BBVA Compass Bank is a leading online bank with branches in several states. BBVA Compass is a full-service bank offering checkings, savings and investment accounts along with credit cards, mortgage loans and business accounts. BBVA Compass has grown into a premier online ban offering a variety of banking products.
BBVA Compass Bank does not use ChexSystems. People with a ChexSystems record already know how difficult it is to open a new bank account. BBVA offers several accounts like Free Checking, Interest Checking, Savings, Money Market and Certificates of Deposit, all with no Chexsystems report being pulled.
Here are several facts about BBVA Compass Bank.
You do not have to worry about your money because BBVA Compass is FDIC-Insured and funds deposited are protected by the FDIC to the maximum extent permitted by law.
Online and mobile banking is fully functional at BBVA Compass Bank, making it convenient to conduct banking services at your leisure from your computer or mobile device. There are several accounts offered by BBVA Compass Bank.
Free Checking. BBVA has two free checking accounts that do not use ChexSystems. The ClearChoice Free Checking Account is only offered in AL, AZ, CA, CO, FL, NM and TX. The BBVA Compass ClearConnect Checking is offered in ALL States. Both accounts offer customers no monthly service fees, online banking, mobile deposits, free checks, direct deposit, ATM reimbursement fees and overdraft protection. With your ATM/Debit card you get free withdrawals from BBVA Compass and Allpoint ATMs. The minimum required to open a checking account is $25. You can fund the account with a
debit or credit card or from an external account from another bank. If you do
not have another account you may submit the application and fund the account by
direct deposit later or at a branch.
Savings Account. The minimum deposit required to open a savings account is $25. As with other savings accounts, BBVA Compass Bank savings accounts are federally limited to 6 withdrawals per statement cycle. The limit does not include ATM withdrawals.
Money Market Accounts. A Money Market can be opened with a low minimum deposit of $25 and interest is accrued daily. Like savings accounts, money market accounts are limited to 6 withdrawals per statement cycle including bill payment transactions and check withdrawals. The annual percentage yield is currently 1.00%.
Why open an Online Bank Account.
As a result of not having a bank account, you may end up paying substantial fees to cash checks and pay bills at a check cashing store. A free checking account will not only help you save money on fees but you will also have a place to build wealth. Money you stash away in your home is not FDIC-Insured.
Online banking makes it easy to bank anytime, anywhere. Money Magazine voted BBVA Compass #1 for it's Mobile Banking App, touting the app's smart features and ease of use. The mobile banking app was also recognized by Javelin Strategy & Research in 2014 for innovative mobile technology. BBVA Compass Bank offers people in ChexSystems a second chance to get back into traditional banking.
How to Open a BBVA Compass Checking Account.
BBVA
Compass offers the BBVA Compass ClearConnect Checking online to people with bad credit
and to people who are in ChexSystems. The application process takes about 10 minutes to complete the online application process. There is
a minimum deposit of $25 required to open the account. Apply Online Now.
Thursday, September 29, 2016
Wednesday, September 28, 2016
No-ChexSystems Savings Account
BBVA Compass is an online bank that also has branches in several states. BBVA offers an exceptional Checking
Account with Rewards, Online Savings Account, Money Market Accounts and a full range of banking products including credit cards, mortgage and personal loans.
The BBVA Online Money Market Account does not use ChexSystems. A money market account is
similar to a basic savings account except it earns higher rates. With
BBVA you can open a No-ChexSystems Money Market Account to start your savings plan today.
Several facts about BBVA Money Market Savings Account
You do not
have to worry about your money because BBVA Compass is FDIC-Insured and funds
deposited are protected by the FDIC to the maximum extent permitted by law
(currently $250,000).
No. 1 Mobile Banking App. Money Magazine voted BBVA Compass #1 for smart features and ease of use. The mobile banking app was also recognized by Javelin Strategy & Research in 2014 for innovative mobile technology.
Money Market Savings Account. BBVA Money Market Account does
not use ChexSystems. What’s great about the BBVA Money Market Account is
the higher rates that put more money in your pocket. BBVA account
holders earn a rate that is much higher than the average savings account. While big banks
like Chase, US Bank and Bank of America pays its customers an Annual Percentage
Yield of 0.01%, BBVA Money Market Account
Minimum
Deposit Required. There is no minimum deposit required to earn the current rate of 0.85%
APY, however an initial deposit of $25 is required to open the money market savings
account.
Mobile Banking. BBVA account holders enjoy
mobile banking. Deposit checks from anywhere with the use of BBVA’s mobile
banking app.
Online Bank Features. Online banking is fully functional at BBVA Compass Bank, making it convenient to conduct banking services at your leisure from your computer or mobile device.
Online Bank Features. Online banking is fully functional at BBVA Compass Bank, making it convenient to conduct banking services at your leisure from your computer or mobile device.
Monthly Fees. There is a $15 monthly maintenance fee required for the money market savings account. However, that fee can be waived by: (1) Daily balance
of at least $10,000; or (2) Have an automatic,
recurring monthly transfer of at least $25 from a BBVA Compass checking account
to your savings account when the Service Charge would be assessed.
