I rarely get a chance to write about checking accounts, so I was glad to see the BBVA Compass announcement on the wires yesterday.

The bank launched a Business Mobility Bundle which has checking, mobile card processing and a free Galaxy Tab 3 Android tablet (wifi-only), a $200 value (note 1). It’s a soft bundle (note 2) of the bank’s existing e-Business Checking Account and its Merchant Mobility Pack, powered by Verifone PAYware. 

The checking account is fee-free up to a certain level of activity (note 3). But the optional card-acceptance piece is $24.95/mo, which is waived in this promo for 12 months. The offer is not currently visible on the bank’s website, but a link in the press release leads to a landing page with the offer (see first screenshot).

My take: The Business Mobility positioning is excellent, nicely tying two key business products together. The underlying accounts seem to be solid values, and the free Samsung tablet is sure to spark sales. 

However, my initial enthusiasm from the press release was somewhat tempered by the realities of the fine print (see second screenshot, note 1) and overall execution. For example:

• No online application, it’s a call-me form (albeit a good one)
• Mobile deposit is limited to $1,200 every 30 days
• Both the free e-Business Checking and the 12-month fee waiver for mobile card acceptance are currently available on the bank’s website. There are no added benefits to the Business Mobility Bundle, outside the tablet premium
• The free tablet is wifi only and sells for $199 online (it’s no iPad)

The offer is not currently visible on the BBVA website, even through site search, presumably so it doesn’t irk existing customers who cannot get the free tablet.

Bottom line: I like the promotion, although I wish the bundle had more features. For example, mobile banking pre-loaded on the Galaxy; customer service available via Skype; or even higher mobile-deposit limits for those using card processing (note 4).

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BBVA Business Mobility landing page (link, 30 July 2013)

Fine print (positioned directly below the screen shown above)

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Notes:
1. Fine print: (A) New small business customers only, 1 per household/biz; (B) Must perform 10 transactions, not including intrabank funds transfers, within 30 days of account opening; (C) $100 minimum opening deposit
2. I just made up that term, but what I mean is that the customer is not required to add the Merchant Mobility piece to qualify for the free Samsung tablet. The checking account alone earns the premium.
3. Transaction limits before fees kick in:
– 50 items processed
– 2 in-branch deposits
– 5 processed checks and/or in-branch withdrawals
– $5,000 cash processing
In addition, mobile deposit has stingy initial limits of $500 max per item and only $1,200 max every 30 days  
4. The landing page could use more powerful visuals showing the BBVA mobile app and/or PAYware dongle in use.