On Oct 31, my employer's bank ACH credit hit my account for my payroll funds (also known as direct deposit). This very same day 5 debits were presented to my account totalling not more than 300 dollars. The credit from my employer was more than 1700 dollars. Compass bank paid the creditors/debits but charged my account an NSF charge of 36 dollars for each. Later that week, Compass bank also paid creditors presenting debits/checks 7 more times, but charged my account an overdraft fee.interestingly enough, the phone bank said available funds of 1300 dollars were in my account on Oct 31 and I was able to withdraw money on that day.
I believe the bank is manipulating funds as to make a profit. We are all paying for their 'free ATM transactions, free checking and 'we'll pay you $100 promotions' with their inappropriate NSF charges. The funds were clearly available in my account through my employer's bank. My human resources person said the 'federal reserve bank' guarantees the funds. It appears as though the bank debits monies all day, yet only credits deposits at the end of the day. However, in this case they didn't do that. My employer's direct deposits go into the employees account the business day prior to payday at midnight.
My branch referred me to the banks "Client Care" center who have yet to contact me, a day later. I am currently overdrawn in my account nearly 700 dollars.
In my Better Business Bureau complaint I request the following:
A) full refund of all fees,
B) a letter stating it a bank error and clearing me of writing or attempting to draw on a negative account,
C) compensation for time lost at work while handling this issue at my current rate of pay; 75 dollars/hour. At this time it totals 3.5 hours of time,
D) full refund of any fees incurred while this matter was being handled and letters, where necessary, to creditors, stating bank error.
I also sent a formal written complaint to the bank via their website www.compassbank.com and have researched a Small Claims court filing as in total these fees are near 500 dollars.
I have changed my direct deposit so it will not do so on the 15th of this month and threated to close my account.
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