Questions about the recent FDIC-related
letter from BBVA Compass.

Please see below for answers to most frequently asked questions. Don't see what you're looking for? Submit your own question.

Why did you send me an FDIC notice?
As you know, on Friday, August 21, BBVA Compass assumed the banking operations of Guaranty Bank from the FDIC. As a result, the FDIC requires us to send a notice outlining the responsibilities of the account holder and of the assuming bank, which in this case is BBVA Compass.

Why did I get more than one letter?
The FDIC requires a separate letter for each account unless the names and addresses on two or more accounts match exactly. Only then can a single letter can be sent.

The letter says I must demonstrate ownership of my deposit account(s) before February 21, 2011. What does this mean?
This simply means you need to complete a transaction such as a deposit or withdrawal to let us know that you wish to claim ownership of your deposit accounts. In most cases, ownership can be demonstrated by simply conducting normal banking transactions. For example, if you have a checking, savings, or money market account, you can make any type of deposit (including automatic direct deposit) or withdrawal. Examples of withdrawals include:

If you only have a Certificate of Deposit (CD) or another type of account in which you do not have the ability to make the above types of transactions you can take one of the following alternate actions:

You can also complete a Deposit Claim Form and return to your branch, or follow the instructions on the form to email, mail or fax it. It's best to complete the process of claiming your account(s) as early as possible.

Note: If you have more than one account, taking one of the above actions will automatically claim ownership for all of your accounts. For example, if you have written a check since August 21, you have already claimed ownership of all of your accounts, including joint accounts.

My CD matured on or after August 21, 2009 and I let it roll over automatically. Have I claimed my deposit?
An automatic rollover does not fulfill the requirements to demonstrate ownership of your CD account. Therefore, if your CD is your only Guaranty deposit account (i.e., you haven't claimed your interest in any other Guaranty deposit account), it is important that you follow one of the alternate steps above to claim your CD account.

What happens if I don't claim ownership of my deposits?
It is very important that you claim ownership of your deposits before February 21, 2011. Otherwise, account ownership will be turned over to the FDIC after that date. If you are uncertain that all of your deposits have been claimed, you may wish to complete either a change of address form or new signature card at your branch.

I have a cashier's check that was issued by Guaranty Bank a couple of months ago. Is it still good?
Yes. Bank drafts issued by Guaranty Bank, including officer's checks, cashier's checks, money orders, dividend checks, interest checks, and expense checks, are all considered deposits and must be deposited into an account (any account) or cashed before February 26, 2011.

Will anyone email me for account information? I worry about the security of my accounts.
Yes. At a later date, BBVA Compass will convert your Guaranty accounts to offerings at BBVA Compass that most closely resemble what you have at that time. We will make sure to notify you well in advance of improvements, additional conveniences and any other potential changes as they are available.