Aug. 3, 2011
/PRNewswire/ -- BBVA Compass today announced the launch of the BBVA Compass SafeSpend Card(SM), an open loop, reloadable, prepaid VISA® debit card. The BBVA Compass SafeSpend Card offers customers a low cost, full service alternative to checking accounts.
Consumers unable to obtain a checking account, parents of a young adult and routine check cashers are just a few of the individuals who will benefit from a prepaid debit card such as the BBVA Compass SafeSpend Card. There is no credit approval required to apply for the SafeSpend Card and funds can be direct deposited onto the card, transferred from an existing BBVA Compass checking account or reloaded at any VISA ReadyLink location.
"The SafeSpend Card is a great money management tool for parents who aren't ready to give their kids credit or debit cards," Director of Consumer Segment Group
said. "We also expect the card to be popular among people who want to designate their spending money for special purchases like vacations."
The SafeSpend Card provides customers with multiple free features that are very useful in money management such as:
- Direct deposit
- Bill Payment Service
- Domestic ATM Balance Inquiry
- Online Banking
- Email and text message alerts*
- Electronic Statements and
- Unlimited PIN and signature transaction access.
The SafeSpend Card makes it possible for BBVA Compass to meet the financial needs of all consumers that want a banking relationship, but may not have a need for in-branch support or writing checks. And because Direct Deposit and Online Banking are free features, customers will not need an existing checking account to make deposits and access their money.
"We are very aware of the role this product plays in the current financial landscape," said Mulkin. "And as the public becomes more familiar with reloadable debit cards and its built-in benefits such as no overdraft fees, convenience, and immediate access to funds; we feel we are well positioned with a product that clearly responds to a specific and growing customer segment."