BIRMINGHAM, Ala., Aug. 3, 2011 /PRNewswire/ -- BBVA Compass today announced the launch of the BBVA Compass SafeSpend Card(SM), an open loop, reloadable, prepaid VISA® debit card. The BBVA Compass SafeSpend Card offers customers a low cost, full service alternative to checking accounts.
Consumers unable to obtain a checking account, parents of a young adult and routine check cashers are just a few of the individuals who will benefit from a prepaid debit card such as the BBVA Compass SafeSpend Card. There is no credit approval required to apply for the SafeSpend Card and funds can be direct deposited onto the card, transferred from an existing BBVA Compass checking account or reloaded at any VISA ReadyLink location.
"The SafeSpend Card is a great money management tool for parents who aren't ready to give their kids credit or debit cards," Director of Consumer Segment Group Jon Mulkin said. "We also expect the card to be popular among people who want to designate their spending money for special purchases like vacations."
The SafeSpend Card provides customers with multiple free features that are very useful in money management such as:
- Direct deposit
- Bill Payment Service
- Domestic ATM Balance Inquiry
- Online Banking
- Email and text message alerts*
- Electronic Statements and
- Unlimited PIN and signature transaction access.
The SafeSpend Card makes it possible for BBVA Compass to meet the financial needs of all consumers that want a banking relationship, but may not have a need for in-branch support or writing checks. And because Direct Deposit and Online Banking are free features, customers will not need an existing checking account to make deposits and access their money.
"We are very aware of the role this product plays in the current financial landscape," said Mulkin. "And as the public becomes more familiar with reloadable debit cards and its built-in benefits such as no overdraft fees, convenience, and immediate access to funds; we feel we are well positioned with a product that clearly responds to a specific and growing customer segment."
The SafeSpend Card is available for a flat $4 monthly service charge. More information about the application process can be found at bbvacompass.com/safespend.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that operates more than 717 branches including 379 in Texas, 93 in Alabama, 65 in California, 78 in Arizona, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 20 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (3rd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the nation's leading Small Business Administration (SBA) lenders, earning 'Lender of the Year' honors in 2009 and 2010. Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.
BBVA Compass is a subsidiary of BBVA Compass Bancshares, Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a financial services group with approximately $770 billion in total assets, 48 million clients, 7,400 branches and approximately 109,000 employees in more than 30 countries. BBVA ranks among the top 20 largest financial institutions in the world based on market capitalization and 21st in Global Finance magazine's list of the "World's 50 Safest Banks" for 2010. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States, as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, Turkey, and the United Kingdom. More information about the BBVA Group can be found at www.bbva.com.
Editor's note: BBVA Compass is the trade name of Compass Bank and is a trademark of BBVA Compass Bancshares, Inc. Compass Bank, member FDIC.
*Standard service provider rates apply.
SOURCE BBVA Compass