About the BBVA Compass ClearSpend Visa® Card

Frequently asked questions

 

How Prepaid Cards Work

A prepaid card is a card you “load” with money before you use it. Once the card is “loaded,” it works exactly like a debit/check card. The difference is a prepaid card is not linked to a checking account or line of credit.

Prepaid cards provide a safe alternative to using cash. In addition, with a prepaid card you can determine spending limits and other parameters for children or family members. They’re ideal for parents of college students, because they can “reload” the card as needed and also keep an eye on student spending. Another benefit of these cards is there’s no way to overdraw the cards. If there aren’t any funds, they simply don’t work.

The BBVA Compass ClearSpend Prepaid Visa® Card  is a General Purpose Reloadable Card that can be used just like any Visa debit card and is accepted at millions of places worldwide. You can use it to make payments and purchases in stores, online, or by phone.

Other advantages include the ability to easily get cash and add funds at a BBVA Compass ATM or branch, track purchases online, and receive balance alerts. The BBVA Compass ClearSpend Visa® Card is backed by Visa Zero Liability.1

A General Purpose Reloadable (GPR) Card is a reloadable prepaid transaction account that provides a simple and cost-effective way to manage your money.

Simply place funds on the card, and you can use it anywhere Visa is accepted, access cash at BBVA Compass ATMs with no ATM fees (For ATMs outside the BBVA Compass network, your first transaction each month is free with $2 for transaction after that, plus any fees the other bank may charge), or pay bills. The ClearSpend Card cannot be used to make ACH payments using the account and routing number.

The ClearSpend Card is the perfect solution for anyone looking for a simple budgeting solution. The ClearSpend app and website automatically track your purchases and suggest a budget. After the first month, ClearSpend will help keep you on track with your budgeting goals.

How to Get and Activate a Prepaid Card

You can apply for a ClearSpend Card online at https://clearspend.bbvacompass.com/signup or at your local branch.

No, a checking account with BBVA Compass or another financial institution is not required.

Yes, you can request up to one additional user per account. The additional user will have full access to all of the funds available on your card.

Some branch locations are able to instantly issue your card. Otherwise, please allow 7-10 calendar days for the card to arrive.

You can activate your card online by accessing the ClearSpend website or by calling 1-866-236-7967. Be sure to sign the back of your card, so merchants can validate your identity when you sign for purchases.

You can set up or update your PIN by calling 1-866-236-7967.

How to Add Money to a Prepaid Card

You can add funds (reload) to a BBVA Compass ClearSpend Prepaid Visa® Card in the following ways:

  1. Transfer funds from a BBVA Compass debit card to your prepaid card within the ClearSpend app
  2. Set up direct deposit of all or part of your paycheck to your card to your prepaid card (see more details in the FAQ below)
  3. Make a cash deposit to your card at a BBVA Compass branch or Visa ReadyLink® location (Visa ReadyLink®  merchants may charge a fee for this service.)
  4. Transfer funds to your prepaid card using PayPal®, Venmo®, Popmoney® or other money transfer services

To set up direct deposit, simply provide the routing and account number associated with your account to your employer or anyone else who pays you on a regular basis. You can deposit all or a portion of this amount to your ClearSpend Card on a recurring basis.

We make this even easier for you with our Direct Deposit Form. Just download the form, fill it out,  and hand it in to your employer.

Visa ReadyLink® is a fast and easy way to load your ClearSpend Card with additional funds. Visit the Visa ReadyLink® Locator to find the nearest of more than 50,000 locations. Additional fees may apply.

You cannot set up a direct transfer from your BBVA Compass checking account to your ClearSpend account. However, you can use the debit card tied to your BBVA Compass checking account to make deposits to your ClearSpend account.

You must add a minimum of $25.00 per load to your ClearSpend Card.

No, there is no minimum balance requirement. However, cards with a zero balance may be subject to closure after 12 months.

