Complain about a product or service

Compass Bank

Colin of Houston, TX June 14, 2009

First off stay as far away from Compass Bank as you can. If you have a few thousand that you keep as a balance then great you will be ok. But when the OD start then the moneygrabbing begins. A few weeks ago someone I knew used my card without my knowledge and got 500 dollars in cash off my account. Well this created a disaster for me but since I did not want them arrested I just dealt with it. Initially it caused my account to go negative by 130.00 after three more days it balooned to -553.09 because of two checks and 1 Debit card transaction. So all in all I had four fees. The following week a direct deposit of 499.00 went in. Which left a balance of -54.09. Fast forward to the following week and wham a charge of 42.00 OD fee and then 28.00 for four days of overdraft fees. Now I understand the agreement but if you look at the timeline the first overdraft was taken out and then the additional overdrafts only lingered for three days but, of course, they explained that since it never went positive they just connect it all together to create these horrendous fees.

The following week I found out about their other trick. Say you go to a gas station a couple of times and they pre-authorize 75.00 per transaction, Compass immediately will hold that money (standard practice) but you know you only spent 23.00 and 24.00, respectively. You go to an ATM and take 20.00 and then you have a ACH trasaction of 25.00 and two debit card transactions. Well, their supercomputer automatically hits your account the next morning for NSF fees based on the holds and the presentation of the items. Now you have 3 x 38.00 charges on your account which reduces it even further and god help you if there is a check outstanding. How can a bank charge fees prior to presented items.

Have they never heard of pre-authorizations. Every bank I have every banked at Bank of America, citibank, Chemical (now chase), Wells Fargo seems to understand that but not compass. Eventhough it is in their agreement there is just something unethical about their practices. As far as I am concerned my business with them is finished. These guys make payday loan companies look like angels. Compass is the worst bank I have ever dealt with and lets not start talking about applying deposits last that is another loaded topic.

Kathy of Conroe, TX June 12, 2009

I have two accounts at this bank. I checked my balance and saw everything was ok but still I made transfers into my account to cover any transaction that would go through. I checked my account 4 times on 6/10 because I had a check out and wanted to be sure the funds were there to cover it. Later that day I saw were the check was pending and the transfer went in before the check. They took the money out of my account, run my check through then put my money back in causing NSF. Then I made a deposit, am, the next day and they did not post it till the next day. I was told any money transfers go in imediatley and any deposits as long as before 4 would be posted immediatley. Also they take out any direct deposits and hold till the next day. Now I have NSF charges when the money was there to cover transactions.

Martina of Jacksonville, FL May 27, 2009

I got slammed with 6 Overdraft fees (38 right away, another 38 after 6 days and another 38 after 12 days x 2 occurences) because my business was very slow in April. I decided to zero out my Compass Bank Checking account and close it on May 7th because I can't afford all those NSF fees and their policies about posting cash and credits AFTER debits. I talked to one of their financial people who closed my account and I left the branch thinking that this would be a complete "divorce" from Compass Bank.

Within the past few days I got two more NSF notices in the mail and today I got my account statement. I forgot that there is an automatic debit coming out of my account which went through on May 13th, 6 days after I closed my account. It should have never went through. In all my years banking with different banks I have never ever encountered anything like this. I went to their branch today and talked to someone different. The lady told me that if there are ACH debits connected with the account, they can "knock the account back out of being closed". HMMMMMMMM.

These practices are nowhere to be found in Compass Bank's guidelines, we checked while we were there and she called someone to verify who could not show us black on white that this is actually possible. So basically - you close your account and if there is ANYTHING out there such as automatic debits or checks within 30 days, they put your closed account back into being active. I think it's a fraud. At least it's extremely unethical.

Lisa of Jacksonville, FL May 20, 2009

After being laid off from my job in November, 2008, I was using the low interest "convenience checks" offered by my Compass Bank VISA to pay to extend my health care coverage under COBRA. These convenience checks were attached to my monthly statement and also mailed separately from my statement, offering 0% interest for a period of time, or 1.9% until the balance is paid, or similar credit terms.

