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Compass Bank - vile to the bone!

Sunday, May 07, 2006

Reader mail: How to close overdrawn Compass Bank account and stop the $6 daily fee

Hi Christine,

can you please tell me how to close a Compass Bank checking account if they charged so many fees that the account is now negative.

if they won’t close it, how long do the $6 fees per day keep piling up?

thanks in advance for your response, Christine.

Best Regards,

[deleted - Texas

I know that banks often don’t want to close accounts as long as you are negative.  I would notify them in writing with signature confirmation that I want the account closed.

In Arizona they recently changed how they charge the $6 fee, but I can’t remember specifics since I don’t have any overdrafts and I’m too busy to look for the disclosure.  Besides, it could be different in Texas anyway.

Closing the account may not have any effect on the fee.

You need to look for YOUR disclosures or get a new one from Compass Bank.

Policies and fees continually change, never rely on info at some website, go to the source.

Tuesday, April 26, 2005

Compass Bank increased NSF fee to $36

It’s mail day.

“As of May 15, 2005, the Insufficient Funds fee is $36 and the Overdraft Protection transfer fee is $12.”

Thugs.

Monday, December 06, 2004

10/15/04 press release: Another customer outraged over Compass Bank overdraft fees

It is very inspiring to see others speak out and say how Compass Bank sucks!

http://www.prweb.com/releases/2004/10/prweb167355.htm

Customer Charged For Compass Banks Overdraft Fees and Not noticed On the New Policy

Compass Bank changed its policy on debit and check posting policy. The new policy allows for the bank to process the debits in the order in which they were accrued.

(PRWEB) October 15, 2004—Mr. and Mrs. Burton were charged 6 NSF (Non-Sufficient Fund) fees of $35 each on September 28th, 2004 for their checking account with Compass Bank. When contacting the bank they were told that the fees were because the bank had changed its policy. The current policy for processing charges allows the bank to process the debits in the order in which they occur.

This sounds correct; when the charges from the weekend are posted on Monday the bank will look at the date that the charges were made and post them in that order Saturday to Sunday to Monday.

The only problem with this is if you have made a deposit on Saturday before noon, the cut off time, the deposit is not posted until after midnight on Monday, a full 72 hours after the deposit was made. Thus customers of the bank are being charged excessive NSF fees when funds are present.

Mr. and Mrs. Burton contacted several other Compass bank employees, one of whom credited the checking account for these fees. This would lead people to believe that the bank realized the absurdity of the fees; however the following day the Burtons were charged 5 more $35 NSF fees because the previous fees have caused their account to be insufficient. When contacting the bank for these fees the Burtons were told that a supervisor was not available but would be happy to call them back. There was not a return call. Upon calling back several times to the toll-free line the Burtons were continuously told that a supervisor was not available but they could call back.

In the next few days the Burtons were charged for three more NSF fees. Once because one of the tellers at the local branch was incorrect on the date the deposit would post. For those who have not kept track that is 14 attempted NSF fees in 15 days. After contacting Compass Bank through the website with reply the Burtons started researching Compass Banks reputation.

While the specifics can be found at several websites including http://compass-bank-sucks.com/ and http://www.complaints.com the whole of the comments were that Compass Bank left something to be desired.

The Burtons have asked several questions of Compass Bank, such as is this in keeping with UCC authorization for banks to post checks in any order in most states, with the exception of Texas, where the Burtons live, were there is an additional comment by the Commercial Code Committee of the State Bar Association stating that banks should not order the posting of the checks for the purpose of increasing fee amounts? What is the total amount of NSF fees that Compass bank charges per month?

All that the Burtons have heard is the ca-ching as Compass Bank continues to close the cash register draw on their money and increase the $28 billion company’s earnings.

###

Friday, November 05, 2004

Another Compass Bank problem and why don’t banks e-mail hold and NSF fee notices?

I got hit with Target return payment and late fees, $29 each, because Compass put a $400 hold on a $500 check deposit, after clearing a $1,000 check from the same account immediately in August.  AND the entire $500 showed up in Quicken when I updated the day prior to making the Target payment last week.

The full story is at the Fight Back!!! Forum

At this point it appears that Compass Bank will deposit the fees and the interest (since the credit card wasn’t paid in full) into my account as soon as I got the exact amount for the interest.

I couldn’t understand why Compass didn’t show an NSF fee, and Ms. Perry explained that on their end it looks like the payment was never presented.  According to her, electronic payments such as ATM cards or these online payments COULD result in being submitted and the bank may chose to pay it and then charge the NSF fee.

I don’t even use the debit cards anymore since I’m not able to keep several thousand dollars in all accounts - it’s just too dangerous.  You accidentally use the wrong card and BINGO! - you just lost $35.

Please check http://bankfees.info and http://bankfees.info/forum/ for more on fees.

Thursday, June 24, 2004

Compass Bank attorney sent $60 check to refund their fraudulent fee.

I received a letter with a $60 check from Compass Bank attorney Stephen Anthony, Sacks Tierney.

I previously posted here about the Compass Bank $6 charge after I advised them that they had made a $500 error in my favor.

“June 17, 2004

Dear Ms. Baker:

Your recent correspondence was the first I had heard about the incident where Compass charged you $6 for research fees in connection with your reporting to Compass a bank error.”