CLEARSPEND PREPAID CARD LIMITS
Maximum Balance of Funds on Card $6,500
Maximum Amount of Any Direct Deposit Load $6,500
Cash Load Limits

$2,500 per load
$2,500 during any 24 hour period
$6,500 during any 30 hour period

BBVA Compass Debit Card Load Limits

$2,500 per load
$2,500 during any 24 hour period
$6,500 during any 30-day period

Visa ReadyLink Load Limits

$600 per load
$1,500 during any 7-day period
3 during any 7-day period
$3,500 during any 15-day period

Minimum Load Amount $25
Transaction Limits
Limit for ATM Transactions

$600 per transaction
$600 per day

Limit for all Other Transactions

$2,500 per transaction
$3,500 per day

Combined Limit for both ATM and Other Transactions $3,500 per day
Using Your Prepaid Card

You can use your prepaid card to purchase goods and services anywhere Visa is accepted, withdraw cash at BBVA Compass ATMs with no ATM fees (For ATMs outside the BBVA Compass network, your first transaction each month is free with $2 for transaction after that, plus any fees the other bank may charge), and pay bills. The ClearSpend Card cannot be used for ACH payments using the routing and account number.

Yes, you can use the ClearSpend Card for PIN purchases. If the merchant's terminal can accept a PIN transaction, choose the debit option. You will then be prompted for your PIN.

Yes. If the merchant's terminal accepts credit, select the credit option. You will be asked for your signature rather than your PIN. Please note that your card is still a prepaid debit card, and can only be used for the funds available on your account. Selecting “Credit” only changes the way the transaction is processed. It does not change your card type, and we will not extend you credit.

Yes, you can use your prepaid card for online purchases. Please make sure you enter the correct billing information, including your name and the address on file with ClearSpend, or the transaction may be declined.

The daily limits on purchases are: $2,500 per transaction; $3,500 per day.

The daily limit for all transactions, including ATM and other purchases, is $3,500.

No, prepaid cards do not affect your credit score.

In most instances, you will not be able to overdraft your account. If a transaction is more than your available balance, your card will be rejected.

However, it is possible to overdraft your account when a merchant places an authorization hold for one amount, but the actual amount of the transaction is more than your available balance.  To avoid a negative balance, it is important to be aware of your available balance and never authorize a charge in excess of that amount.

Returns will be credited to your account, typically within 2-3 business days.

When a prepaid card is used for certain types of transactions, the merchant accepting the card may request advance authorization of that transaction, and may estimate the amount of the transaction. This is usually because the final purchase amount is not known at the time you present your card. Some examples include:

  • Gas Station "pay at the pump" purchases may be authorized for an amount greater than the gas purchase.
  • Restaurants, Hotels, and Car rental agencies may get authorization for an estimated purchase amount, rather than the actual purchase amount.

If we authorize a transaction on a prepaid card, we may place a temporary hold on the funds available on your card for the amount of that authorized transaction, which we refer to as an "Authorization Hold."

An Authorization Hold generally will be released within 3 business days after the date we authorized that transaction. However, certain merchants, including rental car companies, hotels and others that authorize high-dollar amounts may cause an Authorization Hold to remain in effect for an extended period of time.

You can find out more information about each Authorization Hold on your prepaid card at any time by calling 1-866-236-7967 or logging in to the ClearSpend site. Certain transactions may be handled differently by different merchants. If you are unsure of a merchant's policy, it's best to ask before presenting your card.

Withdrawing Money from a Prepaid Card

You can use your card and PIN to withdraw cash at any ATM that displays the Visa or PLUS logo. You can withdraw cash without your PIN by visiting the nearest BBVA Compass bank branch that accepts Visa. Some merchants will also allow you to receive cash back when you use your PIN to make a purchase.

The daily ATM limits are: $600 per transaction; $600 per day.

Managing Funds on a Prepaid Card

You can check your balance any time by logging in to the ClearSpend website or mobile app (IOS or Android). You can also call 1-866-236-7967 to hear your balance.

Yes. Once you activate your prepaid card, you will receive periodic electronic statements showing all activity on your ClearSpend Card. Paper statements are not available for the ClearSpend Card.

No, you can always check the most recent charges on your prepaid card by accessing the ClearSpend website, mobile app (IOS or Android), or by calling 1-866-236-7967.

With a pending transaction, the transaction has been authorized for a specific amount, but that transaction has not been submitted for payment. The funds are still in your account, but are reserved and cannot be used.

With a posted transaction, the transaction has been submitted and cleared for payment, and the amount of the transaction has been deducted from the funds available on your ClearSpend Card.

