BBVA Enterprise Checking: 2021 Evaluation

0

BBVA (formerly BBVA Compass) offers three checking accounts for small businesses: BBVA Business Connect Checking, BBVA Business Choice Checking and BBVA Business Premium Checking. The bank also offers an IOLTA (Law on Lawyers Trust Account) interest for attorneys who need to deposit client funds into a separate escrow account.

BBVA allows you to customize your business account by choosing the option and features that are appropriate for your financial needs. In addition, BBVA Business Checking has a broad network of more than 64,000 toll-free ATMs across the country.

Although BBVA is known for its personal online bank accounts, only sole proprietorships can apply for a business account online in the bank’s service area. All other small business owners must go to a branch or call customer service to apply.

BBVA Business Checking is best for small business owners who:

  • Would you like a free business checking account option?

  • Prefer a balance between personal and digital banking.

  • Would you like access to toll-free ATMs in the US?

  • Don’t mind calling customer service or going to a branch to apply for an account. or are eligible sole proprietorships who can apply online.

  • Located in one of the seven states that BBVA operates.

Advantages and disadvantages

  • Three business audit account options, each with specific features to meet different financial needs and priorities.

  • Access to more than 600 branches and around 1,000 toll-free BBVA ATMs.

  • Free access to Allpoint ATMs and participating 7-Eleven ATMs in the US for Business Connect and Business Premium Checking accounts.

  • Online and mobile banking as well as billing are included in all accounts free of charge.

  • Only sole proprietorships in the BBVA service area can apply for an account online.

  • BBVA-branded branches and ATMs are limited to seven states.

  • The website can be unclear and difficult to navigate.

BBVA Business Checking at a glance

BBVA Business Connect exam

BBVA Business Choice Checking

BBVA Business Premium Checking

$ 0 ($ 3 paper statement fee can be avoided by opting for electronic statements through online banking.)

$ 15 (multiple ways to forego)

$ 25 (multiple ways to forego)

Minimum requirement for the opening deposit:

Unlimited toll-free digital transactions.

Five branch withdrawals and / or processed checks per month combined, then $ 1 per transaction.

Two branch deposits per month, then $ 4 per transaction.

Up to 250 fee-free transactions per month (including checks, debit card transactions, ACH transactions, direct deposits, payment and deposit orders), then 50 cents per transaction.

Up to 500 fee-free transactions per month, then 50 cents per transaction.

Up to $ 5,000 per month, then $ 3 for every $ 1,000 deposited.

Up to $ 10,000 per month, then $ 3 per $ 1,000.

Up to $ 25,000 per month, then $ 3 for every $ 1,000 deposited.

No fees for using Allpoint or participating 7-Eleven ATMs.

No charge from BBVA for using another bank’s ATM (ATM providers may charge a fee).

A customized business debit card free of charge.

Three bespoke business debit cards free of charge.

Two premium features included; choose from the following:

250 more free transactions per month.

$ 5,000 more in free cash deposits per month.

Unlimited deposit for free monthly repayments.

One forgiveness refund overdraft fee per year.

50% discount on checks (including taxes and shipping costs).

No fees for using Allpoint or participating 7-Eleven ATMs.

No charge from BBVA for using another bank’s ATM (ATM providers may charge a fee).

Unlimited returned items on deposit.

One forgiveness refund overdraft fee per year.

50% discount on checks (including taxes and shipping costs).

How BBVA Business Checking works

Account settings: BBVA offers Business Connect Checking, Business Choice Checking and Business Premium Checking as well as an interest in the Lawyers Trust Account.

Location availability: BBVA has more than 600 branches and approximately 1,000 ATMs in seven states: Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.

How to apply: Visit a branch office or speak to a customer service representative by phone to fill out and submit your checking account application. If you are one one-man business If you have a permanent residence in the BBVA service area (excluding California), you have the option to apply online.

  • Needed information: Basic details about yourself and your company, including your social security number, date of birth, legal name of your company, physical address of your company and business telephone number.

    • If your business has multiple owners, BBVA will likely ask you to provide personal information about anyone with 25% or more ownership rights, as well as any inspectors and authorized signers that you would like to have on the account.

  • Required documents: U.S. driver’s license or government issued ID for you, additional owners and inspectors, and business incorporation documents (varies by entity type).

    • If you work under one Do business likeor DBA, you will need to present your DBA registration or aliasing certificate.

