Summary of Key Changes to Treasury Management Services Agreement

The BBVA Compass Treasury Management Services Agreement (PDF) is being amended to incorporate terms and conditions for the following new services that BBVA Compass will soon be offering:

  • BBVA Compass net cashTM
  • REALTIME POSITIVE PAYTM SERVICES
  • Reverse REALTIME POSITIVE PAYTM SERVICES
  • REALTIME Deposit POSITIVE PAYTM SERVICES

Note that this overview is for general reference only and contains only a summary of certain key changes.  A full copy of the complete Treasury Management Services Agreement is available on Resource Central.  You should fully review the applicable new sections of the Treasury Management Agreement and print a complete copy for your records.

BBVA Compass net cash

Compass e-Access will be replaced by BBVA Compass net cash.  Below are certain key differences between the existing Compass e-Access terms and the new BBVA Compass net cash terms:

  • BBVA Compass net cash will permit users to receive certain alerts. A new section governing such alerts has been added.
  • A new section regarding net cash Online Image Services has been added.
  • Provisions regarding wire transfers and ACH transactions have been amended to reflect that wire transfers and ACH transactions submitted through net cash are also subject to the terms and conditions contained in the Online Funds Transfer Service, Automated Clearing House Services, or Automated Clearing House Prepaid Services sections of the Treasury Management Services Agreement, as applicable.
  • BBVA Compass net cash will permit the sharing of data through computers and mobile devices.  A new section regarding such sharing of data has been added.
  • BBVA Compass net cash will offer a mobile application through which certain net cash features may be available.  The net cash terms include provisions regarding such mobile application.

REALTIME POSITIVE PAY SERVICES, Reverse REALTIME POSITIVE PAY SERVICES, and REALTIME Deposit POSITIVE PAY SERVICES

At the time your company migrates from Compass e-Access to BBVA Compass net cash, Positive Pay Services and Reverse Positive Pay Services will be replaced by REALTIME POSITIVE PAY SERVICES and Reverse REALTIME POSITIVE PAY SERVICES.  In addition, BBVA Compass will offer REALTIME Deposit POSITIVE PAY SERVICES.  Below are certain key differences between the existing terms for Positive Pay Services and Reverse Positive Pay Services and the new terms for REALTIME POSITIVE PAY SERVICES and Reverse REALTIME POSITIVE PAY SERVICES:

  • REALTIME POSITIVE PAY SERVICES terms and conditions incorporate Payee (Check) Positive Pay and ACH Positive Pay services in addition to Regular (Check) Positive Pay.
  • Updates have been made to reflect the real-time nature of the REALTIME POSITIVE PAY SERVICES, including the provision of exception reports, check reports and presentment reports (as applicable) throughout the business day and a new decision deadline of 6:00 p.m. Central Time on the following business day after items are presented to BBVA Compass for payment.
  • For REALTIME POSITIVE PAY SERVICES, checks presented for payment at a BBVA Compass branch will be immediately compared to the applicable Issue Files and Business Rules.  If no corresponding Issue File is found or the check does not match the corresponding Issue File or Business Rules, the check will be returned to the payee as unpaid with instructions to contact the Company.
  • The provisions regarding warranties, remedies and limitation of liabilities have been revised for consistency and to incorporate Payee (Check) Positive Pay and ACH Positive Pay services.
  • Terms and conditions for REALTIME Deposit POSITIVE PAY SERVICES have been added.

Note: Until your company has migrated to BBVA Compass net cash and started utilizing the REALTIME POSITIVE PAY SERVICES, the existing Positive Pay Services and Reverse Positive Pay Services sections of the Treasury Management Agreement will continue to govern the use of such services.