Friday, 3 April 2020

BBVA Compass Review of Checking, Savings, CD, Money Market, and IRA Accounts

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 isn’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 aren’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 you’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. Let’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 don’t live in any of these states, the ClearConnect checking account is a great alternative.

How to get BVAA Compass’ Free Checking account

Residents in any of the above mentioned locations can fill out an application form online. Before entering your personal details, you’ll be asked to enter your ZIP code. You’ll need to provide name, address, a government-issued ID, and employment information. After agreeing to BVAA Compass’ terms, you’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.

Source: https://www.magnifymoney.com/blog/reviews/bbva-compass/

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