BBVA Money Market
Account Disclosure - New Mexico
Account Opening and Usage |
|
---|
Transaction Limits |
|
---|
Processing Policies |
|
---|
Dispute Resolution |
|
---|
Full Terms & Conditions
Minimum Opening Deposit | $25 |
Service Charge | $15 per month Service Charge will not apply in statement cycles when:
|
Statement Cycle | Monthly |
Paper Statement Fee | No additional charge |
Early Account Closing Fee | $25 |
Excess Transaction Fee | $10 |
The daily balance method is used to calculate the interest on the account. This method applies a daily periodic rate to the daily collected balance in the account each day. For tiered rate accounts, the rate corresponding to your daily Collected Balance will be applied to your entire daily Collected Balance. Interest on deposits begins to accrue no later than the business day on which we receive credit for the deposit. Accrued interest that is credited to the balance in the account on the first business day of the following statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle. If you close your account or convert your account to a non-interest earning account before accrued interest, if any, is credited, you will not receive the accrued interest. A taxpayer identification number will be required to earn interest on these accounts. |
Collected Balance is your account balance minus any funds you have deposited that have not been collected from the financial institution on which the deposited funds are drawn. |
The following rate chart (Promotional Period Rate Chart) shows the annual percentage yield and interest rate available to money market accounts opened online effective as of January 28, 2021, if the following requirements are met: 1) accountholder does not have an existing BBVA money market account and has not had one in the last 30 days; and 2) the new BBVA Money Market account is opened with funds not currently on deposit with BBVA. |
The promotional rate is guaranteed for 3 months from the account opening date. After that time the rate will become variable and is subject to change at any time at the discretion of BBVA. APY calculation combines fixed promotional rate for the guaranteed period with the current Relationship Base Rates in effect at the time of account opening for the remainder of the twelve month period. Since Relationship Rates are subject to change at any time without notice, the calculation assumes today’s rates will remain in effect for this period. Fees may reduce earnings on account. Limitations may apply. After the promotional period, your total BBVA relationship will be evaluated and you have the chance to earn higher rates through Relationship Pricing. After the promotional period, please call your banker, visit a branch or call 1-844-BBVA USA to obtain current rate information. Wealth customers should contact their private banker directly. |
Daily Collected Balance | Interest Rate | Annual Percentage Yield |
---|---|---|
Less than $10,000 | 0.010% | 0.01% |
$10,000 to $19,999.99 | 0.100% | 0.03% |
$20,000 to $49,999.99 | 0.100% | 0.03% |
$50,000 to $99,999.99 | 0.100% | 0.03% |
$100,000 to $249,999.99 | 0.100% | 0.03% |
$250,000 to $999,999.99 | 0.100% | 0.03% |
$1,000,000 to $2,499,999.99 | 0.150% | 0.05% |
$2,500,000 to $4,999,999.99 | 0.150% | 0.05% |
$5,000,000+ | 0.150% | 0.05% |
Your relationship with BBVA will be reviewed at the end of each calendar month for the application of Relationship Pricing. At that time, the interest rate and APY applied to your account will be determined based on the Relationship Base Rate Chart, the Total Deposit Balance Rate Component chart and the Additional Relationship Rate Component chart (your “Relationship Rate”). Your Relationship Rate will be determined by adding the applicable Relationship Base Rate and the Rate Components together. Please see Additional Details about Relationship Pricing disclosure below for more information. Each Annual Percentage Yield (APY) in the charts below is current as of January 28, 2021. APY and interest rates are variable and subject to change at any time at our discretion. We may change any Rate Component at any time, which means your interest rate and APY may change. |
Relationship Base Rate Chart:
Daily Collected Balance | Interest Rate | Annual Percentage Yield |
---|---|---|
Less than $10,000 | 0.010% | 0.01% |
$10,000 to $19,999.99 | 0.010% | 0.01% |
$20,000 to $49,999.99 | 0.010% | 0.01% |
$50,000 to $99,999.99 | 0.010% | 0.01% |
$100,000 to $249,999.99 | 0.010% | 0.01% |
$250,000 to $999,999.99 | 0.010% | 0.01% |
$1,000,000 to $2,499,999.99 | 0.010% | 0.01% |
$2,500,000 to $4,999,999.99 | 0.010% | 0.01% |
$5,000,000+ | 0.010% | 0.01% |
If you are a Wealth customer with a Private Banker or an International Relationship Manager, please use the Wealth Relationship Base Rate Chart below. Your Relationship Rate will be determined by adding the applicable Wealth Relationship Base Rate and the Rate Components together. Please see Relationship Review disclosure below for more information.
