BBVA Former Guaranty Miles Checking Devaluation
#1
Original Poster
Join Date: Oct 2006
Posts: 216
BBVA Former Guaranty Miles Checking Devaluation
I just received a notice today from BBVA Compass that the AA miles accounts are going from 1 mile per $10 per month to 1 mile per $18 per month.
#2
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,981
Wow. It's almost like they're in cahoots with BankDirect or something (still a rumor over there).
So was there a notice in your statement? Is there a date on which this becomes effective?
So was there a notice in your statement? Is there a date on which this becomes effective?
#3
Original Poster
Join Date: Oct 2006
Posts: 216
It was a letter, not an insert in the statement. The date is March 25. I live in Birmingham, so I suspect I got it before the rest of the FTers because I am closer to where it was mailed from, but you should all be expecting it.
#4
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,850
They also sent out a letter that unless you have a third party direct deposit to your account of $300.00 or more or a minimum balance of $1500.00 at all times, you will be charged $8.95 for your "Lifetime Totally Free Checking"
#5
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,981
Definitely not cool, but if you're in it for the miles, you've very likely got more than $1500 in there, so it probably doesn't affect many on FT.
#6
Join Date: Aug 2010
Programs: AAdvantage
Posts: 129
No bueno. Was thinking about switching at some point in the future...now I'm not so sure.
#9
Join Date: Mar 2004
Location: Dallas, TX
Programs: AAdvantage Lifetime Gold/Some Years Platinum
Posts: 995
Yep, got mine today. I don't even use BBVA as a checking account, so I'll likely walk all my money over to BankDirect, unless they're cutting their rate also. (Anyone have a link to the thread containing rumors on that?)
Anyone else catch that BBVA asserts they can require 7 days' notice for withdrawals from these accounts??
In BBVA's defense, they've probably been losing money on these accounts for a while now. I don't know what they have to pay AA for the miles, but let's say it's $0.01/mile. In that case, they're paying 1.2% per year to keep these accounts. That's far more than the interest rates on most checking accounts these days.
Anyone else catch that BBVA asserts they can require 7 days' notice for withdrawals from these accounts??
In BBVA's defense, they've probably been losing money on these accounts for a while now. I don't know what they have to pay AA for the miles, but let's say it's $0.01/mile. In that case, they're paying 1.2% per year to keep these accounts. That's far more than the interest rates on most checking accounts these days.
#10
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,981
Here's the link:
http://www.flyertalk.com/forum/ameri...-checking.html
I totally agree that BBVA and BD are right to cut these - they can't keep losing money on them. I doubt anyone here disagrees. We just like them.
Most of the deals we talk about here are good for us, and not necessarily good for the sponsoring company.
http://www.flyertalk.com/forum/ameri...-checking.html
I totally agree that BBVA and BD are right to cut these - they can't keep losing money on them. I doubt anyone here disagrees. We just like them.
Most of the deals we talk about here are good for us, and not necessarily good for the sponsoring company.
#11
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,981
Account Pricing
The monthly service charge for Build-to-Order Checking will not apply to your account.
#12
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,850
#13
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,981
But the devaluation is, for me, a much larger issue.
#14
Join Date: May 2000
Location: Houston, TX, USA
Programs: UA 1K, AA Lifetime Platinum, DL Platinum, Honors Diamond, Bonvoy Titanium, Hertz Platinum
Posts: 7,954
I would think that would be the case for most people really concerned about the new, 45% lesser miles earnings rate. People that are not maintaining the newly-required minimum or average balances in order to avoid fees simply aren't earning that many miles, either under the old or new rules.
#15
Join Date: Mar 2003
Location: Southern California
Programs: AA EXP - 6 MM | Amex Platinum | Hyatt Globalist | Hilton Diamond | IHG Spire Elite | Bonvoy Plat.
Posts: 763
Wow..this is really bad news. This mixed with the Bank Direct limitations makes these things more difficult.
Oh well....it was nice while it lasted. I figured they would limit/eliminate this program sooner or later...Bank Direct will probably follow suit soon and devalue the miles as well.
Oh well....it was nice while it lasted. I figured they would limit/eliminate this program sooner or later...Bank Direct will probably follow suit soon and devalue the miles as well.