the Free Checking account, as well as account alerts for parents to review their teen’s activity.

Free Checking is also available for student banking. You can open an account if you are a student and at least 18 years of age, subject to all other requirements of opening a Free Checking account.

However, Free Checking isn’t available everywhere. It’s only available in the following states: TX, AL, AZ, CA, CO, FL, NM.

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BBVA Second Chance Banking

Second-chance banking is offered through the BBVA Easy Checking account. It’s available to applicants who don’t qualify for a standard checking account. It’s recommended you first apply for a Free Checking account, then you may be offered Easy Checking if you don’t qualify.

You can request an upgrade to a standard BBVA checking account after as little as 12 months. Your account must be active and have a positive balance at that time.

Easy Checking comes with a complimentary Visa debit card, no fees for use of in-network ATMs, access to online and mobile banking, including mobile deposits, and bill pay.

Other features of Easy Checking include:

  • Minimum opening deposit: $25
  • Monthly Service Charge: $13.95 – cannot be waived
  • Paper statement fee: $3 per month (online statements are available free of charge)
  • Debit card purchases can qualify for Simple Cash Bank rewards
  • BBVA ClearBenefits Program at $4 per month

BBVA Savings Accounts

BBVA offers two savings accounts:

BBVA Savings Account

BBVA Savings Account offers the following features:

  • Minimum opening deposit: $25
  • Access your account through your Visa debit card
  • Link to a BBVA checking account for overdraft protection
  • Up to four fee-free withdrawals per statement cycle
  • Interest on all balances (check BBVA for latest rates)
  • Quarterly Service Charge of $15, waived with recurring monthly transfers of $25+ from a BBVA checking account, or by maintaining a minimum daily collected balance of $500+
  • Paper statement fee: $3 per month (online statements are available free of charge)

BBVA Online Savings Account

BBVA Online Savings Account offers the following features:

  • Minimum opening deposit: $25
  • Access your account through your Visa debit card
  • Link to a BBVA checking account for overdraft protection
  • Up to four fee-free withdrawals per statement cycle
  • Interest on all balances (check BBVA for latest rates)
  • No monthly or quarterly service fee
  • Paper statement fee: $3 per month (online statements are available free of charge)

BBVA Money Market Account

BBVA Money Market Account offers the following features:

  • Minimum opening deposit: $25
  • Link to a BBVA checking account for overdraft protection
  • Up to six fee-free withdrawals per statement cycle
  • Monthly Service Charge: $15, waived with a minimum daily collected balance each month at $10,000+, or with an automatic, recurring monthly transfer of $25+ from a BBVA checking account

Since rates do change, we recommend you check BBVA’s website for the most updated rates.

BBVA Certificates of Deposit (CDs)

BBVA offers CDs with a minimum deposit of $500. There are no maintenance fees, and you can choose the term you want. Check BBVA’s website for the most updated rates.

Other Services

In addition to the consumer deposit accounts listed above, BBVA also offers the following services:

  • Personal financing, including personal loans, auto loans, home equity lines of credit and home equity loans, and home mortgage loans for both purchases and refinances
  • Small business banking, including checking and savings accounts, credit cards, merchant services, and loans
  • Commercial banking services, including financing and working capital, liquidity management, and treasury management
  • Wealth management services
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Pricing & Fees

In addition to the fees listed under the individual deposit accounts outlined above, BBVA also has the following fee structure:

  • Out-of-network ATM fee: $3
  • NSF/Returned Item: $38
  • Deposit Item Returned Fee: $15 ($25 for foreign deposits)
  • Stop Payment Fee: $32
  • Early Account Closing Fee: $25
  • Courtesy Overdraft Option (NSF): $38 (to a maximum of six per day)
  • Domestic Wire Transfer Fees: $15 incoming, $30 outgoing ($25 outgoing repetitive)
  • International Wire Transfer Fees: $15 incoming, $45 outgoing
  • Staff-assisted Calls: $1 per call, over 5 per month

Sign Up with BBVA

To open an account, you’ll need to be a U.S. citizen and have attained the legal age of majority in your state of residence. You’ll also need to provide the following information and documentation:

  • The full name of each account holder
  • Dates of birth for each account holder
  • The occupation for each account holder
  • A valid Social Security number for each account holder
  • Your home address
  • Email address
  • Phone number
  • A valid government-issued ID, such as a driver’s license, state-issued photo ID, or passport. (Student ID cards are not valid for identity validation.)

You’ll also be asked to choose the account type you want to open, then create a unique username and password. You’ll need to link an external account to fund your new BBVA account.

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BBVA Security

All funds on deposit with BBVA are covered for up to $250,000 per depositor against institutional failure through FDIC insurance available through the bank.

BBVA protects your information for online security and issues online and mobile banking alerts for suspicious activity.

They also offer the BBVA Clear Benefits Program, which offers identity theft and restoration insurance of up to $1 million to cover lost wages, legal expenses, and defense costs for civil and criminal lawsuits.

Mobile Support and Accessibility

BBVA offers both online and mobile banking. The mobile app is available on the App Store for iOS devices, 9.0 or later, and on Google Play for Android devices, 5.0 and up.

The mobile app has all the functionality of online banking. It allows you to deposit checks using mobile deposit, as well as to send payments and make transfers, and view PDF versions of account statements for checking, savings, money market, and credit card accounts.

You can also use the mobile app to schedule a callback or find the nearest branch or ATM.

Customer Service and Support

Customer service is available by phone, live chat, or by email, Monday through Friday, from 7 a.m. to 10 p.m., and Saturdays from 8 a.m. to 4 p.m., all times Central.

FAQ

Yes. BBVA operates branch networks in those seven states, but certain products are available nationwide.

No. The rewards are limited to offers made by participating merchants, so it isn’t set up as a general cashback card, like a 1% reward on all purchases.

BBVA is about more than just high interest rates. Many of the banks that offer the highest interest rates also provide limited services and a monthly Service Charge. BBVA offers all types of loans, including credit cards, personal loans, auto loans, and home financing, as well as small business and commercial banking services. If you expect to maintain a full-service banking relationship, including the ability to obtain financing, or if you run a business, you may be better served in working with BBVA than an online bank that primarily provides high interest rates on savings, and little more.

BBVA Pros and Cons



Source: on 2021-04-12 11:33:45

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