Compass Bank NSF Policy

Posted on Wednesday, November 29th, 2006 at 8:23am CST by 5504d734

Company: Compass Bank NSF Policy

Category: Other

Compass Bank, USA. I have only been with Compass Bank a short while and I am really very unhappy about the service.

I used to be a bank teller and I know that NSFs are for when there is not enough money in the account to cover the withdrawal amount. However if you make a deposit of cash the same night that the withdrawal goes through then you should not be charged an NSF.

That is not so with Compass. On several occasions I have been charged NSF fees for checks or debit card withdrawals because a debit posts first on the account and then the deposit. Last night I received $144 in overdraft fees because the debit card transactions were pending before my deposit of the same day posted. They told me I would have another fee today because when they took 114 out of my account there wasn't enough money to cover the other item even though my deposit posted yesterday after the other item went through. Enough is enough.

In the last 3 months I have had over 300.00 in fees because I was not aware of this policy.

At most other banks cash deposits are posted on the account right then. Not Compass. If you make a withdrawal they post it right away but not the cash deposit. They do not have real-time banking. I recently opened a second account with Compass and my husband has 3 active accounts. I am on social security. How do they possibly think that people have the money to pay such ridiculous fees for deposits made the same day of a withdrawal. I think their policy of courtesy reversals is bogus. You are allowed 3 a year. Whoopee!!!!! I should have stayed with First Convience Bank. At least they had real time banking.


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842e47a6, 2007-12-06, 07:45AM CST

Compass Bank is notorious for it's bad banking habits. I'm leaving them today as I've experienced so many. There IS a standard in banking where deposits are applied prior to applying NSF charges. I've just accumilated 152 in banking fees due to their practice of ... if there is a hold put on money it's considered gone even if it NEVER get's authorized.

So if you go buy that nice sweater and realize in the SAME DAY you didn't have enough money to buy so ya take it back. Guess've already lost 38 bucks for your mistake.

Don't walk...RUN from Compass.

882ea7ac, 2008-04-30, 09:37PM CDT

Compass Bank charged me 5 seperate NSF fees of $38 each totaling $190. My account balance is -$195.xx after the fees and all recent transactions have posted. This means that I was charged $190 for overdrawing my account $5. OK, fine, as long as there were five different transactions for which I had insufficient funds. However, as only one of the recent transactions was for an amount less than $5, this is impossible. In fact, it is demonstrably impossible based on Compass' own data, that I overdrew my account five seperate times, yet there are five seperate NSF fees charged to my account. A cursory search of the internet for others who might have had similar problems with this bank reveals dozens of websites containing LITERALLY THOUSANDS OF INDIVIDUAL COMPLAINTS THIS YEAR ALONE concerning compass bank, most of them dealing with fraudulent charging of NSF fees and other arbitrary charges. Yet, laughably, many compass bank branches maintain a "satisfactory" BBB rating. Is the BBB allocating complaints about this bank to each individual branch in order to disperse the number of complaints made about a clearly unscrupulous institution? Does it do any good whatsoever to report this type of activity to the BBB, the Federal Reserve or elsewhere? As a consumer, do I have any recourse whatsoever to recoup the $152 I was incorrectly charged? My guess is no in both cases. In fact I don't believe this fact is lost on my bank. I suspect that Compass is perfectly aware that petty fraud is good business precisely because consumers have no cost effective recourse against it. And before anyone responds with a condescending reply about how I simply do not understand the complexities of commercial banking regulation and how Compass, though mean-spirited, is perfectly within their legal rights to charge me $190 for a single overdraft of $5, save your breath. I have section 4-402, beginning on page 488 of the 2007 uniform commercial code right in front of me, and it DOES NOT provide any basis on which Compass' behavior is justified, legally or otherwise. Enough is enough, I appear to be only one among many thousands of victims of this outlaw institution - so let's get together and sue the bastards. There is precedent for a class action against other banks involved in unscrupulous / illegal NSF practices. If anyone has enough left over after getting swindled by theses guys, maybe you could use it to speak with an attorney about this possibility. I for one think its about times Compass behavior caught up with them.

b29ce0f7, 2008-05-14, 07:53AM CDT

I am with you on the lawsuit. You cannot even imagine what I went through with them. My direct deposit was deposited on the same day my charges went through but instead of my deposit posting first, the charges were. All of my my I had left after purchases were gone. Afterwards, I was charged an additional $300 in NSF. I am fed up with them and their banking practices. Contact me!

1171cd13, 2008-07-02, 09:26AM CDT

Compass Bank is out of control, someone should start a petition to bring them to justice. Please file your complaints with The Office of the Comptroller of the Currency

Other wise No Action will be taken.