Wealth Relationship Base Rate Chart (Wealth Customer Only):
Daily Collected Balance | Interest Rate | Annual Percentage Yield |
---|---|---|
Less than $10,000 | 0.010% | 0.01% |
$10,000 to $19,999.99 | 0.060% | 0.06% |
$20,000 to $49,999.99 | 0.060% | 0.06% |
$50,000 to $99,999.99 | 0.060% | 0.06% |
$100,000 to $249,999.99 | 0.060% | 0.06% |
$250,000 to $999,999.99 | 0.060% | 0.06% |
$1,000,000 to $2,499,999.99 | 0.060% | 0.06% |
$2,500,000 to $4,999,999.99 | 0.060% | 0.06% |
$5,000,000+ | 0.060% | 0.06% |
Relationship Pricing Components
Your Total Deposit Balance is determined by adding the Posted Balance in your consumer checking, consumer savings, consumer money market and CD accounts with the Bank at the time of relationship review. Accounts and relationships will be reviewed at the end of each month. See Relationship Review disclosure below. For money market accounts with multiple account holders, please note Joint Account disclosure below. |
Total Deposit Balance Tiers | Interest Rate | Annual Percentage Yield |
---|---|---|
Less than $100,000 | 0.000% | 0.00% |
$100,000 to $999,999.99 | 0.020% | 0.02% |
$1,000,000 or more | 0.040% | 0.04% |
Relationships eligible for the Additional Relationship Rate Component include:
|
Number of Additional Relationships | Interest Rate | Annual Percentage Yield |
---|---|---|
One Additional Relationship | 0.020% | 0.02% |
Two or more Additional Relationships | 0.040% | 0.04% |
Certain withdrawal transactions from savings and money market accounts may result in the account being reclassified as non-interest bearing if limits are exceeded. The following withdrawal transaction types are limited to six (6) per month: transfers to another deposit account with BBVA or to a third party by means of a pre-authorized agreement, telephonic request, check, debit card, draft or similar order (including Online Banking transfers and sweep transfers from a savings or money market account). There is no limit on the number of withdrawal transactions from such accounts when made in person at a BBVA banking office or at an automated teller machine. Withdrawal transactions of any type in excess of the Excess Transaction Fee limit will be subject to a fee. |
Fee to Use BBVA USA ATMs | $0 for using BBVA USA ATM to complete any transaction. |
BBVA USA Fee to Use another Bank's ATMs | $3+ |
International Service Fee (ATM) | 1% of transaction amount |
International Service Fee (non-ATM) | 3% of transaction amount |
International Transactions are those transactions using your ATM or Check Card made outside of the United States, even those in US dollars. A full description of the currency conversion process is contained in your ATM/Check Card Agreement. |
Insufficient Funds Charge (NSF) - Paid Item | $38 per item* *Insufficient Funds (NSF) Charge – Paid Item Fee is not charged on an item that causes the available balance on your account to be overdrawn by $1.00 or less. The NSF charges described above are applied for processing items presented for payment against insufficient funds (NSF) with a maximum of six (6) charges per day. These charges are imposed on items created by check, in-person withdrawal, ATM withdrawal, Check Card transaction, or other electronic means. |
Insufficient Funds Charge (NSF) - Returned Item | $38 per item |
Inter-Account Transfer Fee | $12 per day on which any such transfer occurs. Transfers funds from customer designated account to cover potential overdrafts in checking account. |
Deposit Item Returned | $15 per item |
Deposit Item Returned (Foreign) | $25 per item |
Personalized Debit Card Fee | $10 for each Personalized Debit Card |
Replacement Card Fee | $5 ($10 for personalized Debit Card) |
Rush Replacement Card Fee | $50 |
Online statement | No additional charge (Online Banking is Required) |
Statement Upgrade Fee (Image Statement Fee) | No additional charge |
Special Statement | $5 per statement cycle A special statement may include, but not be exclusive to the following: daily statements, duplicate statements, hold statements and statement printouts. |
Domestic: | |
---|---|
Incoming (Customer) | $15 |
Outgoing (Customer) | $30 |
Outgoing Repetitive (Customer) | $25 |
International: | |
Incoming (Customer) | $15 |
Outgoing (Customer) | $45 |
Confirmation: | |
Fax/Email | $3 |
Mail/Phone | $5 |
Cash Handling Fees: | |
---|---|
Rolled Coin | $0.10 per roll |
Strapped Currency | $0.20 per strap |
Bank Bags (Zipper) | $5 per bag |
Bank Bags (Locked) | $20 per bag |
Check Charges: | |
Temporary Checks | $1 each |
Personal Checks | Personalized check order charges, including tax and shipping and handling, are debited from your account when your order is placed. Check order charges vary. |
Cashier's Checks | $10 each |
Collection Items (all fees are per item): | |
Incoming | $20 |
Outgoing | $20 |
Non-Customer | $25 |
Bond Coupon | $5 |
International | $20 plus costs |
Deposit Fees: | |
Deposit Correction Fee | $2.50 per item |
Deposits to Closed Accounts | $28.25 per deposit |
Legal Fees: | |
Garnishments, Levies, Court Orders | $150 plus attorney fees |
Reconcilement/Research Fees: | |
Reconcile Statement | $25 per hour |
Research | $25 per hour |
Copy of Fax | $3 per page |
Staff-Assisted Call (over 5/month) | $1 per call over 5 in a month |
Telephone Transfer Fee | $3 per transfer |
Online Banking | No additional charge |
Online and Mobile Bill Pay | No additional charge |
Mobile Banking | No additional charge Message and data rates may apply - check with your wireless provider. |
Applicable Fees and Service Charges
Your account will be subject to the terms and conditions, including all fees and service charges, applicable to BBVA USA accounts in the state where we maintain your account. For purposes of this disclosure, your account will be deemed to be maintained in the state where you opened your account. Your account is considered to have been opened: if you opened your account by mail, at the location where the mail was received by us; or if you opened your account electronically (including by telephone) and your address is in a state where we have branch offices, in the state of your address at the time you opened your account; or if otherwise, in New Mexico.
