Compass Bank intentionally uses unfair practices in the way it handles the daily reconciliation of customer's accounts. They purposely use a procedure that makes the customer incur the most NSF Fees possible.
Compass Bank holds all customer deposits, including cash, checks and EFT's for one day longer than necessary and does not apply them to the customers account in a timely manor. When they do apply credits and debits to there customers accounts they do not use a fair practice. They remove debits first taking out the largest amount first and work their way down to the smallest amount. After all of the Debits are removed (and NSF Fees are applied) then they apply credits to the account in order of smallest to largest. These Debits and Credits are all done with complete disregard to the order in which they were completed.By doing this Compass Bank makes the account balance as low as possible so multiple NSF Fees can be incurred by the customer. I also noticed that all EFT Transfers I do to Compass Bank take 1-2 days longer to hit my account than they do to my other banks.
This practice allows Compass to offer FREE CHECKING to its customers because it knows customers will pay more in NSF Fees than they could ever make charging a minimal monthly fee. It also allows them to attract customers that might be more likely to have smaller bank accounts (and incur more NSF Fees) because these customers would see more value in saving a couple of bucks a month.
This unfair and deceptive business practice should be seen for what it is, a way for Compass Bank to make money off innocent people trying to make their daily finances work. All of their employees seem to know about this practice, yet none of them will give you more than an unsympathetic I'm sorry you feel that way if you mention it. Stay away from compass bank!!! They do not have "free checking"!
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