To align with industry best-practices and evolving customer preferences
BBVA Compass, a subsidiary of Compass Bancshares, a wholly-owned subsidiary of BBVA, will be piloting a new program that is expected to provide new electing customers a text message alert when an overdraft occurs on their account.
BBVA Compass is implementing the policy changes, to help customers avoid fees and easily manage their finances. The changes include: 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; and actively promote the opportunity for customers to enroll in our savings overdraft protection service which became available in February 2009, the service where the customers can have funds drawn from their savings account to cover an overdraft.
Reportedly, the new program is expected to begin in late October in test markets that include Texas, Alabama, and Florida. BBVA Compass expects to roll-out the service to its remaining markets by the end of the first quarter 2010.
Shelaghmichael Brown, SEVP and head of retail banking at BBVA Compass, said: “This innovative solution will allow us to communicate with customers much more quickly when an overdraft has occurred on their account. 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.”
“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,” he added.