Consumer complaint received 2018-03-09
Company: BBVA FINANCIAL CORPORATION
State: TX
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
Mexico-owned BBVA Compass bank targets and lures our most vulnerable US citizens with aggressive sales tactics and Bait & Switch schemes such as written and verbal promises of " FREE CHECKING '' to lure senior citizens, disabled veterans and disabled single mothers and children who receive monthly social security disability checks. They use fraudulent schemes to convince them that it is free to transfer their Social Security checks into a BBVA checking account and use their " no cost '', " FREE '' checking and debit card. Once a social security recipient is locked into their " FREE '' checking account, they immediately begin keeping the social security income to pay for BBVA bank fees that result in them garnishing most if not all of the monthly Social Security income as " bank fees '' every month.

For example, for 1 disabled single mother and her children, after paying into social security and taxes for over 15 years, she became disabled and went on disability and trusted the BBVA salesperson in the Montgomery Country region of Texas who assured she could trust BBVA 's " free '' checking account as a deposit account for her and her children 's {$670.00} a month in social security income. But, they switched their policies as soon as her deposit arrived, and they seized the funds to keep for themselves as " bank fees '' almost immediately. Thus far, against her monthly social security of {$670.00}, BBVA has garnished up to {$30000.00} in " bank fees '' since they convinced her to open a bank account with them about 6 years ago.

BBVA 's theft of social security income and questionable profit-making policies and bully-like customer service style, resulted in the loss of this single mother and her children 's and related foreclosure of their home, auto and most basic childcare.

Additionally, BBVA 's theft of social security funds results in 3-15 times higher costs for the US government who then has to replace what BBVA stole by now having to also provide duplicate funds to pay for housing and food because BBVA took the social security income that was sufficient to pay for housing.

BBVA 's increases BBVA 's profits at the expense of the US Government, disabled veterans, senior citizens and disabled single mothers/children. In this case, their theft of most of the security security income each month, resulted in the federal government having to not only pay Social Security but now also Section 8, SNAP and cash to replace what BBVA garnished from every social security checks. Their theft of Social Security income not only triples the Government 's cost for this senior citizen this year, but also resulted in the repossession of the home, automobile, childcare, training needed to move off of government benefits. In other words, due directly to BBVA 's Bait & Switch sales tactics to lure social security recipients to deposit their monthly benefits into a " FREE '' BBVA bank account and also BBVA 's practices of garnishing most if not all of the social security income as " bank fees '' each month totaling almost {$30000.00} from just 1 disabled single mother 's check in Texas. In just this example, their actions increased the federal and state government expenses by more than TRIPLE and also increased the duration that a disabled single mother and her children now have to use government housing, transportation, SNAP, TANF and more -- all because BBVA chose to scams people into locking their funds at BBVA then garnishes most if not all of the social security income every month to profit their non-USA owners in another country. in other words, BBVA 's " policies '' of ignoring claims or taking over 90 days to refund unauthorized transactions and also garnishing the {$670.00} a month in social security income ( that would have continued to cover the cost of the mortgage, auto, food and training until the house and auto was repossessed because BBVA removed the funds for themselves so that we could no longer afford to pay the house mortgage, family car, school and job training ) which resulted in the US government having to pay 3 to 10 times for the addition of Section 8 Housing and other government assistance instead of just the {$670.00} a month that would have covered everything if BBVA did not garnish almost {$30000.00} in " bank fees '' for over 6 years against a monthly income of {$670.00}.

Company response to consumer: Closed with explanation