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BBVA Free Checking Account Review
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Founded in 1964, BBVA is a subsidiary of Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain. BBVA operates in 7 states, but has ATMs nationwide. It offers a wide range of banking products and services for corporations of all sizes and for individuals, such as checking and savings accounts, credit cards, mortgages, and investments.
How is BBVA Free Checking rated?
Breakdown
4.8/5
Account Features
4.7/5
Fees and Restrictions
4.5/5
Support, Reputation, and Financials
Overall Rating: 4.7 / 5 (Excellent)
BBVA checking account features no monthly service charges, online and mobile banking services, and a vast ATM network. On the downside, it is not an interest-bearing checking account, and charges a substantial amount of fees. This may seem like a disadvantage to consumers, but most of those fees are easily avoidable if you are well-versed on what they are. In addition, the bank has a good track record of providing timely responses to consumer complaints and has a variety of contacting methods available to customers, such as phone, email, or text via their mobile app.
BBVA Free Checking Account Features
Account Features - 4.8 / 5
BBVA checking account has no monthly service charge and can be opened with a $25 deposit. There is also no charge for sending money with Popmoney or Bill Pay with this account. BBVA chiefly operates in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas, but has over 64,000 ATMs nationwide through Allpoint, which makes it convenient for its customers to withdraw money and make deposits. BBVA has a branch and ATM locator online. However, the locator does not list any specific cities, but rather it requires you to enter an address, zip code or city and state, along with certain search criteria. Thus, finding out if there are any branches or ATMs near you is a trial-and-error exercise. Moreover, unlike some of its competitors, BBVA checking account does not charge interest and is subject to a wide range of fees.
| Types of Checking Accounts | Online Checking Accounts |
| Methods of Deposits | ATM Deposit Mobile Check Deposit Physical Branch Wire Transfer |
| Integration with Other Online Accounts | Savings External Banks Scheduled Withdrawals to Savings |
| No-Fee ATM | No-Fee at Branded ATMs No-Fee at Network ATMs |
| ATM Locations | 64,000+ Allpoint and BBVA ATMs available nationwide. |
| Branch Offices | Operates 672 branches, including 344 in Texas, 89 in Alabama, 75 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 19 in New Mexico. |
Interest (APY)
0
Overdraft Protection
There are three Overdraft Payment and Protection Programs available:
1) Linked Account Overdraft Sweep Service - links BBVA savings, money market or secondary checking account to the BBVA checking account to cover overdrafts. This entails a once-daily transfer fee of $12 USD for each day the bank makes one or more transfers, charged to the primary account.
2) Overdraft Protection Line of Credit - links an unsecured revolving line of credit to the BBVA checking account to cover overdrafts. This option requires a once-daily fee of $12 USD for each day the bank makes one or more advances from your ODP line of credit and may be subject to a 21% APR. Covers overdrafts up to your credit limit. Finance costs and interest will be charged from the transaction date (no grace period).
3) Courtesy Overdraft Option - when activated, BBVA may, at their discretion, authorize the payment or pay for transactions into overdraft if there are insufficient funds in the checking account. If the bank covers the payments, a $38 USD fee will be charged for each item that is paid into overdraft, up to a maximum of six (6) items per day, although it will not apply on items that will overdraw the available balance on the account by $1 or less. The $38 fee may be charged even if the bank chooses not to pay a transaction into overdraft. Maintaining a negative account balance may entail an extra charge of $25. You can opt-out of this program anytime.
| Integration with Mobile Payment Services | Popmoney |
| Card Blocking | Yes |
| Pay Bills Online | Yes |
| EMV Chip Technology | Yes |
| Bank Checks | Yes |
| Mobile App | Yes |
Bonus Features
BBVA ClearBenefits Program - provides various benefits for $4 per month:
1) $10,000 accidental death and dismemberment
2) Cell phone protection - pays up to $200 (minus $50 co-payment) if theft or damage occurs if the monthly cell phone bill is paid for with the BBVA checking account.
3) Identity theft restoration, available 24/7.
4) Identity theft insurance of up to $1,000,000.
5) Roadside assistance services, available 24/7.
One free BBVA Visa Debit Card per account holder, which will give him or her access to the free Simple Cash Back program. To participate, the debit card holder activates a cash back offer through mobile or online banking and will earn cash back after he or she makes the qualifying purchase.
BBVA Free Checking Fees and Restrictions
Fees and Restrictions - 4.7 / 5
BBVA has a digital platform that offers online and mobile tools. Customers can download the free app to pay bills, deposit checks, perform transfers, benefit from unusual account activity monitoring, and enjoy budget management features, among others. Although the latter are complimentary, the checking account is subject to a myriad of fees. Thus, consumers should look at the fine print before committing to this type of checking account.
| Maintenance Fee | No monthly service charge |
| Minimum Balance | Minimum opening deposit is $25 |
| Minimum Monthly Deposit | Does not specify |
| Minimum Number of Transactions | Does not specify |
| Maximum Number of Insufficient Funds Fees Per Day | $25 per occurrence, charged when the account remains overdrawn for more than $1 for 10 consecutive days. |
| Other Fees | Early Account Closure Paper Statements Telephone Banking Fees Cash Handling Fees Collection Item Fees Deposit Fees Reconcilement/Research Fees Legal Fees Confirmation of Wire Transfer Fees Incoming Wire Fee Outbound ACH Fee Replacement Card Fee Expedited Delivery for Replacement Card Fee Stop Payment Fee Insufficient Funds Fee Deposited Item Returned Fee |
BBVA Free Checking Support, Reputation, and Financials
Support, Reputation, and Financials - 4.5 / 5
BBVA is a well-established company with over 54 years in business and a FDIC member. However, it only has an adequate capacity to meet its financial commitments, as it has low investment-grade ratings, according to Moody's and S&P.
On the other hand, BBVA provides solid customer support services. The bank can be reached on the phone seven days a week, 24 hours a day, by email, via messaging on the online banking platform, or at any of their 672 branches. It also has a moderate number of customer complaints at the Consumer Financial Protection Bureau, but they have all received timely responses. Although the Better Business Bureau's rating for the bank is below average, that is due to failure to respond to a mere four complaints.
| BBB Rating | B- |
| BBB Total Complaints | Not reported |
| BBB Resolved Complaints | 606 |
| Trust Pilot Rating | 7.4 out of 5 |
| Consumer Financial Protection Board (CFPB) Complaints | 2,640 |
| Date Collected | 2018-12-11 |
| Year Founded | 1964 |
| Standard & Poor's Financial Rating | BBB+ |
| Moody's Financial Rating | Baa2 |
| Live Help 24/7 | Yes |
| Customer Support Hours | 24/7 |
Contact Methods
- Phone
- Text
Company Profile
| Full Name | BBVA Free Checking Account |
| Company Website | |
| Headquarters | 15 20th St. S Ste 1501 Daniel Building, Birmingham, AL, 35233 |
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Top Rated
Our Partner
2 Reviews
Earn $100 with Direct Deposit¹
- Get Paid 2 Days Early with Direct Deposit Set Up²
- No Monthly Fees & No Min. Balance Required
- 60k+ Fee-free ATMs³ at Walgreens®, 7-Eleven®, CVS® & more
- No Fees for Foreign Transactions & Transfers
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