This report is about Compass Bank's NSF fees and accounting practices. I had dealt with a smaller bank for years and had no problems with NSF or overdrafts. I have a lot of cash flow, deposit a lot of money and write a lot of checks, so sometimes my account runs close.
On my old bank they would call me once in a while to let me know I had some checks coming through, and didn't have funds to cover them; I would take a deposit down, and as long as it was before day closing (2:00) it would cover my checks and I NEVER had a charge. This would happen several times a year and I appreciated their courtesy.
About a year ago, I decided I needed a bank with better online banking, Bill-Pay, and OH YEAH! Free ATM's anywhere at anyone's bank (a JOKE!) Compass was advertising their greatness, so I thought I would try them. Bad mistake. I have had nothing but trouble.
For example, about last week I deposited several checks with one of them being about $6,100. My balance at the time was around $400. It was around 1:00pm so I asked the teller to make sure the check would go in and post that day, because I needed to pay some bills in the next couple of days. She assured me that it would go in. No mention of holding funds, or might be a few days before funds available, etc. Sometimes they've held my funds, other times they haven't.
Later that day, and the next day I write 6 or 7 checks, one of which is around $4200, and the rest smaller ones. Later, (the day after I make the deposit) I check my CompassWeb and notice that my POSTED balance shows the $6100 check but the available funds do not. This goes on for several days, the $6100 check does not come available, until my other checks start coming in. On the third day, the bank receives 4 of the checks I wrote, one of them being the $4200 check.
So! Of course you know what happens, they post the big one first and PAY it, overdrawing my account, even though my available balance would have covered ALL the other checks I've written. They continue to pay the checks coming in, but racking up a couple of hundred dollars worth of NSF fees.
When I called the bank CS to ask them what the problem was they say they are holding the funds until the big check I deposited clears. I ask why they are doing that, and they say it is for the bank's protection in case the check is no good. SO, I ask them why they have gone ahead and PAID all my checks coming in, if there is a question; by them paying the checks I am close to $5,000 overdrawn and the situation is no different than if they would have gone ahead and made my funds available! They obviously know the check is good (it was from a major company) or they would not have paid all those checks that came through on me.
I tell them they should have gone ahead made the funds available because if the check happens to be no good they are still out that money, because they paid the checks, so it doesn't make sense. The CS lady has no clue and keeps telling me it is for the banks protection. I tell them I believe it is a ploy to charge me a bunch of NSF fees and of course they deny it.
This has happened to me several times, and I'm tired of it. I am changing back to my old bank, where the service is 10 times better, and they try to help their customers. I've decided Compass Bank actually tries to make situations that induce the NSF fees. Their fees are the highest in the business, and their practices cause more than any other bank I know of. They also advertise heavily to a segment of the population that is most likely to have NSF fees.
Since I have banked with them I notice their booths offering $25 to start accounts at concerts, fairs, street festivals, and many other venues of this type. They are after a clientele who do not even have a checking account, who they KNOW will very soon be racking up the charges. I have not seen any other major banks at these events with employees yelling in the streets about free beer coozies and keychains if you stop to open an account.
That is my experience with Compass Bank. I'm sure I will get many of the defenders trashing me about knowing their policies etc, but that is not the point. Their policies are aimed at collecting MAX fees, and providing VERY poor customer service, in order to not ever have to adjust these charges.
I would not recommend this bank to ANYONE, and in fact will do everything I can to advise against them.
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