Minimum balance fee. In order to earn the 0.85% APY on
your account there is no minimum ($0) required amount to be in your account.
ATM Banking. Conduct your banking business with an ATM card or through online banking.
How to Open a BBVA Compass Money Market Account
Anyone can open a BBVA Money Market Account but you’ll need at least 10 minutes to spare. To open the money market savings account online you’ll need your address, phone, email and social security number (or other taxpayer ID).
Anyone can open a BBVA Money Market Account but you’ll need at least 10 minutes to spare. To open the money market savings account online you’ll need your address, phone, email and social security number (or other taxpayer ID).
Fund your account. Open with as little as $25.
Account Number. After you complete the application,
you’ll receive an account number. BBVA will send a confirmation email, then
watch the mail for your Welcome Kit.
BBVA Compass Bank also has a Free Checking Account that does not use ChexSystems. If you are not approved for the Free Checking Account, BBVA may offer you their Second Chance Checking Account but it comes with a monthly fee of $13.95.
Open a Money Market Savings Account today.BBVA Compass Bank also has a Free Checking Account that does not use ChexSystems. If you are not approved for the Free Checking Account, BBVA may offer you their Second Chance Checking Account but it comes with a monthly fee of $13.95.
Monday, January 4, 2016
How to open a Bank Account while in Chexsystems
Chexsystems can prevent you from opening a bank account unless you can find a No Chexsystems Bank. Chexsystems is a consumer reporting agency governed by the federal Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transaction Act (FACTA) and other laws.
Consumer banking habits are maintained in Chexsystems which collects, stores and reports consumer banking information. Financial institutions report their customer's banking habits and practices to Chexsystems. Negative information in Chexsystems can remain up to 5 years.
Chexsystems also produces a consumer score much like your credit score. A Chexsystems consumer score ranges from 100 to 899. If you ever had a bank account or currently have a bank account, you could have a Chexsystems record.
Consumers are entitled to a free Chexsystems report once every 12 months. You can also purchase a Chexsystems report for fee.
Consumer banking habits are maintained in Chexsystems which collects, stores and reports consumer banking information. Financial institutions report their customer's banking habits and practices to Chexsystems. Negative information in Chexsystems can remain up to 5 years.
Chexsystems also produces a consumer score much like your credit score. A Chexsystems consumer score ranges from 100 to 899. If you ever had a bank account or currently have a bank account, you could have a Chexsystems record.
Consumers are entitled to a free Chexsystems report once every 12 months. You can also purchase a Chexsystems report for fee.
Practices or Habits that can Land you in Chexsystems
- Delinquent or derogatory credit behavior
- Delinquent or derogatory credit behavior on installment trades
- Previous debit inquiry history
- Delinquent or derogatory credit behavior on trades opened last 24 months
- Paid and Unpaid insufficient fund items (“NSF”)
- Excessive “NSF” charges, even though you may have covered all of those charges
- Checking account habits that your bank may consider negative
- Any kind of Fraud
- Uncollected overdrafts, ATM transactions or automatic payments the bank paid
- Abuse of Debit Card, Savings Account or ATM Card
- Violation of any banking rules and regulations
- Opening an account with false information
- Excessive ChexSystems Inquiries
Open a New Bank Account
Five years is a long time to go without a bank account. Because Chexsystems is a consumer reporting agency, Chexsystems items can be disputed. Chexsystems must investigate disputes within 30 days or the item must be deleted.
Another option would be to open a prepaid debit card. Prepaid debit cards have become increasingly popular but they have their drawbacks. Many come with fees which can quickly add up and end up costing you more than a traditional bank account, especially when there are banks and credit unions that still offer free checking.
The biggest problem with a prepaid debit card is not having a traditional bank account that can help you grow your money and build wealth.
There are banks No Chexsystems banks and this may be your only option. A No Chexsystems bank will not run your social security number through Chexsystems. Some banks that do not run a Chexsystems report use Telecheck, use Early Warning Services or pull your credit report to make a decision on granting or denying you a bank account.
You may be able to find no chexsystems banks in your local neighborhood; or, find online no chexsystems banks that offer the same services as a traditional brick and mortar bank.
Another option would be to open a prepaid debit card. Prepaid debit cards have become increasingly popular but they have their drawbacks. Many come with fees which can quickly add up and end up costing you more than a traditional bank account, especially when there are banks and credit unions that still offer free checking.
The biggest problem with a prepaid debit card is not having a traditional bank account that can help you grow your money and build wealth.
There are banks No Chexsystems banks and this may be your only option. A No Chexsystems bank will not run your social security number through Chexsystems. Some banks that do not run a Chexsystems report use Telecheck, use Early Warning Services or pull your credit report to make a decision on granting or denying you a bank account.
You may be able to find no chexsystems banks in your local neighborhood; or, find online no chexsystems banks that offer the same services as a traditional brick and mortar bank.
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