Your available balance includes all pending and posted transactions. Your actual balance includes only posted transactions.

You will have access to Online Banking to track your spending, the ClearSpend Mobile app (IOS or Android), and alerts.

Setting Up Alerts for Prepaid Cards

Alerts for your ClearSpend Card are a way of getting automated notifications about your card balance, transactions, and status. You choose the alerts you want to receive through our app on your supported mobile device. To receive alerts, you must first download our Android or iPhone app and allow push notifications. We do not send text or email alerts at this time. Third party data rates may apply.

To set up alerts for your prepaid card, follow these simple steps: 

 - Log in to the ClearSpend website or mobile app (IOS or Android)

 - In the "Profile" section, select the alerts you wish to receive

When you download our Android or iPhone app, make sure you allow push notifications from ClearSpend. Third party data rates may apply. 

Alerts can be sent to one mobile device per distinct account login. If you are the only card holder on your account, we can only send alerts to one mobile device. If there are two card holders, we can send alerts to one mobile device per distinct account login.

Updating Your Account and Card Information

You can change your PIN by calling 1-866-236-7967.

Your default dial-in PIN for accessing your account when calling customer service is the last four digits of your Social Security Number. You can change this PIN any time you call in. Your dial-in PIN is not the same as the PIN associated with your card.

You can update your address online by logging in to the ClearSpend website or by calling 1-866-236-7967.

You can call 1-866-236-7967 and select the option for a customer service agent.

When your card expires, we will send you a new one. All of your account information will remain the same.

If you have a linked BBVA Compass debit card and visit a BBVA Compass branch location to close, we can transfer the funds back into that account.

Otherwise, we will mail a check to the address we have on file. It may take up to 30 days to issue a refund check if there are pending transactions on your account. A fee may apply for receiving a check.

Reporting a Lost or Stolen Prepaid Card

Call 1-866-236-7967 immediately to report your prepaid card lost or stolen. You can also log in to the ClearSpend website to report your card lost or stolen and review your transaction history. If your card has been used for unauthorized transactions, a customer service agent will be able to assist you with the dispute process.

You can order a replacement card on the ClearSpend website, through the mobile app (IOS or Android), or by contacting 1-866-236-7967.

With Visa's Zero Liability coverage, you will have no liability for unauthorized use of your prepaid card if the card was used for a transaction other than at an ATM, and that transaction was processed through the Visa Network. You must report the loss, theft, or suspected unauthorized use of the card to BBVA Compass, and neither you nor anyone authorized to use the card can have acted in a fraudulent manner in handling the card.

Understanding Prepaid Card Fees

The $4 monthly fee can be avoided by loading $400 or more to your card each calendar month.

 

Your funds will be held at or transferred to BBVA Compass, an FDIC-insured institution. Once there, your funds are insured up to $250,000 by the FDIC in the event BBVA Compass fails, if specific deposit insurance  requirements are met and your card is registered. See fdic.gov/deposit/deposits/prepaid.html for details. 

No overdraft/credit feature. 

Contact BBVA Compass by calling (866) 236-7967, by mail at BBVA Compass, 15 South 20th Street, Birmingham, AL 35233 or visiting our website at www.bbvacompass.com.

For general information about prepaid accounts, visit cfpb.gov/prepaid. If you have a complaint about a prepaid account, call the Consumer Financial Protection Bureau at 1-855-411-2372 or visit cfpb.gov/complaint

We reserve the right to waive, reduce or reserve charges or fees in individual situations. Other financial institutions and/or ATM operators may charge for using their ATMs. Additional fees from other parties may be incurred such as mobile phone carriers or Internet providers. Please check with your wireless carrier and Internet provider about such fees.

Visa and Visa Readylink® are registered trademarks of Visa International Service Association and used under license. Paypal® and Venmo® are registered trademarks of Paypal, Inc. Popmoney® is a registered trademark of Fiserv, Inc. 

Details you need to make a smart decision

1Visa® Zero Liability covers U.S. issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholder must notify BBVA Compass promptly of any unauthorized use. Consult BBVA Compass for additional details or visit visa.com/security. See your Visa Cardholder Agreement for further details.