Compass Bank charged me 5 seperate NSF fees of $38 each totaling $190. My account balance is -$195. Xx after the fees and all recent transactions have posted. This means that I was charged $190 for overdrawing my account $5. OK, fine, as long as there were five different transactions for which I had insufficient funds. However, as only one of the recent transactions was for an amount less than $5, this is impossible.in fact, it is demonstrably impossible based on Compass' own data, that I overdrew my account five seperate times, yet there are five seperate NSF fees charged to my account.
A cursory search of the internet for others who might have had similar problems with this bank reveals dozens of websites containing LITERALLY THOUSANDS OF INDIVIDUAL COMPLAINTS THIS YEAR ALONE concerning compass bank, most of them dealing with fraudulent charging of NSF fees and other arbitrary charges. Yet, laughably, many compass bank branches maintain a "satisfactory" BBB rating. Is the BBB allocating complaints about this bank to each individual branch in order to disperse the number of complaints made about a clearly unscrupulous institution? Does it do any good whatsoever to report this type of activity to the BBB, the Federal Reserve or elsewhere? As a consumer, do I have any recourse whatsoever to recoup the $152 I was incorrectly charged? My guess is no in both cases.in fact I don't believe this fact is lost on my bank. I suspect that Compass is perfectly aware that petty fraud is good business precisely because consumers have no cost effective recourse against it.
And before anyone responds with a condescending reply about how I simply do not understand the complexities of commercial banking regulation and how Compass, though mean-spirited, is perfectly within their legal rights to charge me $190 for a single overdraft of $5, save your breath. I have section 4-402, beginning on page 488 of the 2007 uniform commercial code right in front of me, and it DOES NOT provide any basis on which Compass' behavior is justified, legally or otherwise. Enough is enough, I appear to be only one among many thousands of victims of this outlaw institution - so let's get together and sue the bas*rds. There is precedent for a class action against other banks involved in unscrupulous / illegal NSF practices.
If anyone has enough left over after getting swindled by theses guys, maybe you could use it to speak with an attorney about this possibility. I for one think its about times Compass behavior caught up with them.