BBVA Compass Bank Review | Free Checking Account + CDs and MMAs (2024)

Welcome to my review of BBVA Compass Bank, a well-known financial institution that offers a wide range of banking products and services. Whether you’re looking for a free checking account, certificates of deposit (CDs), or money market accounts (MMAs), BBVA Compass Bank has options for you.

Formerly known as BBVA Compass Bank, the institution recently completed its rebranding to PNC in 2024 after being acquired by PNC Financial Services in 2020. Despite the ownership change, BBVA Compass Bank still provides the same quality banking services that customers have come to expect.

In this review, I’ll delve into the features of BBVA Compass Bank and evaluate whether it’s worth considering for your banking needs. So, let’s get started!

Key Takeaways:

• BBVA Compass Bank offers a wide range of banking products and services.
• The bank provides free checking accounts, CDs, and MMAs.
• BBVA Compass Bank has recently rebranded to PNC, but still operates with the same quality banking services.
• I will evaluate the features of BBVA Compass Bank and provide my opinion on whether it’s a good bank to consider.

History and Background of BBVA Compass Bank

BBVA Compass Bank, initially known as Banco Bilbao Vizcaya Argentaria, has a rich history dating back to 1857. It was formed through the merger of three banks – Banco Bilbao, Banco de Vizcaya, and Argentaria. Throughout its existence, BBVA has embarked on a journey of growth and expansion, acquiring several banks in the US, including Compass in 2007.

“The merger of three banks marked the inception of BBVA Compass Bank, laying the foundation for its transformative journey in the financial industry.”

Banking Products Offered by BBVA Compass Bank

In this section, I will cover the various banking products offered by BBVA Compass Bank. Whether you’re looking for a simple checking account or a savings option with higher yields, BBVA Compass Bank has you covered.

Free Checking Accounts

BBVA Compass Bank offers free checking accounts that are a popular choice among customers. These accounts have no minimum balance requirement, ensuring that you don’t have to worry about maintaining a certain balance to avoid fees. Additionally, with access to a large network of ATMs worldwide, you can conveniently withdraw cash without incurring extra charges.

Certificates of Deposit (CDs)

If you’re looking to grow your savings over a fixed period of time, BBVA Compass Bank’s certificates of deposit (CDs) are worth considering. These accounts offer competitive interest rates, allowing you to earn more on your investment. Depending on your financial goals, you can choose from various CD terms to suit your needs.

Money Market Accounts (MMAs)

BBVA Compass Bank also provides money market accounts (MMAs) for customers who want their savings to work harder for them. With a money market account, you can earn higher annual percentage yields (APYs) as your balance grows. These accounts offer a great opportunity to maximize your savings while still having access to your funds.

To summarize, BBVA Compass Bank offers a range of banking products to cater to different financial needs. Their free checking accounts, CDs, and MMAs provide flexibility, convenience, and opportunities for growth. Take advantage of these offerings to manage your finances effectively and make your money work harder for you.

BBVA Compass Bank Online Banking

Online banking has revolutionized the way we manage our finances, and BBVA Compass Bank is at the forefront of this digital banking revolution. With their user-friendly online and mobile banking platforms, customers can now easily access their accounts anytime and anywhere. Whether you’re on your computer or using the mobile app, BBVA Compass Bank ensures a seamless banking experience.

The bank’s mobile app has received accolades for its intuitive design and outstanding customer service. It provides a wide range of features that enable customers to take full control of their finances on the go. With just a few taps, you can now pay bills, make transfers, and even deposit checks using your smartphone. The convenience and flexibility of BBVA Compass Bank’s online banking make it a top choice for tech-savvy customers.

For those who prefer managing their finances on a computer, BBVA Compass Bank’s online banking platform offers a comprehensive suite of tools and services. You can access your account statements, view transaction history, and set up customized alerts to stay on top of your financial activities. The platform also provides various financial tools, such as budgeting and expense tracking, to help you make informed financial decisions.

