Compass Bank
Dishonest fraudulent overdraft policy

My daughter opened a checking account at Compass Bank when she was 17 yrs old. Because of her age, I had to sign on the account with her. What a nightmare! I wouldn't bank with Compass if they were the last bank on earth.

I wasn't aware that it was legal to charge an overdraft fee of $36.00, even though there was enough money in the account to cover the debit... Because the bank goes by the date of the transaction not by the date the debit hits the bank. As a result of this practice, the bank must make a fortune collecting overdraft fees at the expense of their customers.

I called the bank numerous times to see if they could explain this policy. I've banked with Wells Fargo for years and they have never done anything like this... in fact, I've banked with many different institutions without running into a policy similar to this one.

I'm surprised I haven't heard of a class action suit or complaints made to the agency that governs the banking industry. My daughter chose Compass because she though they were a "cool" bank by they ads... Deceptive advertising as well maybe?

Company: Compass Bank
Country: USA
State: Arizona
City: Phoenix

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