Compass Bank
Ripoff Hold on deposited items after cleared

The option to place a "hold" on a check deposited for a large sum of money is reasonable, to not release the hold once the check has cleared should be illegal. From what I read on the Federal Reserve page it is not illegal.

My account has not been overdrawn or had any other issues, until I deposited a check for $4600 on May 16th. The check cleared on May 18th. I initiated payments from my Compass bill pay site on May 21st. I am being charged for 6 NSF items. I did receive notice of the 5 business day hold at the time of deposit but apparently it is not reasonable to expect the funds to be available to me just because they are available to Compass Bank.

I've spent way too much time talking to the branch manager, customer service center and anyone else I can reach at Compass Bank. The only response I get is "you were notified of the hold" and that it is not possible for anyone at Compass to know that the deposited item has cleared. How is that possible?

Company: Compass Bank
Country: USA
State: Texas
City: Fort Worth

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