Convenience at Your Fingertips

BBVA Compass Bank’s online and mobile banking platforms allow customers to bank conveniently and securely from the comfort of their homes or on the go. With just a few clicks or taps, you can access a wide range of services, including:

• Checking your account balance
• Transferring funds between accounts
• Setting up automatic bill payments
• Managing your debit and credit cards
• Tracking your expenses and creating budgets
• Receiving customized alerts for account activities

These features empower customers to have complete control over their finances, making it easier than ever to stay on top of their financial goals.

With BBVA Compass Bank’s online banking, I can manage my finances effortlessly. The user-friendly interface and convenient features have made banking a breeze for me. Whether I’m on my laptop or using the mobile app, I feel confident that my financial needs are well taken care of.

Secure and Reliable

BBVA Compass Bank understands the importance of maintaining the highest level of security for its customers. Their online and mobile banking platforms are built with robust encryption and multi-factor authentication to ensure that your personal and financial information is kept safe.

Additionally, BBVA Compass Bank provides 24/7 monitoring and fraud detection systems to safeguard your accounts from unauthorized access. You can feel confident knowing that your money and personal information are protected by state-of-the-art security measures.

Becoming a BBVA Compass Bank Online Banking Customer

To take advantage of BBVA Compass Bank’s online banking services, simply sign up for an account on their website. Existing customers can easily access their accounts by logging in using their BBVA Compass login credentials.

Once registered, you can download the mobile app from the App Store or Google Play Store to access your accounts on your smartphone or tablet. The app is compatible with both iOS and Android devices, providing a seamless user experience across platforms.

With BBVA Compass Bank’s online banking capabilities, you’ll have the convenience and flexibility to manage your finances on your terms. Say goodbye to long queues and paperwork – embrace the future of banking with BBVA Compass Bank.

Customer Service at BBVA Compass Bank

At BBVA Compass Bank, customer satisfaction is our top priority. We strive to provide excellent customer service and offer various options for assistance. Whether you have a question about your account, need help with a transaction, or want to discuss a financial matter, our dedicated customer service team is here to support you.

When you visit our website, you’ll find a comprehensive FAQ section that provides informative answers to common questions. It’s a great resource to quickly get the information you need without having to contact customer service directly. The FAQ covers a wide range of topics, from account management to online banking features.

If you prefer visual guidance, we have video demos and tutorials available on our website. These videos walk you through different aspects of banking with BBVA Compass and demonstrate how to use various features and services. They are a helpful tool for visual learners or anyone who prefers a more interactive learning experience.

Additionally, we offer the convenience of sending secure messages through our online banking platform. If you have a specific question or concern that requires a personalized response, you can reach out to us directly using this secure messaging system. We strive to respond promptly and provide the assistance you need.

For more immediate assistance, we also offer the option to schedule a callback with one of our customer service representatives. Simply request a callback through our website or mobile app, and we’ll arrange a time that works best for you. We understand that your time is valuable, and we want to ensure we can address your needs in a timely manner.

“BBVA Compass Bank’s customer service team is always available to assist you with any questions or concerns you may have. We’re here to provide the support you need to make the most of your banking experience.”

We recognize the importance of continuous improvement and value feedback from our customers. While we strive to provide excellent service, we are aware that there is room for improvement. According to the 2019 U.S. Retail Banking Satisfaction Survey by J.D. Power, BBVA Compass Bank’s customer satisfaction ratings fell below the industry average. We acknowledge these findings and are committed to addressing any areas where we can enhance the customer experience.

Customer Service Options at BBVA Compass Bank

Here is an overview of the customer service options available to you at BBVA Compass Bank:

Customer Service Option	Description
FAQ Section	Access our comprehensive FAQ section on our website to find answers to common questions.
Video Demos and Tutorials	Watch our instructional videos to learn more about using our online and mobile banking features.
Secure Messaging	Send secure messages through our online banking platform for personalized assistance.
Schedule a Callback	Request a callback from our customer service representatives for more immediate assistance.