For additional terms governing your account, please consult the Consumer Deposit Account Agreement.
NOTE: The above-noted fees and service charges are not set bank-wide. These prices are driven by the competition in your local market.
AS REQUIRED BY FEDERAL LAW, BBVA RESERVES THE RIGHT TO REQUIRE AT LEAST SEVEN (7) DAYS NOTICE PRIOR TO WITHDRAWAL OR TRANSFER OF FUNDS FROM THIS ACCOUNT.
Additional Details about Relationship Pricing
Relationship Review: Accounts and balances are reviewed on the last calendar day of each month to determine your Total Deposit Balance Rate Component and Additional Relationship Rate Component. Any Relationship Rate changes will be made on the 20th calendar day after your relationship is reviewed. When the 20th day falls on a non-Business Day, changes to your Relationship Rate will be made on the next Business Day. For accounts opened without a promotional rate, your relationship will be reviewed at the end of the calendar month that your account is opened. For accounts opened with a promotional rate, your relationship will be reviewed at the end of the promotional period based on your relationship at the end of the most recent month. If your promotional period ends on or after the 20th of the month you will be evaluated in the following month. Note: Accounts opened through a third party but held at BBVA USA (e.g. Simple accounts) will not be included in the relationship review.
Joint Accounts: For money market accounts with multiple account holders (joint accounts), accounts that include at least the same account holders as the money market account will be included in the Total Deposit Balance Rate Component and Additional Relationship Rate Component. For example, Customer X and Customer Y are account holders on the money market account. Customer X has a checking account with the bank, but he is the sole account holder. Customer Y has a savings account with the bank but he is the sole account holder. Customer X and Y have a CD account where they are joint account holders. The CD account balance would be included in the rate calculation. The checking account balance and the savings account balance would not be included. All account holders of the money market account must also be an account holder of the other deposit/loan accounts in order for the balance to be included in the rate calculation.
Qualifying Direct Deposit: A qualifying direct deposit is a recurring paycheck, pension or government benefits (such as Social Security) deposit from your employer or the government into a checking, savings or money market account at the bank. The following deposits are not qualifying direct deposits: interest payments or transfers from your investment accounts; payments received from payment apps such as PayPal, Venmo and other similar payment service providers; tax refunds or other one time payments from the government.
Qualifying Loans: Qualifying loans are consumer loans and consumer lines of credit, except for overdraft protection lines of credit (ODP LOC).
Important Information about the Account Bonus:
Details for the $50 Money Market Bonus:
$50 Bonus by opening a new BBVA Money Market on January 28 or 29, 2021 and have a balance of at least $10,000 in the new account on February 28, 2021.
When applying for this special offer in branch, you must use the promo code JAN21MM. When opening accounts online, you must enter promo code JAN21MMOL to be eligible. If you apply through bbvausa.com/go/januarysavings, this promo code will automatically be applied.
You must be a new BBVA Money Market customer who has not had a BBVA Money Market account open within the last 36 months or closed due to negative balance to be eligible for the bonus.
Other Information:
Accounts must be open with a balance greater than or equal to $0.00 at the time of payment in order to receive the new account bonus. We reserve the right to deduct the bonus amount if the account is closed within 12 months of opening.
BBVA Employees are not eligible for this bonus.
Only one bonus, either one $25 BBVA Savings Bonus OR one $50 BBVA Money Market Bonus, may be earned by each customer.
These bonuses are not combinable with other BBVA Money Market bonuses, and you may not have received a Money Market Account bonus in the past 36 months.
If qualifications are met, you will receive your bonus by May 31, 2021.
Offer subject to change at any time without notice. BBVA may report the value of the bonus to the IRS as required by law. Any client whose tax status would require BBVA to impose tax withholding of any sort will not be eligible for this bonus.
Customer only eligible for one Savings Account promotional offer OR one Money Market promotional offer.
NMLS # 402936
Rev. 01/2021