BBVA COMPASS ANNOUNCES PROACTIVE PLANS TO COMPLY WITH NEW AMENDMENT TO REGULATION E; LAUNCHES “IT’S YOUR MONEY. IT’S YOUR CHOICE.” VIDEO
Going forward each customer with a consumer account will be given a choice to opt-in or opt-out of enrollment in standard overdraft practices for everyday debit card, ATM, checks and all other transactions
BIRMINGHAM, AL, May 03, 2010 /PRNewswire/ — BBVA Compass today announced that they have provided customers the option to opt-in or opt-out of standard overdraft practices related to ATM and everyday debit card transactions. The plans were made effective April 28, well in advance of the Federal Reserve’s August 15 deadline for national implementation of its amendment to Regulation E. In addition, BBVA Compass announced that it is also giving customers the ability to choose whether they would like to opt-in or opt-out of standard overdraft practices as they relate to checks and all other transactions made using their checking account number, a change in policy which goes beyond the requirements of the Federal Reserve’s amendment to Regulation E.
“For BBVA Compass, the change to Regulation E could not have come at a more fortuitous time,” said Shelaghmichael Brown, senior executive vice president and head of Retail Banking. “As a bank which prides itself on customer-centricity, our intention all along has been to change the way we do business as it relates to our standard overdraft practices, in all areas, not just those mandated by the change in federal law. As a result, we will provide our customers the ability to choose what is right for their own financial situation by giving them the opportunity to opt-in or opt-out on all types of debit card, ATM, checks, and all other transactions prior to the Federal Reserve’s August 15 deadline.”
By providing customers a choice in determining whether they want to opt-in or opt-out of enrollment in standard overdraft practices, BBVA Compass effectively gives customers full control over their financial future. Customers are encouraged to choose the account management tool and/or short-term funding solution that is right for them, whether it be continued enrollment in standard overdraft practices or a separate product solution that may be more effective, and better suited for their financial circumstances.
Brown continued, “We know that every customer’s financial situation is unique, which is why our goal is to provide them with the unbiased, balanced and transparent information they need in order to make the short-term funding choice that is right for them.”
Additional account management tools and short-term funding solutions include:
- Account Management Tools
- Mobile Banking
- Free Account Alerts
- Short Term Funding Solutions
- Savings Sweep Overdraft Protection
- Overdraft Protection Line-of-Credit
- BBVA Compass Credit Card
- BBVA Compass Optimizer
- BBVA Compass ClearPoints
- BBVA Compass Signature
“The importance of opting-in or opting-out of overdraft practices cannot be underscored,” said Rick Claypoole, senior vice president and director of consumer deposit products. “The choice to do so empowers every individual to take charge of their own financial situation. After all, it’s your money, so it truly should be your choice.”
Individuals interested in learning more about the amendment to Regulation E and how it will affect consumer, small businesses and financial institutions are encouraged to watch the informational video embedded in this multimedia news release or visit http://multivu.prnewswire.com/mnr/bbvacompass/42202/ to view the video.
BBVA Compass customers seeking to learn more about the upcoming change to Regulation E or who are seeking assistance in making the choice that is most appropriate for their financial situation are encouraged to stop by a local branch, call 1-800-COMPASS or visit www.bbvacompass.com/go/choice.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that operates 724 branches including 387 in Texas, 92 in Alabama, 65 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the 15th largest U.S. commercial bank based on deposit market share and ranks among the largest banks in Texas (4th), Alabama (3rd) and Arizona (5th). Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.
BBVA Compass is a subsidiary of Compass Bancshares, Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a financial services group with more than $785 billion in total assets, 48 million clients, 7,600 branches and approximately 104,000 employees in more than 30 countries. BBVA ranks among the top 20 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.
Editor's Note: BBVA Compass is a trade name of Compass Bank.