BBVA Business Checking Accounts Review

Account Features

BBVA has three business checking accounts to choose from. The BBVA ClearConnect for Business account is aimed at small businesses that do a small volume of check and cash processing each month. The BBVA ClearChoice for Business account is the next step up. It's a little more flexible and enables you to choose two premium features from the following list so you can customize your account:

• Additional 250 transaction items processed per month
• Additional $5,000 per month in cash processing
• Unlimited returned deposit items
• One overdraft fee forgiveness refund per year
• One free wire per month
• 50% discount on checks

If you'd like more than two of the premium features, you can purchase extras for $10 per month per feature, or you can upgrade to the BBVA ClearChoice Premium for Business account. This is the best choice for businesses who do a lot of transactions each month and don't want to get nickel and dimed for accessing their own funds.

All accounts enable you to accept money in a variety of ways, including cash, checks, wire transfers, and ATM and mobile deposits. If you live in one of the states where BBVA has branches, you can visit a branch location to make deposits or withdrawals as well. All accounts include debit cards, which you can customize with your company's logo to add a touch of professionalism to your business.

BBVA doesn't offer sign-up bonuses and only the BBVA ClearChoice Premium for Business accounts earn interest, though the company's website does not disclose the annual percentage yield (APY). But this shouldn't be make-or-break for most businesses as they're not especially common features in business checking accounts.

Fees and Restrictions

The checking account you choose will determine your restrictions. ClearConnect accounts don't have any monthly service charge, regardless of how much you have in your account. The ClearChoice and ClearChoice Premium accounts have a $15 and $25 monthly service fee, respectively, but you can get these waived. For ClearChoice accounts, you must maintain an average daily balance of $5,000, process at least $5,000 through Merchant Services each month or be a nonprofit enrolled in the bank's for Your Cause program. ClearChoice Premium customers must maintain an average daily balance of $25,000, process at least $25,000 per month through Merchant Services or maintain at least $50,000 in all of your BBVA accounts, including personal accounts. Loan and credit card balances also count.

Each account requires a minimum $100 deposit to open and has its own restrictions on the number of transactions the bank will process for free each month. ClearConnect accounts have a $5,000 monthly cash processing allowance and are limited to five in-branch or check withdrawals and two in-branch deposits per month. Wire transfers and overdrawing your account will cost you extra.

ClearChoice accounts are entitled to 250 free transactions per month with no restrictions on branch deposits or withdrawals. You can also add an additional 250 free transactions per month if you choose this as one of your two premium features. You can also get one free wire transfer per month or one overdraft fee forgiveness per year if you choose these as your premium features.

ClearChoice Premium accounts can have up to 500 free transactions per month and automatically receive one free wire per month and one overdraft fee forgiveness per year. Transactions in excess of 500 will incur an additional $0.50 fee per transaction.

Account Management and Support

You can open your BBVA business checking account by filling out the online application form if you're a sole proprietorship, or contacting the company by phone if not. You can also visit a branch location if there's one near you.

You can view your account, pay bills and make deposits through your online BBVA account or through the company's mobile app, which is available for Apple and Android devices. If you run into any issues, you can reach out to the company by phone or email or visit a local branch location during business hours.

Reputation and Financials

While its account details may sound appealing, BBVA's reputation may give some business owners pause. It only received a Baa1 rating from Moody's and a BBB+ rating from Standard & Poor's. That doesn't mean the company's in danger of going under, but usually you'd like to see ratings of at least A or better.

The bank has also racked up a large number of complaints with the Better Business Bureau (BBB) and the Consumer Financial Protection Bureau (CFPB). It's received over 2,900 CFPB complaints to date, though only 668 of those have to do with checking accounts. The BBB has given BBVA a B- rating for failing to respond to customer complaints, and while the bank currently has a 7.4 rating on Trustpilot, this is only based on a single customer's review.

None of these things mean you're guaranteed to have issues with BBVA, but if you place a high value on customer service, you may feel more comfortable with one of our other top 10 business checking accounts.