This is a pretty simple situation, but Compass completely botched it.
One of our tenants sent us the monthly rent check ($1000) via certified check in the mail. The mail lost it and we want to stop it because the name the check is made out to is pretty common (think Joe Smith). I understand the bank needs 90 days to wait to reissue a new check, so no problem there.
Here is the rip off though:
Compass Bank will not stop payment on the check unless we buy a surety bond for $100. So if the check gets cashed by a third party, we may or may not get the $1,000 back, after we go through a lot of red tape. Or we pay $100 now for them to stop the check.
I thought a cashiers check gives you increased protection, not less. We contacted 2 branches, 3 people at their customer service department and you guessed it, we got 5 different answers. We sent a letter to their general counsel in Alabama as well as their corporate communications department, so we will see.
But the ineptitude combined with bad corporate rules are not a good combination for Compass Bank. Give these guys a big MISS... Stay away from them.
If they can't even cancel their own checks, how do you know that they will actually watch over your money???
Not Happy
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