My minimum payment due for charges through 1/23/09 was 42.00, and my total payments in January were 450. My minium payment for charges through 2/23/09 was 46.00 and was due on 3/20/09. My total payments in February were 300. In early March, I used two "convenience checks". My payment due 3/20/09 (Friday) in the minimum amount of 46.00 was not made timely; I made a payment on 3/23/09 (Monday)via transfer from my Compass Bank checking account in the amount of 250.00. Since the payment was not received by 3/20/09, I was considered in default under the terms of my account and my reduced interest rate for the "convenience checks" was increased from a de minimus amount of 2 or 3 percent to 21.99% without any notice. I called Compass Bank to ask if they would take my credit and payment history into account and reconsider placing the account into default. I was told that the best they would do is reduce my interest rate to 4.9% for nine months, after which the interest rate would return to the 21.99% rate.

I have been unemployed since March 27, 2009, and have filed a claim with Social Security for a total disability determination. I have a 750 credit rating. I have banked with Compass Bank for many years; they hold a first mortgage on my home; I have a home equity line of credit, two checking accounts and a 2,000 overdraft protection line of credit in addition to the VISA account in dispute with Compass Bank.

Sarah of Groves, TX May 6, 2009

Count me in for a Class Action law suit against Compass Bank! I will spare all the gory details, but bottom line is that Compass bank puts a hold on deposits to generate NSF fee income. Whether it be cash or check (for example, direct deposit of your payroll check). They claim it's because they are not an "online" bank, whatever that means. It's really just a big scam that enables them to have debits clear before credits generating NSF fees. I have done my research, and this has happened to many many people. And it's not because we don't know how to manage our money. It's because we are at the mercy of this ruthless bank that has our money and is using it to generate as many NSF fees as possible.

I am an accountant and have a masters degree in finance, and yet I can't seem to keep my head above water with this bank! I have never had this problem before banking with Compass, and it was not by choice because they bought out Texas State Bank. I have closed my account and advise others to do the same. It's impossible to manage money that Compass decides to put an indefinite hold on regardless of when you deposit it or if it's cash or check. The bankers will assure you that it's immediately posting to your account and it's days before the tricky scam they are running pans out. And you get a different story from each person you talk to and no one is held accountable for what they tell you. They tell you the calls are recorded to ensure better customer service, but when you ask them to pull one of those recorded phone calls to prove they are lying to you, it conveniently cannot be done.

T of Pelham, AL April 25, 2009

My mother wrote me a check for my birthday. I wanted to cash the check & was near the bank it was written on. I went into Compass Bank, the bank the check was written on. I handed the cashier the check & my driver's license. She told me that I would have to pay a 7.50 fee to cash the check because I did not have a bank account at Compass. I told her I banked at another bank & would not pay them 7.50 to honor a check written by one of their customers. I told her I had a check written to me that was to be drawn from their institution & I wanted her to honor that check. She refused unless I paid the fee. I did not cash the check. I refuse to give Compass Bank a dime to honor their customer's checks. It is time that we, as consumers stand together & let the banking industry know that we are not going to put up with their extortion methods any longer.

Rick of Lakeway, TX April 9, 2009

Rick of Lakeway TX (04/09/09)
Mr. Anthony S closed my business checking account and processed a 2,000 debit against an account he knew only had a 1,105 balance. And, Mr. S did this without my knowledge or my permission. Mr. S knew that the balance in my account was only 1,105. The 2,000 debit placed my account a negative 894 with other transactions pending. This caused seven 38 NSF charges and another 42 in OD fees. As of this writing my account stands closed with a negative balance of 1,742.99 and is increasing 7.00 per day, for every day the account remains negative.

