BBVA Compass Small Business Checking Review – 2019

Is BBVA Compass easy to use?

  • BBVA Compass business checking accounts are great for sole proprietorships and small business owners.
  • BBVA is offering a no monthly Service Charge for Compass ClearConnect business checking accounts.
  • BBVA business checking account fees vary, but all carry a $38 overdraft charge and larger accounts carry service charges ranging from $15-$25.
  • The bank’s network spans 672 branches with nearly 1,000 ATMs in the United States.
  • Award-winning mobile banking app.
  • BBVA has very few locations and does not have many additional features for cash flow management support.
  • Sole Proprietors in certain states can apply online, all other business owners will need to visit a branch location or contact a banker by calling 1-800-COMPASS.

What are BBVA Compass‘ checking account options?

BBVA Compass offers three different business checking accounts to customers.

BBVA Compass Clear Connect for Business

Designed for small businesses on-the-go with no monthly Service Charge and low fees.

  • BBVA Compass Clear-Choice for Business5 checks or in-branch withdrawals per month
  • 2 in-branch deposits per month
  • Other transactions are unlimited
  • Cash processing allowance $5,000 per month
  • This account has no monthly fee

Clear-Choice is for larger businesses that need a checking account to accommodate more processing and transactions.

  • 250 transactions per month
  • Cash processing allowance $10,000 per month
  • Account carries $15 monthly fee

BBVA Compass Clear-Choice Premium for Business

This is the largest business checking account offered at BBVA.

  • 500 transactions per month
  • Cash processing allowance $25,000 per month
  • Account carries $25 monthly fee
  • One free wire per month

Their award-winning mobile app is easy to use and makes banking easier for those businesses looking for more online checking and financial services. There are few locations so finding a branch or ATM might be difficult, but online web services compensate for this inconvenience. There is 24/7 customer support for business checking accounts. Signing up for sole proprietors is especially easy. This business checking account is very basic without tons of features but is simple for those merely looking to transact and process cash within the allotted account allowance.

Does BBVA Compass offer checking account bonuses?

For small businesses on the go, BBVA is currently offering those eligible for a Compass ClearConnect checking account no monthly Service charge accounts. All you need is a $100 introductory opening deposit.

What are BBVA Compass’ banking fees?

The Clear Connect business checking account does not have a monthly fee, which is great for small business owners. Their two larger checking accounts have several fees:

  • $15-25 per month for service if a minimum daily average is not at least $5,000, or $5,000 per month is processed through Merchant Services, or you become a member of the Business Preferred Program (subject to eligibility)
  • $0.50 per transaction over the monthly allotment
  • Wire Transfers: vary
  • Cash Deposit Fee: Free for the first $10,000 per month
  • Overdraft fee: $38 per item ($32 in California)
  • $3 for paper statements and $5 for paper statements with Check Images on ClearConnect checking account
  • No ATM fees at 55,000 AllPoint and BBVA Compass ATMs, fees apply for other ATM Transactions.

How big is BBVA Compass?

BBVA Compass has 672 branches, 344 of which are located in Texas, 89 in Alabama, 75 in Arizona, 62 in California, 45 in Florida, 38 in Colorado, and 19 in New Mexico. This is a primarily a Sunbelt regional bank. There are 1,000 ATMs located across the U.S. Out-of-network ATM fees apply at BBVA.

What are BBVA Compass’ checking account features?

The BBVA Compass business checking accounts have few cashflow management features aside from their easy-to-integrate merchant services payment solution.

They do however offer the following extras:

  • No monthly service charge for ClearConnect accounts or avoidable service charge for more premium accounts  
  • Free Online, Mobile Banking, Bill Pay, and Mobile Deposits
  • Call center with extended support hours
  • Free online statements for paperless accounts

Their merchant service feature is powered by First Data, offering small businesses in-store POS systems, online payments, digital gift and rewards cards, and other payment solutions. The service also comes with inventory management software, fraud protection, and cash advance to make managing small business easier.

How do I open a BBVA Compass account?

Only sole proprietors that can prove permanent residence in Alabama, Arizona, California, Colorado, Florida, New Mexico, or Texas can apply online at BBVA. If you are a sole proprietor, all you will need to do is:

  • Confirm your identity
  • Complete your e-signature card
  • Tell BBVA about your business checking needs
  • Fund your account with a minimum $100 deposit

Other business owners will need to visit a local BBVA Compass Branch or call a banking representative to apply.

Summary

BBVA Compass offers very basic business checking services that heavily favor sole proprietors and small business owners who are either located in the Sunbelt region or would like to bank online exclusively and have a low-no need for out-of-network ATM use. The award-winning mobile app and free small business checking account are big draws.

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