BBVA USA has launched a new updated Premium Checking account, enabling businesses to earn interest at reduced fees.

The new proposition enables businesses to earn tiered interest rate depending on balance.

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Withdrawal fees are waived off for over 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs.

Besides, up to two monthly rebates are offered for ATM withdrawal fees charged by other lenders.

The service charge has been lowered to $19 from $26 per month.

To get a complete waiver on the fees, users have to set up a qualifying monthly direct deposit of at least $4,000.

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For dodging the fee, users can also maintain an average daily collected balance of at least $4,000.

BBVA Compass executive director of consumer segments and deposit products David Bolocan said: “We focussed on the benefits we believe are most valuable to our customers, and then set some simple rules for avoiding the monthly Service Charge.

“With some other banks’ accounts, the requirements are so convoluted, it’s almost impossible for a customer to tell if they will incur a fee or not. We wanted to change that.”

BBVA USA has a total of 641 branches. Of these, 329 are located in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 17 are in New Mexico.

The business is part of Spanish lender BBVA, which in on the road to a digital transformation.

Last month, the Spanish lender created a new factory to develop its artificial intelligence (AI) capabilities and tied up with hybrid cloud data services provider NetApp.