Frequently asked questions

About Checking Accounts

 

What is a checking account?

A checking account is typically the epicenter of an individual or family’s finances. This is most likely the account into which salaries and other forms of income, like social security payment, are deposited. Then the account holder or holders access the money to pay bills, get cash, and cover household expenses by using either checks, debit/ATM cards, or automatic payments through Online Banking and Bill Pay.

Today, almost all checking accounts come with Online Banking so you can securely bank from any computer with Internet access, as well as Mobile Banking, which enables you to bank via your smartphone or tablet.

In addition to making it easy to pay bills online, Online Banking makes it almost effortless to track spending and monitor the balance in your account, which is an important part of successful account management.

There are checking accounts that offer a small amount of interest on your balance, but earning interest typically isn’t the primary function of a checking account.

What’s the difference between checking and savings accounts?

The primary purpose of a checking account is to provide you with a secure place to keep your money while also making it extremely easy for you to access your funds to pay for your monthly expenses. This is why most checking accounts offer multiple ways to move money in and out of your account, such as checks, ATM/debit cards, online transactions, mobile deposits, and more. With this in mind, in most cases, there are no limits to the number of transactions — whether withdrawals or deposits — you can make each month.

A savings account, on the other hand, is a place where you safely stash money in order to build up an emergency fund or save for a particular purpose. Most savings accounts these days come with ATM cards and you can access them via Online Banking, but they do not come with checks. What’s more, savings accounts often have restrictions on the number of withdrawals you can make each month, so you aren’t tempted to constantly raid your savings account. In addition, most standard savings accounts pay a small amount of interest on your balance.

When considering either a checking or savings account, it’s smart to take the time to read all the terms and conditions for each account so you know exactly how it works.  

What types of checking accounts does BBVA Compass offer?

We offer several checking accounts options:

BBVA Compass ClearConnect Checking: Our most popular choice, this account includes complimentary Online Banking, Mobile Banking, and Bill Pay. It also features no ATM charges at all BBVA Compass ATMs. This account has no monthly Service Charge.

BBVA Compass Free Checking: Enjoy no monthly Service Charge, complimentary Online Banking, Mobile Banking, and Bill Pay. You also get free electronic or paper statements, plus no ATM withdrawal fees at any BBVA Compass ATMs, and unlimited check writing.

BBVA Compass Interest Checking: With this option, you earn tiered interest rates on the funds you keep in your account. You’re charged no ATM withdrawal fees at BBVA Compass ATMs, and get complimentary Online Banking, Mobile Banking, and Bill Pay. It also features unlimited check writing, complimentary premium checks, and two out-of-network ATM charge rebates per month. Your $25 monthly Service Charge is waived if you meet certain requirements.

We also offer Easy Checking as a simple way to rebuild your credit and manage your finances. You still get access to complimentary Online Banking and Mobile Banking services, and our alerts let you know when your balance is low.    

Get started with a checking account

Looking for the right checking account for you? Whether you want a free checking account or one that earns you interest, you can easily find an account that meets your needs