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BBVA Compass - Why You Should Always CYA


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6 replies to this topic

#1 tmcgill

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Posted 03 April 2018 - 08:12 AM

In today's banking climate, you have to stay woke and alert.

 

https://www.dallasne...d-16500-penalty

**If you have a problem with the link, I have a PDF copy if you need it.

 

Takeaways from this story:

 

1. Don't depend on a bank or credit union to look after your full interests. Make sure you understand the terms and gotchas associated with each transaction. *Be proactive before issues escalate to Chexsystems or EWS.

 

2. Escalate issues to a branch manager for resolution. Document requests in writing.

 

3. Valid complaint? For state banks, complain to the agency regulator. This is usually found on the state .gov website. For national banks, start with the Office of the Comptroller of the Currency (OCC) (note, depending on the complaint, they may redirect you to the CFPB).

 

List of Banks With OCC Oversight:

https://www.occ.trea...bank-lists.html

*If you do not see your bank or credit union, check with the state regulator.

 

Note:  A word about complaints: Have your ducks in a row. The OCC is "bank friendly" and each violation or issue must have proof or full documentation. Simply complaining without corroboration usually doesn't go very far.

 

4. Document each interaction, keep a timeline of names and contact dates.  Maintain a paper trail. Keep copies of correspondence and bank statements.

 

Other Complaint Options:

https://www.fdic.gov...acomplaint.html

 

Have a bank or credit union story to share? Tell us how you approached and resolved your issue.


Edited by tmcgill, 03 April 2018 - 08:23 AM.




#2 Burgerwars

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Posted 17 April 2018 - 11:34 AM

If you sign-up for BBVA's overdraft protection, it's very expensive.  Don't overdraft.

 

Also, from my experience, if you open a BBVA Compass checking account online, there is no hard credit inquiry or Chex inquiry, but they do inquire on EWS.  It's the same for their new Denizen ( http://denizen.io) account.



#3 tmcgill

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Posted 18 April 2018 - 12:27 PM

Thanks for the update.

#4 Burgerwars

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Posted 19 April 2018 - 05:18 PM

Their Denizen account is supposed to be for travelers or people that need an IBAN to transfer money to. So far I only see a U.S. account and routing number, with no IBAN and euro account to transfer money to. Maybe that will eventually come. Right now it doesn't function any better than a prepaid debit card. I'm wondering once I have a euro balance, a euro charge will deducted from it. From what I read in the debit card agreement, it looks like it's deducted from the U.S. dollar balance, with a foreign exchange fee. This is a big minus for this account.

This account is only accessible via their smartphone app. This is a turn-off for some.

If you want to guarantee the account will stay free, open it before July 4th, so you're a "founding member."

I used the debit card yesterday at Starbucks. So far I don't see anything about that or my available balance decrease. Maybe debit card purchases are free, but I doubt that. :(

Edited by Burgerwars, 19 April 2018 - 05:18 PM.


#5 goodpeople82

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Posted 20 April 2018 - 04:54 PM

If you're on EWS can you still open a checking account with BBVA?

#6 tmcgill

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Posted 21 April 2018 - 03:24 PM

Negative info on EWS is usually the deal breaker. If the account is opened, they will probably close it soon after.



#7 goodpeople82

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Posted 24 April 2018 - 12:03 AM

Thank u!




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