No free banking at compass bank!!! No Customer service either!
Compass Bank local office in Mesa, Az. And Headquarted in Birmingham, Al. Is with out doubt the worst banking institution ever evolved. They notoriously post your deposits, direct and otherwise a day or sometimes days late, causing Overdraft fees.
My business and personal accounts opened just this past April were both jeopardized by this blatant immoral practice. Merchant services who does my credit card direct deposits and settles with the bank notifies me when monies have been funded and settled to my accounts. Compass bank, does not post them until days later.in business I can not wait days for my funds, when I have supplies to buy and vendors to pay. As if that alone is not bad enough, I set up payments based on those monies, which have already been funded, but apparently not posted. One 7.00 shortage caused an overdraft for 38.00 this dominoes into 266.00 or 7 overdrafts all from this one. All the while my account shows over 1500.00 available, 300.00 of which I deposited the same day before noon in cash. Even cash is not posted or available until after the next day. I talk to local branch about this and they pass me off to an 800 number. Which has yet to call me back.
Incredibly this happens again, just two weeks later, payments from credit cards on 5/21, show funded on 5/23. Compass bank again does not post them until 5/28/08 causing one 65.00 payment to be an overdraft. That dominoes into 8 OD's for another 304.00. This is insane. How can I pay my vendors, when thay are stealing all my money.in 30 years of banking this is the worst bank I have ever seen!
DO NOT USE Them ever!
Oh, and the so called alerts to my cell phone or email, never happened!
On my personal checking account, they set it up for an automatic payment to a savings account. This one I also requested that I get cell phone and email alerts if the account got below a threshold of 40.00.
So they called my business phone??? I was there when the call came in and I immediately went online and transfered money into the personal account, so they could transfer it into the savings account. That sounds strange even saying it???
They specifically told me that no transfers could be made at the bank, that I had to to this online, in order for it to take place the same day. Of course it did not!!! So, for this 25.00 in supposed savings Which was requested transferred the very same day, even minutes from the time I got the phone call alert, they have now assessed me $137.50 (and growing) in OD, INF, and daily fees. Doesn't this defeat the purpose?
I think Compass Bank, does this deliberate policy of late posting, to RIP YOU OFF! They are clearly not good business people, their customer service appears to be non existant. Their On-line banking tool is 3rd party and is consistantly behind with regards to all transactions.
They do not advise you of this late posting, or that they do not own their own website on-line banking process, when you are opening these accounts. If others are having this same problem with Compass bank, please post your comments here!
So much for FREE Banking.
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