BBVA Compass Announces Pilot Program to Provide Overdraft Text Message Alert
16 Octubre 2009 - 4:20PM
PR Newswire (US)
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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