Compass bank complaint

Posted on Thursday, March 15th, 2007 at 12:41pm CDT by b721cf7d

Company: Compass bank complaint

Category: Other

Hello,

Can you please add this complaint to your list for me? Thanks!

-Shannon Ganley

In early November 2006 my 11 year old daughter, Breanna, made a $40 deposit to her previously empty Young Savers account at the Compass Bank branch in Tempe, Arizona. She told us she wanted to start saving now for a used car when she is 16. This $40 was the balance of $100 that she’d earned as a reward for getting straight A’s on her report card. She spent the other $60 on Christmas gifts for her family and her pets, she‘s a sweet and thoughtful child.

The November 2006 month-end statement arrived and showed that she was charged a $5 fee. This happened with her December ‘06, January ’07 and her February ’07 statements as well. I finally got a free moment and called Compass Bank customer service to be told that the fees were dormant charges that were accidentally being charged in the system since and that he account was indeed active (since she’d just made a deposit in November) and that I just needed to go into the nearest branch to get them reversed. At the time I made this call we were in the process of moving so, being very busy, I put the branch visit on my TO DO list and I finally made that trip into the branch yesterday, March 14, 2007, with my daughter and my infant son in tow.

In the branch I met with Financial Sales Employee, Tom Hayden, who looked up her account in the system and made a call to another Compass Bank employee to figure out what was going on with her account. He got off the phone and told me that he was sorry but that there was nothing that he could do to reverse these fees. I asked why she was even charged dormant fees when she'd just made a deposit in November and he said that the employee he’d spoken with told him that her account was considered dormant because she hadn't made any withdrawals from her account in a two year period. (??) I explained to him that this policy didn't make any sense since it is a child’s ‘Young Savers Account’ and traditionally, you are supposed to make more deposits to your child’s savings account, than withdrawals. Additionally, I pointed out that making a deposit should have made her account active at any other bank in the World.

I then told him that I wanted a copy of this dormant account policy which (allegedly) requires a withdrawal every two years. He got very irritated with this request and said that it would take him a long time to find that policy, and I said that was okay, and that I had the time to spare... Begrudgingly he looked up the account terms and conditions and was nervously reading through it trying to find any mention of this policy when he gave up trying to find it on his own and made yet another call to another Compass employee for assistance. After getting off the phone for the second time he showed me the ‘Dormant And Abandoned/Unclaimed Accounts’ policy in the ‘Consumer Deposit Account Agreement’ and the service charges and fees break-down on the backside of the ‘Truth-In-Savings Disclosure for Interest Earning Consumer Accounts’ sheet, which showed a $5 monthly dormant account fee. Nowhere in these two documents is any two year clause mentioned, nowhere. I asked him how this two year policy was determined and by whom, and he got defensive and said he didn't know how it was determined and it wasn't his decision.

I then told him that I was very unhappy about this so-called policy that penalizes a child for not taking money out of their savings account and that it had effectively reduced my young daughter's savings by half, but only AFTER she'd ‘activated’ her account by making a deposit to it. (Are we wrong in believing that making a deposit makes an account’s status active, by default, at any legitimate bank?)

I then told him she wanted the balance of the account (a measly $20) and to close the account. He left to get her $20 and returned. He said the account was now closed and had me sign a withdrawal slip. He then sat and glared at us in stony silence as I collected my daughter and my infant son and we left. No apology, no goodbye, nothing but a glare at us having the utter audacity to ask Compass Bank to explain their indefensible, and bizarre, fees and policies.

My poor daughter now thinks that this is what banks do, they unfairly take your money and glare at you when you require an explanation and/or documentation. I am at a loss for words to explain this to her and at this point Compass Bank can‘t make up for this by sending my daughter her stolen $20 and a flimsy apology, not worth the paper it‘s written on...

I’m on a mission to let as many people as possible know what they’ve done and how they conduct themselves in their business dealing with children. Just shameful…

_____

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2 Comments

ec846578, 2009-10-15, 01:26AM CDT

I am so sorry you had to go through this, there policies and way of doing business is unethical and perhaps illegal. I have had a savings and checking for years with them, then all of a sudden in the past two weeks I was charged 800.00 for isf fees. After I regained my composure I started to investigate on my on. They purposely hold on to your deposit, in my case more than a week, but they debit your account because you believe you have money in there to cover any charges then they charge you these fees, then they post your deposit, the first thing they do is take out their fees, whichs leaves you in the negative. Anyways, please check out this web site, you will get accounts of unbelievable acts by this bank on the common folks who deal with them, it is called ripoffreport.com, or just google bbvacompass bank it will show up. I am shocked and disgusted by some of the things I read. I filed a complaint with the BBB an dsent a request to channel 12 news to investigate. I have posted this on my facebook, myspace, and twitter pages and 2morrow I will calling the attorney general. I have never seen a bank operate this way... good Luck to you and your daughter, I am closing my account on friday.

2303c592, 2010-01-07, 06:36AM CST

I got paid wednesday, my dad wired me some money to pay my bills and my exhusband lend me somemoney also which is currently sitting in Compass bank and compass bank won't release any funds to me.

My exhusband went and opened an account with Chase and when I asked him to lend me money he gave me a check for $333.00 which is still outstanding because Chase decided after they opened the account for him they would close it because they ran checksystems after giving him an account and he used the account in good faith.

He just found out tuesday January 5, 2010 that they decided to close his account and they refused any of his deposits. He imformed me that Chase would not honor the check. I immediately called my bank to find out what would happen. They said they would remove the credit and charge me a $6 fee.

January 6 2010 Compass bank, my bank closed my account and accused us of trying to fraud them and now is holding all my funds without word to me when it will be released.

I have no money, I live check to check, my rent is past due, my car payment is due, I have no gas for work and no food in the home and they are treating my life like their job.

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