Compass Bank NSF Policy

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.

Comment On This

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

http://www.occ.treas.gov/

Other wise No Action will be taken.

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

Comment On This

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!

Comment On This

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.

Comment On This

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 what...you've already lost 38 bucks for your mistake.

Don't walk...RUN from Compass.