Introducing changes to overdraft policies to align with industry best-practices and evolving customer preferences
BIRMINGHAM, Ala., Oct. 16 /PRNewswire-FirstCall/ -- BBVA Compass today announced that it will be piloting an innovative and unique program that will provide new electing customers a text message alert when an overdraft occurs on their account. The new program is expected to begin later this month in four BBVA Compass test markets. These markets include Austin, Tx., Birmingham, Al., Jacksonville, Fl., and San Antonio, Tx. BBVA Compass expects to roll-out the service to its remaining markets across its seven-state footprint by the end of the first quarter 2010.
"This innovative solution will allow us to communicate with customers much more quickly when an overdraft has occurred on their account," said Shelaghmichael Brown, BBVA Compass SEVP and head of Retail Banking. "Rather than wait for a notice to be generated and delivered by mail, customers will be notified by a text message alert. By utilizing this technology we are able to communicate with customers more efficiently and thus provide them an opportunity to quickly remedy an overdraft." Brown continued, "In addition to the new pilot program, we are also making changes to our overdraft policies to align ourselves with industry best-practices and evolving customer preferences. We believe this is consistent with our customer-centric business model which aims to put the customer at the center of everything we do while building solutions that help them meet their financial needs at every stage of their life." To help customers avoid fees and more easily manage their finances, BBVA Compass is implementing the following policy changes: -- Eliminate all overdraft fees when a customer's account is overdrawn by
$5 or less
-- Provide new customers the choice to opt-in to overdraft protection at
account opening -- Actively promote the opportunity for customers to enroll in our
Savings Overdraft Protection service which became available in
February 2009. Under this service, customers can have funds drawn from
their savings account to cover an overdraft. A fee, less than that
charged for an overdraft, is incurred for this service. BBVA Compass is a Sunbelt-based financial institution that operates 741 branches including 410 in Texas, 92 in Alabama, 59 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the 16th largest bank in the U.S. based on deposit market share and ranks among the largest banks in Texas (4th), Alabama (3rd) and Arizona (5th).
BBVA Compass is a subsidiary of Compass Bancshares, Inc., a wholly-owned subsidiary of BBVA (NYSE:BBV) (MAD: BBVA). BBVA is a financial services group with more than $750 billion in total assets, 48 million clients, 8,000 branches and approximately 103,000 employees in more than 30 countries. BBVA ranks among the top seven largest financial institutions in the world based on market capitalization and 20th in Global Finance magazine's list of the "World's 50 Safest Banks" for 2009. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom. DATASOURCE: BBVA Compass CONTACT: Ed Bilek, External Communications of BBVA Compass, +1-205-297-3331,
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