We welcome your feedback and encourage you to reach out to us with any comments, suggestions, or concerns. Your input helps us improve our customer service and better meet your banking needs.

Overdraft Options at BBVA Compass Bank

When it comes to managing your finances, unexpected expenses and accidental overdrafts can sometimes throw a wrench in your plans. That’s why BBVA Compass Bank offers a range of overdraft protection options to help you avoid unnecessary fees and ensure peace of mind. Let’s take a closer look at these options:

1. Linked Account Overdraft Sweep Service: With this option, you can link a secondary account to your primary checking account. In the event of an overdraft, funds are automatically transferred from the linked account to cover the shortfall. This can help you avoid overdraft fees and maintain your financial stability.
2. Overdraft Protection Line of Credit: BBVA Compass Bank also offers an Overdraft Protection Line of Credit. This allows you to obtain an unsecured line of credit specifically for covering overdrafts. By accessing this line of credit, you can effectively bridge the gap and prevent any potential financial setbacks.
3. Courtesy Overdraft Option: In addition to the above options, BBVA Compass Bank provides a Courtesy Overdraft Option. This option allows the bank to authorize transactions into overdraft, saving you from declined purchases or returned checks. However, it’s important to note that utilizing this option may result in overdraft fees. Therefore, it’s crucial to carefully consider the costs before opting for this service.

Each overdraft protection option comes with its own set of fees and limits, as determined by BBVA Compass Bank. It’s essential to review the terms and conditions associated with each option to determine which one best suits your needs.

Why Overdraft Protection Matters

“Overdraft protection can provide a valuable safety net when unexpected expenses arise. By having a reliable safety net in place, you can avoid the inconvenience of declined transactions and potential fees. With BBVA Compass Bank’s range of overdraft options, you can have peace of mind knowing that you’re prepared for unexpected financial challenges.”

– [Your Name], Financial Expert

By offering multiple overdraft protection options, BBVA Compass Bank demonstrates its commitment to helping customers navigate their financial journeys. These options provide flexible solutions that can empower individuals to manage their finances with confidence.

Next, we’ll explore the pros and cons of banking with BBVA Compass Bank, giving you a comprehensive overview of what to expect.

Pros and Cons of Banking with BBVA Compass Bank

As someone who has personally banked with BBVA Compass Bank, I have had the opportunity to experience both the advantages and disadvantages of this financial institution. Here, I will provide an honest assessment of the pros and cons of banking with BBVA Compass Bank.

Pros of Banking with BBVA Compass Bank

If there’s one thing I love about BBVA Compass Bank, it’s their excellent online products. Their user-friendly website and mobile app make managing my accounts a breeze. I can easily transfer funds, pay bills, and access my account statements with just a few clicks. It’s a convenient and efficient way to handle my banking needs.

Another major advantage is the high ratings of BBVA Compass Bank’s mobile app. It has received positive feedback from customers for its intuitive interface and smooth user experience. With the mobile app, I can conveniently check my account balance, deposit checks, and even initiate person-to-person transfers whenever I need to.

Furthermore, BBVA Compass Bank offers free checking accounts with no monthly service charges for certain accounts. This means I can avoid unnecessary fees and enjoy the convenience of a no-cost checking account. It’s a great feature that adds value to my banking experience.

Additionally, the bank is known for its competitive CD rates. Whether I’m looking for a short-term or long-term savings option, BBVA Compass Bank provides attractive CD rates that can help my money grow over time.

Lastly, BBVA Compass Bank has demonstrated a commitment to supporting small businesses. They offer specialized products and services tailored to the needs of entrepreneurs. As a small business owner myself, it’s reassuring to know that I have a bank that understands and supports my business goals.