Who knows what these fees will add up to by the time this letter is read and something is done. Mr. S has put me out of business at this point. A 13 year old small business is facing bankruptcy and eviction. Mr. S took every last penny I had. I cant pay rent, utilities, phone, food, gas. Nor can I purchase the equipment I need to work and for what? He collected 1,105.99 for his bank and put me on the street. And he did this after I explained my situation and assured him I would begin making payments again in less than 7 days.

Totally broke, out of business and heading for the streets. My new address will be under a bridge.

Wayne of Phoenix, AZ April 7, 2009

We have been with Compass Bank for three years now and it has been a real nightmare. In this three year period we have at least 10 or 12 38.00 NSF fees, only one of which was my fault and I gladly paid the fee. The rest were because I do banking online and the check arrived before my check was deposited. Each time I had to call Compass bank and talk to their PC Banking Department who would tell me "that we have no control over the post office" (as to when the mail is delivered).

One time I told one Compass Rep, "no you have no control over the Post Office, but you do have control over your software, yes? You could program it not to accept that check until the date on it". To which he told me "well, I don't know if you know this or not but according to the Banking Commission we have to accept a check at the time we receive it". To which I said "if that is the case how come you only accept my checks for the following business day if I deposit it after 4:00 PM"? His response? "Well, that's an entirely different story, and I really don't know that much about banking laws".

To make a long story short on this issue I always received a 38.00 credit but each time I had to stay on the phone from 15-minutes to 1-hour and 10-minutes to get that credit. NOW FOR THE REAL RUB! Because of the bad economy I was laid off from my job last July and because I could not find another one my wife and I started our own safety and health consulting business in October of 2008. Since we wanted to do everything correctly we registered the business with the Arizona Secretary of State and we took out a business checking account with Compass Bank, this gave us both a business and personal checking account and a personal savings account with Compass. Everything went fine until Friday, 4/3/2009 when I looked at my account and I found that someone had gotten a hold of my wife’s ATM number and taken 90.00 from our personal checking account.

I immediately called Compass but they told me that there was nothing they could do until Tuesday, when the 90.00 was posted. I went to not one, but three Compass branches who told me the same thing but at least I got my wife’s ATM card cancelled. Now because I had transferred money from our business account to our personal account on Thursday (because my wife had done some consulting) no checks bounced. Imagine my surprise when I look at my account online on Monday, 4/6/2009 and see four 38.00 NDF fees! Was this due to the 90.00 taken from our bank account? NO!

Compass Banks PC Banking Department says that the transfer I did between our business account and personal account was done at 9:00 PM on Saturday 4/4/2009. I have the print-out of the transfer receipt and it clearly shows 4/2/2009 at 2:05 PM. But Compass Bank (Solomon) told me it doesn't matter because they go by what PC Banking says. I called Compass Banks "800" number and talk to a supervisor (Tim) who hung up on me. Now I am an "old guy", a Marine who served in Vietnam and I take a lot of pride in the fact that I don't swear or become belligerent when I become angry but he still hung up on me. Why? Because I would not let him end the conversation until I talked to his manager, which he said he couldn't do.

I am going to cancel all my accounts with Compass Bank, which Solomon told me "was my prerogative and then I am going to send a complaint to both the banking Commission and the Fair trades Commission which I urge everyone who has had a bad experience with Compass Bank do. I know that it may not do any good by my wife and my complaint but if enough of us complain these government agencies may take notice. Let’s be honest Compass Bank has some high priced attorneys so I am sure that they are not doing anything directly illegal but I would bet anything that they are walking a thin line between legal and illegal. I am also going to take Compass bank to Small Claims Court to try and recover my losses. I don't know how the laws are in all States are but in Arizona attorneys are not allowed in Small Claims Court so I will name Solomon as the Compass Bank representative, having the papers served on him. I figure that this whole thing will cost me about 400.00 because I will actually have a 60.00 check bounce, one I made out on 4/2/2009, but even if I lose at least I may get some Press on this and "there is no one as free as one who has nothing to lose". Compass Bank has to be stopped!!!! After the Court hearing I will report back to this site with the outcome.

Jacob of Scottsdale, AZ March 17, 2009

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