With a BBVA Compass Business Overdraft Protection Line of Credit1, you can link an existing checking account2 to a line of credit that can be used in the event of overdraft. Having this account can help:
Occasionally, you may accidentally write a check, use your debit card, authorize an automated ACH payment, or use an ATM to withdraw cash when there are not enough funds in your checking account. If this occurs, funds will be transferred to your checking account from your Business Overdraft Protection line (up to your available credit) to cover the amount, saving you money in potential NSF fees3. These funds will only be transferred once per business day.
To help you better understand the overdraft protection options available to you, please view the Business Overdraft Payment and Protection Program Comparison Chart.
For each day on which a Transfer occurs, a transfer fee of $12.00 will be charged to the linked Checking Account (maximum of one (1) fee per day). Your monthly payment drafted each month from your linked checking account. Payment information included on your monthly checking account statement.
1 Business Overdraft Protection Line of Credit accounts are subject to approval, including credit approval. Fees and interest charges apply. The amount of overdraft protection coverage provided under an ODP Line of Credit is determined by your credit limit, which is subject to review and approval. Having an Overdraft Protection Line of Credit does not guarantee you against paying NSF fees; the amount of credit available on your ODP Line of Credit may not be sufficient to cover all transactions. Not all checking accounts are eligible. See your local branch for details.
|Business Overdraft Protection Line of Credit Terms|
|Annual Percentage Rate (APR)||18%|
|Grace Period for Repayment of Credit Line Balance||There is no grace period in which to repay the balance of your credit line before finance charges will be imposed.|
|Method of Compounding Credit Line Balance||Daily balance method, including current transactions.|
|Minimum Finance Charge||None|
|Overdraft Protection Fee||$12 ($9 in CA) Once per day of transactions)|
|Late Payment Fee||None|
|Overdraft Protection Limit||Determined upon approval & acceptance|
2 Small Business Checking Accounts include BBVA Compass ClearConnectSM for Business, BBVA Compass ClearChoiceSM for Business and BBVA Compass ClearChoiceSM Premium for Business accounts. Not all checking accounts are eligible. See your local branch for details.
3 Maximum of one Inter-Account Transfer Fee of $12 ($9 in CA) per day in which there is a transfer. The Inter-Account Transfer Fee will be charged to your checking account. Having an Overdraft Protection Line of Credit does not guarantee you against paying NSF fees; your line of credit may not be sufficient to cover all transactions. See your local branch for details.