I have banked with Compass for a year. I have excellent credit, and I am looking into buying a house using Compass as the lender. I am have never written any checks to put my account in the red. I am paid 2-4 times per month via direct deposit.
I was suprised last week to see an NSF fee pop up on my account. Having never been in the red, I called the bank on Saturday to inquire about their error. They reported they did not see that I was in the red, and would call me on Monday to try to determine why I was charged an NSF fee.
After not hearing from anyone, I called again Monday afternoon. The bank informed me that even though my direct deposit was available Friday morning at 6:00 A.M. For me to spend, every check or debit card entry that came in on Friday (posted at midnight Friday night) was pre-posted before the 6:00 A.M. Deposit.
They refunded the NSF fee (for an outrageous $36.00), and then proceeded to tell me there were four more NSF fees coming in on Sunday for other purchases I made on my debit card and checks that came in on Friday that they would not refund. I have had direct deposit for a year with Compass.
How can the funds be available for me to withdraw on Friday morning at 6:00 A.M. - mine to withdraw and spend - theirs to lend out and collect interest - but if a check or debit entry goes in on Friday afternoon to be posted at midnight, they backtrack it before 6:00 A.M.? I am absolutely sick and in shock that they can do this to me. They told me it had to do with "Check 21, " but Check 21 has nothing to do with what they are doing. I did not spend the money before my deposit was in the back. How can an $800.00 deposit show up at 6:00 A.M., and a $7.50 charge at a gas station on my debit card at 3:00 P.M. And other charges on my debit card on Friday made after the deposit put my account in the hole?
Customer service said something about being able to predate the check to the date on the check, which makes absolutely no sense to me. When my deposit is in the bank as it has been at 6:00 A.M. Every other Friday and is released for me to withdraw, how can money I spent on Friday after the deposit predate the deposit? I am in shock that they would not reverse these fees since I have excellent credit and I never spent more than I had in my account.
I am in shock that legally you can have money in your account, but they can predate items even if they do not hit the bank until after the deposit. Somebody explain this to me. How can they do this? Why would they want to do this to their faithful customers? Why do they put notifications of other policies on the internet that you must peruse before opening your account, but they have never notified me of this process - I have never been notified not to spend money on the day the funds are available because they can predate it to the deposit - unless it came in some tiny print in a bank statement.
This has nothing to do with Check 21 - even if my checks were electronically filed, which they were not - how can debit card entries I spent on Friday afternoon predate a deposit at 6:00 A.M. Do all banks do this? I now have to change banks and all of my direct deposits. How can they get away with this? Why would they want to?
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