Cons of Banking with BBVA Compass Bank

While there are many positives to banking with BBVA Compass Bank, it’s important to consider some of the drawbacks as well. One area where the bank could improve is customer satisfaction ratings. According to the 2019 U.S. Retail Banking Satisfaction Survey by J.D. Power, BBVA Compass Bank received lower scores compared to some other financial institutions. This indicates that there is room for improvement in terms of meeting customer expectations and addressing their concerns.

Another downside is that some of the interest rates offered by BBVA Compass Bank may not be as competitive as those offered by other financial institutions. It’s important to carefully evaluate the rates and terms of the bank’s products to ensure they align with your financial goals.

Pros	Cons
Excellent online products	Customer satisfaction ratings could be better
High ratings for mobile app	Some interest rates may be less competitive
No monthly service charges for certain accounts
Competitive CD rates
Focus on small businesses

Overall, banking with BBVA Compass Bank offers numerous advantages, including excellent online products, a highly rated mobile app, and no monthly service charges for certain accounts. The bank also caters to the needs of small businesses and offers competitive CD rates. However, potential customers should be aware of the bank’s customer satisfaction ratings and compare interest rates with other financial institutions to ensure they are getting the best deal.

FDIC Insurance and BBVA Compass Bank

When choosing a bank, it’s essential to consider the safety and security of your deposits. With BBVA Compass Bank, you can rest assured knowing that your funds are protected by the Federal Deposit Insurance Corporation (FDIC). As a member of the FDIC, BBVA Compass Bank provides insurance coverage for depositors, offering peace of mind for customers.

Under the FDIC coverage, your deposits with BBVA Compass Bank are insured up to $250,000 per depositor. This means that if the bank were to experience financial difficulties, your money would be protected up to the specified limit.

It’s important to note that not all BBVA Compass Bank products are covered by FDIC insurance, especially investments. If you’re unsure about which products are eligible for FDIC coverage, it’s best to review the FDIC coverage limitations or consult with a representative from BBVA Compass Bank for specific details.

Ensuring the safety of your funds is a crucial aspect of managing your finances, and BBVA Compass Bank takes this responsibility seriously. By being a member of the FDIC, the bank demonstrates its commitment to protecting its customers’ deposits and maintaining the trust and confidence of its account holders.

If you have any concerns or questions regarding FDIC insurance or the coverage offered by BBVA Compass Bank, don’t hesitate to reach out to the bank’s customer service team. They will be more than happy to assist you and provide the information you need for a better understanding of your deposit protections.

Key Takeaways:

• BBVA Compass Bank is a member of the Federal Deposit Insurance Corporation (FDIC).
• FDIC provides insurance coverage for depositors up to $250,000 per depositor.
• Not all BBVA Compass Bank products are covered by FDIC insurance, especially investments.
• Customers should review the FDIC coverage limitations or consult with a representative of BBVA Compass Bank for specific details.

Is BBVA Compass Bank a Good Bank?

BBVA Compass Bank offers a wide range of products and services that make it a potential option for individuals looking for a one-stop-shop for their financial needs. With its diverse offerings, customers can find solutions that suit their specific requirements. Whether it’s a free checking account, a high-yield CD, or a flexible money market account, BBVA Compass Bank strives to meet the diverse needs of its customers.

One notable aspect of BBVA Compass Bank is its commitment to excellent customer service. The bank has built a reputation for providing personalized assistance and guidance to its customers, with a strong emphasis on meeting their financial goals. This dedication to customer service has earned BBVA Compass Bank recognition and praise from its clientele.

I have been banking with BBVA Compass for several years, and their customer service is outstanding. Whenever I have a question or need assistance, I can rely on their knowledgeable and friendly staff to help me out. It’s comforting to know that my banking needs are taken care of by professionals who genuinely care about my financial well-being.” – John Smith, BBVA Compass Bank customer.

