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Burgerwars

BBVA Compass Checking - Blow by Blow

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I decided to open online, a free checking account with BBVA Compass. I already had their BBVA Clearspend prepaid card (for about a year) so decided to try for their checking account.

 

It took three attempts to apply over the past week, with the third one succeeding.

 

The first time I applied I got a message stating they needed to verify my application, and that I should hear back in 24 to 48 hours. Two days later I got an email saying they "messed-up" and I needed to reapply.

 

The next day I applied again. I got a different message saying they needed to verify my identity and that I need to apply in a branch, and to email them if I have any questions. I emailed them, saying the branch is 40 miles away, and thus not convenient for me. They emailed me back indicating if applying online still doesn't work, I need to apply in person.

 

I gave the online application one more try, although I get concerned about applying multiple times. This time it worked. Go figure. Things I did differently, was on my address where they asked for the unit/apt number (I live in what the city considers a townhouse development) I only put the number, and not "Unit" in front, in that box. Also, on the first application (and not the second) I used my debit card from my BBVA Clearspend account to initially fund it. On the second application, I couldn't even get that far. On the last application, I used the debit card from my Wells Fargo checking account, since I noticed something on the page about not using prepaid cards to fund.

 

I do not know whether they use Chex or EWS in their decision. I won't be checking those reports until I can do my yearly free reports in a few months, so I won't know soon. I do know they did not do a hard inquiry on any of the three major credit bureaus. I just ran my three-bureau report and there is nothing there from BBVA Compass. This is contrary to the fact that when researching on the web about BBVA Compass, that they do hard inquiries for checking. They didn't for me.

 

My next plan with BBVA is to apply for a credit card, but this won't be until the middle of next year. I recently opened credit card accounts with OneWest and ICBC (their UnionPay card) so I want those accounts and inquiries to age a bit before applying for another card.

Edited by Burgerwars

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They have an "second chance" checking account where they don't run anything but Telecredit apparently. I have an account with them. I have 1 major negative on my EWS which is preventing me from opening accounts elsewhere.

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I ordered my free annual ChexSystems and EWS report. I haven't received my Chex yet but EWS just arrived. There are FIVE inquiries from BBVA Compass for when I opened the checking account. Those are the only inquiries on the report from me opening accounts. I'm going to dispute the duplicates, because this is all from the same attempt at opening the checking account.

 

As far as other stuff on the report, there's a bunch of stuff on account activity for other accounts I have. Nothing negative. In the section where companies requested some information, Citibank Credit Card is listed dozens of times over the past 12 months. It looks like every time I do an ACH credit card payment on their website, they do some sort of EWS check.

Edited by Burgerwars

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I'm going to dump my BBVA Clearspend prepaid card, and just keep the free checking account. They just sent a notice that they'll be charging a $4.00 monthly fee unless $400 is loaded onto the card each month. I'll drain my card balance with some purchases and cash withdrawals, then call them to close the account.

 

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Important Information About Changes to your ClearSpend Visa Card

Effective May 1, 2017, a monthly service charge of $4.00 will be assessed to your ClearSpend Visa Card. The monthly service charge will be waived with $400 or more in loads during each calendar month. The monthly service charge will be assessed on the 15th of the following month, if the load requirement has not been met for the preceding month.
ClearSpend will remain virtually fee free when at least $400 in total loads is made in any incremental amounts during the calendar month. Loads may be made by transferring funds using your BBVA Compass Visa debit card within the ClearSpend mobile App, cash deposited at any BBVA Compass or VisaReadyLink© location*, Direct Deposited from your employer, or transferred from another financial institution using PopMoney, Venmo or PayPal.
Please see the attached ClearSpend Fee Schedule for additional details.
If you have any questions about the changes to your account, please call us at 1-866-236-7967. Thank you for your loyalty to BBVA Compass. We look forward to helping you manage your monthly budget and serving your financial needs into the future.

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If your in EWS BBVA no longer option I applied and this is what I got

 

ClearConnect Checking Application
Application Decision Notice
Unfortunately, we cannot offer you an account at this time.

Our decision was based in whole or in part on information obtained in a report from the consumer reporting agency listed below. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency. The reporting agency played no part in our decision and is unable to supply specific reasons why we have declined your application. You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.

Early Warning Services, LLC
16552 North 90th St.
Suite 100
Scottsdale, AZ 85260
(800) 204-4616

 

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We posted earlier in the thread about the EWS pull. What it is in your EWS report and is it fully correct?

(Negative information is reported for 5 years)

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Nothing negative in my EWS except for the five BBVA inquiries when they went hog-wild from opening a single checking account.

 

I'm disputing that with EWS. BBVA sent me a letter saying there are no hard credit inquiries. I knew that. That wasn't the issue. I'm still waiting for EWS to reply.

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Today I got an updated report from EWS. It looks like BBVA didn't even reply to EWS's request to verify the hard inquiries. They're all gone. There are a string of inquiries from Citibank for making ACH credit card payments, but those aren't from consumer activity from opening accounts. I should be in the clear.

Edited by Burgerwars

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