This account is a great option for those who want to save money on banking fees while still being able to get access to a whole host of features. The downside is that this isnâ€™t an interest-bearing account.
There are no monthly service charges nor fees for in-network ATMs. There is a fee for out-of-network ATMS, but you can pay $5 each month as an add-on and BBVA Compass will reimburse you up to four times a month. It could be worth it if you make a lot of ATM transactions and there arenâ€™t any in-network ATMs around.
The account is set to default to decline any transactions that will cause your account to go into overdraft, but you can link it to a savings account or a line of credit. If you choose this option, then youâ€™ll be charged each time a transfer occurs.
As for other features, you get free online and mobile banking, including bill pay and mobile deposit. Account holders also get a free Visa debit card and the ability to earn cashback rewards every time you make a qualifying purchase. Letâ€™s not forget free online or paper statements, which other banks tend to charge for a few bucks a month.
Unfortunately, the free checking account is only available to those in Alabama, Arizona, Colorado, California, Florida, New Mexico and Texas. If you donâ€™t live in any of these states, the ClearConnect checking account is a great alternative.
Residents in any of the above mentioned locations can fill out an application form online. Before entering your personal details, youâ€™ll be asked to enter your ZIP code. Youâ€™ll need to provide name, address, a government-issued ID, and employment information. After agreeing to BVAA Compassâ€™ terms, youâ€™ll then fund your account, confirm your information and the checking account is considered open.
Otherwise, you can open a Free Checking account at your local branch.