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Old Feb 24, 11, 5:57 pm   #1
 
Join Date: Oct 2006
Posts: 200
Thumbs down 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.
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Old Feb 24, 11, 7:10 pm   #2
 
Join Date: Jul 2006
Location: Garfield Beach
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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?
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Old Feb 24, 11, 7:52 pm   #3
 
Join Date: Oct 2006
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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.
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Old Feb 25, 11, 7:11 am   #4
 
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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"
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Old Feb 25, 11, 7:17 am   #5
 
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Originally Posted by EasternTraveler View Post
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"
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.
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Old Feb 25, 11, 7:17 am   #6
 
Join Date: Aug 2010
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No bueno. Was thinking about switching at some point in the future...now I'm not so sure.
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Old Feb 25, 11, 7:29 am   #7
 
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No bueno. Was thinking about switching at some point in the future...now I'm not so sure.
If you don't have the account already, you can't switch anyway. They closed this offer to new customers about a year ago.
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Old Feb 25, 11, 9:23 am   #8
 
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Originally Posted by josephstern View Post
If you don't have the account already, you can't switch anyway. They closed this offer to new customers about a year ago.
Good to know.
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Old Feb 26, 11, 11:33 am   #9
 
Join Date: Mar 2004
Location: Plano, TX
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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.
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Old Feb 26, 11, 11:38 am   #10
 
Join Date: Jul 2006
Location: Garfield Beach
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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.
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Old Feb 27, 11, 10:16 am   #11
 
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Originally Posted by EasternTraveler View Post
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"
I got that in the regular brochure, but in my personalized cover letter, I got:

Account Pricing
The monthly service charge for Build-to-Order Checking will not apply to your account.
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Old Feb 28, 11, 7:50 am   #12
 
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Quote:
Originally Posted by josephstern View Post
I got that in the regular brochure, but in my personalized cover letter, I got:

Account Pricing
The monthly service charge for Build-to-Order Checking will not apply to your account.
I wish I had read the cover letter now. Any idea as to the criteria for that?
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Old Feb 28, 11, 8:50 am   #13
 
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I wish I had read the cover letter now. Any idea as to the criteria for that?
Do you mean, why I specifically got that term change? I really don't know, but my assumption was that all AA accounts get this, when converted to this new account type.

But the devaluation is, for me, a much larger issue.
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Old Feb 28, 11, 10:11 am   #14
 
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Quote:
Originally Posted by josephstern View Post
But the devaluation is, for me, a much larger issue.
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.
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Old Feb 28, 11, 5:17 pm   #15
 
Join Date: Mar 2003
Location: San Diego, California
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Posts: 618
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.
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