Next Steps: After your account is approved, you can make your first deposit by transferring money from another bank account, writing and depositing a check, or using your credit or debit card. To use online banking, you need to visit a branch and have a bank representative create a profile for you.

Once your online banking profile is created, you can log in to start managing your account, setting up notifications, and using bill payment. You can also download the BBVA mobile app and use your online banking credentials to activate your account.

Where BBVA Business Checking stands out

Monthly fees: BBVA Business Connect Checking is a truly free business checking account with no monthly fee or minimum balance (assuming you skip statements to avoid the $ 3 fee).

Although the BBVA Business Choice Checking and BBVA Business Premium Checking accounts have monthly fees – $ 15 and $ 25, respectively – each account has three ways to waive them.

With the Business Choice Checking account, you can waive your monthly fee by meeting any of the following criteria:

  • Maintain an average daily minimum balance of $ 5,000.

  • Processing at least $ 5,000 per month through BBVA Merchant Services.

  • Enroll in the BBVA For Your Cause program for nonprofits.

You can also waive the monthly fee with the Business Premium Checking account by fulfilling one of the following requirements:

  • Maintain an average daily balance of at least $ 25,000.

  • Processing at least $ 25,000 per month through BBVA Merchant Services.

  • Maintain an average daily balance of at least $ 50,000 in relationship balances – including consumer and small business checks, savings and money market accounts, and principal outstanding on all loans and credit cards BBVA Bank.

ATM access: Business Connect Checking and Business Premium Checking account holders have access to a wide network of toll-free ATMs in the United States. With any of these BBVA Business checking accounts, you can use 64,000+ toll-free ATMs, including BBVA ATMs, Allpoint ATMs and participating 7-Eleven ATMs.

In addition, BBVA does not charge any fee for using an ATM outside of the network on either account. However, the bank or ATM provider may impose separate fees.

The Business Choice Checking account gives you free access to BBVA ATMs. BBVA charges a $ 3 fee for using ATMs outside of the network, plus any ATM provider’s fees.

Account benefits: Each of the BBVA business checking accounts offer different features and perks that allow you to compare or even adjust the benefits – the option that best suits your financial needs and priorities.

For example, the free Business Connect Checking focuses on online banking and is the only one of the three accounts that includes unlimited free digital transactions.

Business Choice Checking, on the other hand, allows you to select the specific areas where your company will save the most money. So you can choose two free premium features plus additional features for $ 10 per option per month.

Finally, Business Premium Checking is an interest-bearing account for higher account balances with a fixed selection of waived ancillary fees.

In addition, all three BBVA business current accounts offer essential advantages such as free online banking, mobile banking, bill payment and business debit cards.

Where BBVA Business Checking falls short

Application options: Only sole proprietorships in the BBVA service area (excluding California) can apply for an account online.

According to a 2019 study by BAI, a nonprofit research and training organization for entrepreneurs, nearly 70% of entrepreneurs surveyed would prefer to open an online deposit account.

Although BBVA allows other small business owners to apply for an account over the phone or by visiting a branch, there are a multitude of competitors offering online applications for businesses of all entity types regardless of location.

Location restrictions: BBVA has Bank-branded branches and ATMs in only seven states. While these are the three most populous states in the United States – California, Texas, and Florida – the bank’s service portfolio excludes companies in the other 43 states as well as Washington, DC

This could make it difficult to find a branch location or a BBVA branded ATM outside of your area if you’re traveling on business.

Website transparency: BBVA’s website can be unclear, making it difficult to identify the features and fees associated with each account. For example, some key definitions and fee information for the BBVA business accounts are buried in long footnotes at the bottom of the pages.

In addition, there is not always a correspondence with the account details given from side to side. For example, on the Business Checking overview page, the excess transaction fees for the Business Connect Checking account are broken down in the footnotes. However, these charges are not listed on the current Business Connect verification page.

Similarly, ATM access is specifically mentioned on the Business Connect and Business Premium Checking pages, while ATM access is excluded from the Business Choice Checking page. You will need to refer to the account details linked in “Pricing, Requirements and Terms” and in the footnotes as “Terms and Conditions” to determine the type of ATM access included in the Business Choice Checking Account.

In general, BBVA’s website pales in comparison to competitors who offer clearer, consistent websites – some even have easily searchable FAQs.

Compare business accounts

Leave A Reply

Your email address will not be published.