BIRMINGHAM, Ala., July 14 /PRNewswire-FirstCall/ -- BBVA Compass
today unveiled its informational website for businesses that
is intended to help them prepare for the upcoming amendment to
Regulation E. The website also contains a downloadable flyer that
businesses may print and provide to customers whose debit card
transactions have been denied. The flyer explains the recent
regulatory changes and how those changes may impact debit card and
ATM transactions. By taking this proactive approach to assisting
businesses of all sizes in understanding the recent regulatory
changes, BBVA Compass is hoping to help them mitigate any potential
disruptions in cash flow stemming from increased point-of-sale
transaction denials.
"A steady cash flow is the lifeblood to a business of any size,"
said Shelaghmichael Brown, senior
executive vice president and head of Retail Banking. "After the
August 15 automatic opt out date,
many consumers who did not realize that changes have been made to
their standard overdraft protection will have transactions denied
at the point of sale, potentially interrupting that cash flow to
the business. Until all consumers become knowledgeable about how
their standard overdraft protection has changed, businesses need to
be prepped and ready to respond to these disruptions quickly and
effectively."
In addition to the informational website, throughout the summer
and up to the August 15th automatic
opt out date, BBVA Compass will be conducting a mail, online
banking, email and phone call campaign, all in effort to educate
its business and merchant services customers about the amendment to
Regulation E and its potential effects to their business. BBVA
Compass is also prepared with suggestions to help businesses manage
the change, including making sure front line employees are equipped
and prepared for an increased number of point-of-sale transaction
denials and suggesting additional avenues for payment options.
"No matter how much consumer education banks are conducting on
this new choice to opt in or opt out of standard overdraft
practices, it is likely some consumers will still be unaware of the
automatic opt out date of August 15," said Rick Claypoole, senior vice president and head
of consumer deposit products. "As a result businesses of all sizes
will be affected in some way, particularly given that August 15 is a Sunday and that weekend is
typically big for back-to-school shopping. As a financial
institution that holds itself accountable to both our customers and
our business partners, we consider it part of our responsibility to
educate businesses and customers alike about these upcoming
changes."
Businesses seeking to learn more about the upcoming change to
Regulation E may visit www.bbvacompass.com/yourchoice/business/.
Consumers seeking to learn more or who need assistance in making
the choice that is most appropriate for their financial situation
are encouraged to stop by a local branch, call 1-800-COMPASS or
visit www.bbvacompass.com/yourchoice.
ABOUT BBVA
COMPASS
BBVA Compass is a Sunbelt-based financial institution that
operates 724 branches including 387 in Texas, 92 in Alabama, 65 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the 15th largest
U.S. commercial bank based on deposit market share and ranks among
the largest banks in Texas (4th),
Alabama (3rd) and Arizona (5th). For the second consecutive
year, BBVA Compass was named as a "Lender of the Year" by the Small
Business Administration (SBA). Additional information concerning
BBVA Compass can be found on our website www.bbvacompass.com.
BBVA Compass is a subsidiary of Compass Bancshares, Inc., a
wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a
financial services group with more than $765
billion in total assets, 48 million clients, 7,500 branches
and approximately 104,000 employees in more than 30 countries. BBVA
ranks among the top 20 largest financial institutions in the world
based on market capitalization and 20 largest financial
institutions in the world based on market capitalization and 20th
in Global Finance magazine's list of
the "World's 50 Safest Banks" for 2009. BBVA provides its customers
around the world with a full range of financial services, including
commercial and wholesale banking, retail banking services, consumer
loans, mortgages, credit cards, securities brokerage, wealth
management, pension plan management and insurance. The BBVA Group
maintains a leadership position in Spain, Mexico, Latin
America and the Sunbelt Region of the United States as well as operations in
China, France, Germany, Hong
Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom.
Editor's Note: BBVA Compass is a trade name of Compass
Bank. Compass Bank, member FDIC.
SOURCE BBVA Compass