The more complaints they receive the better the chances of something being done about it.

a6d61ae2, 2008-09-30, 11:03AM CDT

I'm with everyone. i had the same problems except I was being charged NSF when their own records showed I had sufficent funds. My husband is military and all deposits are availible on midnight of the 1 and 15th of each months. I was having checks clearing on the 2nd or 5th of the month bouncing but when I checked my records either over the phone or at the ATMI have not 100's of dollars but over 1000 dollars but check were still bouncing. Come on! I ending up getting military finance office involved all charges were returned under JAG pressure but we left compass for a credit union and haven't looked back.

c046cee3, 2008-10-17, 08:21AM CDT

This has happened to me also, exactly on the day I received my direct payroll deposit. The charged me 4 NSF charges when the money was in the account. Is this legal.

4032563f, 2009-01-20, 07:13PM CST

I have had the same problem with compass bank and reported them to the BBB. Compass Bank caused me to fall behind on all of my bills and I have never ever been late on my bills. They caused an overdraft on my account and had to credit my account. they turned around and hit my account again even after I made a cash deposit to cover all transactions and when i called in to their customer service rep, he told me because they had already gave me a courtesy credit they could not honor my credit request. I went into a local branch and of course what you see is completely different from the way they look at your account. i requested a copy of my statement from their view and of course found that the same item was placed on hold several times causing my account to be overdrawn. If you do not watch your account carefully, compass bank will rob you blind. compass grows their fortune by robbing the poor

903427ca, 2009-09-15, 07:33PM CDT

I agree. I have asked Compass several times why this policy is made. If I happen to get gas and go over what I have in my account slightly, I will deposit the few cents right after to make sure I have enough to cover; However, even though Compass had NO loss considering my gas transaction did not go through before I made my deposit, they will still hit with an NSF fee because I made the purchase before I had all the funds.

I am not seeing how logical this is? If I am making sure to cover myself and the bank to make sure I do not have any thing coming out without the money to fully cover it, that is one thing. But to get charged an NSF fee, even with the money in there? Well, that is ridiculous.

44fe065d, 2009-11-24, 08:44AM CST

What can I do? I want to close my account however they will not allow me to until I pay all of these fees. They continue to charge me fees on top of fees.

f4b4d6f5, 2010-02-27, 05:27PM CST

I had a checking account with them for 10 years, keeping a low to moderate balance. I got a couple of insurance policy checks, on a major insurance co,

and they would not accept them for deposit, they were going to charge some extra fees and the money was only going to be available in 2 installments for some reason that made no sense to me, except it was supposedly for my protection. annoyed, i went to a bank 2 blocks down the street where i had other accounts and deposited the checks no problem. then i havent used the compass account since, about 3 months, so they close the account and take the small balance, for inactivity! can they do this?

b3946ea7, 2010-04-21, 04:17PM CDT

I see that I'm not the only one whom this has happened. This policy of posting debits before deposits, even if the deposit arrived earlier, seems unethical at best.

Please contact me if a lawsuit gets going!

b27a271a, 2010-09-18, 08:47PM CDT

I left compass for TCF.. any bank would be fine..I had been with Compass 9 and half years.. I was $500 over draft but paying fees each day,, I went in and said if I get this paid today will my acct be ok. They said yes , I paid and next day they closed my accounts. I had to have all my direct deposits paid. I added up like a fool I paid $3,000 in fees to Compass in 2009. wow you would think they would keep me. Im was a gold mine for them. Point is also if you have a direct doposit they will give it to you the same day but dont post it unitl the next day so you can get your money but will be charged a nsf for each charge.

Toni H., 2012-10-10, 08:26AM CDT

Compass Bank patrons BEWARE! I had to call them a couple of months ago regarding NSF charges. I counted the charges versus the transactions, there were to many NSF charges. When I called them it took almost 45 minutes to explain debit versus credit transactions to the lady with Compass, she kept telling me that the day I made my insurance payment it caused me to become overdrawn. I was looking at my account and it clearly showed I still had $15 left after the payment was made. Come to find out, I had TWO debit card charges that were showing as pending but had not actually posted yet. One was for $7 the other for $10, they charged me for TWO NSF charges that day and then charged me an additional TWO NSF charges on the day it actually posted to my account for the SAME EXACT CHARGES! I was furious! How can they charge NSF charges for an approved, PENDING transaction? These don't always clear as we all know, sometimes places will do an authorization for a certain amount and then put through a different amount for the actual charges. Surely there is something I can do about this! They tried to tell me that it was Visa's fault that it was done this way! BULL!!!

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