Complaint / Review
BBVA Compass Bank
Unreasonable penality charged $1919.25 for 5 days delay to take out term deposit, which bank never send renewal notice

1. I had a Term Deposit with a maturity date of 10/22.
2. Bank never send us maturity notice or renewal notice about this deposit.
3. I contacted bank 5 days after the grace period to take the fund out. Then Customer service informs that there will be a penalty of $2559.49. So requested to wait till the manger returns after his vacation.
4. When the manager returned after his vacation and thanksgiving break, discussed this matter, and agreed to wave 25% of this penalty.
5. Though he attempted to wave the penalty by contacting regional manager and corporate office, they did not approve it.
6. Finally bank charged me a penalty of $1919 for 5 days delay, which could not have happened if bank send us the renewal letter.
7. Banks reason for not sending the letter is, they show our old address, however, we do get regular and monthly statements for saving and checking account.