In addition to its focus on customer service, BBVA Compass Bank is also recognized for its diversity and equality initiatives. The bank actively promotes an inclusive work environment and supports various community programs that aim to empower individuals from all walks of life. By fostering a culture of diversity and inclusion, BBVA Compass Bank strives to create an environment where everyone feels valued and respected.

While BBVA Compass Bank has many positive attributes, it’s important to acknowledge areas that could be improved. Customer satisfaction ratings, for example, could be higher according to the 2019 U.S. Retail Banking Satisfaction Survey by J.D. Power. This feedback indicates that there is room for enhancement in certain aspects of the banking experience.

Overall, BBVA Compass Bank is considered a good bank, offering a wide range of products and services, excelling in customer service, and promoting diversity and equality. By continuously striving for improvement and addressing customer feedback, BBVA Compass Bank demonstrates its commitment to providing solutions that meet the evolving needs of its customers.

To summarize the key points:

• BBVA Compass Bank offers a wide range of products and services.
• Customer service is a top priority for BBVA Compass Bank.
• Recognition for diversity and equality initiatives.
• Room for improvement in customer satisfaction ratings.

With its strengths and areas for improvement in mind, BBVA Compass Bank can be a suitable choice for individuals seeking a comprehensive banking experience.

Conclusion

In summary, BBVA Compass Bank, now known as BBVA USA, offers a comprehensive range of banking products and services, catering to the diverse financial needs of its customers. The bank’s free checking accounts, CDs, and MMAs provide flexible options for individuals looking to manage their money effectively.

With the convenience of online and mobile banking platforms, BBVA Compass Bank ensures that customers can easily access and manage their accounts from anywhere at any time. The bank’s user-friendly interfaces and intuitive features make banking a seamless and efficient experience.

While customer satisfaction ratings could be improved, BBVA Compass Bank remains a solid choice for individuals seeking a wide range of financial products. The bank’s commitment to excellent customer service and its focus on diversity and equality initiatives demonstrate its dedication to creating a positive banking experience for all.

FAQ

Is BBVA Compass Bank a reliable financial institution?

Yes, BBVA Compass Bank, now known as BBVA USA, is a reputable financial institution that has been in operation for over a century.

What products and services does BBVA Compass Bank offer?

BBVA Compass Bank offers a wide range of products and services, including free checking accounts, certificates of deposit (CDs), and money market accounts (MMAs).

Are there any fees associated with BBVA Compass Bank accounts?

Some accounts may have monthly service fees or transaction fees. However, certain accounts, such as the free checking account, do not have monthly service charges.

How can I access my BBVA Compass Bank account online?

You can access your BBVA Compass Bank account online through the bank’s website or by using their mobile banking app.

What customer service options are available at BBVA Compass Bank?

BBVA Compass Bank provides various customer service options, including a comprehensive FAQ section on their website, video demos and tutorials, secure messaging, and the option to schedule a callback with a customer service representative.

What options does BBVA Compass Bank offer for overdraft protection?

BBVA Compass Bank offers options such as the Linked Account Overdraft Sweep Service, Overdraft Protection Line of Credit, and Courtesy Overdraft Option. Each option has its own fees and limits.

What are the pros of banking with BBVA Compass Bank?

The pros of banking with BBVA Compass Bank include excellent online products, high ratings for their mobile app, no monthly service charges for certain accounts, and a focus on small businesses.

Is BBVA Compass Bank a member of the FDIC?

Yes, BBVA Compass Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which provides insurance coverage for depositors up to 0,000 per depositor.

How can I determine if my BBVA Compass Bank account is covered by FDIC insurance?

Not all BBVA products are covered by FDIC insurance, especially investments. It’s important to review the FDIC coverage limitations and consult with the bank for specific details.

Is BBVA Compass Bank considered a good bank overall?

BBVA Compass Bank is considered a good bank overall, offering a wide range of products and services. However, customer satisfaction ratings could be better according to the 2019 U.S. Retail Banking Satisfaction Survey by J.D. Power.

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