BBVA Compass today announced that it will be piloting an innovative and unique program that will provide new electing customers a text message alert when an overdraft occurs on their account.
The new program is expected to begin later this month in four BBVA Compass test markets. These markets include Austin, Tx., Birmingham, Al., Jacksonville, Fl., and San Antonio, Tx. BBVA Compass expects to roll-out the service to its remaining markets across its seven-state footprint by the end of the first quarter 2010.
"This innovative solution will allow us to communicate with customers much more quickly when an overdraft has occurred on their account," said Shelaghmichael Brown, BBVA Compass SEVP and head of Retail Banking. "Rather than wait for a notice to be generated and delivered by mail, customers will be notified by a text message alert. By utilizing this technology we are able to communicate with customers more efficiently and thus provide them an opportunity to quickly remedy an overdraft."
Brown continued, "In addition to the new pilot program, we are also making changes to our overdraft policies to align ourselves with industry best-practices and evolving customer preferences. We believe this is consistent with our customer-centric business model which aims to put the customer at the center of everything we do while building solutions that help them meet their financial needs at every stage of their life."
To help customers avoid fees and more easily manage their finances, BBVA Compass is implementing the following policy changes:
* Eliminate all overdraft fees when a customer's account is overdrawn by $5 or less
* Provide new customers the choice to opt-in to overdraft protection at account opening
* Actively promote the opportunity for customers to enroll in our Savings Overdraft Protection service which became available in February 2009. Under this service, customers can have funds drawn from their savings account to cover an overdraft. A fee, less than that charged for an overdraft, is incurred for this service.