ED Magedson – Founder
BBVA COMPASS BANK5532 Manchaca Road Austin, Texas United States of America
I have been with compass bank for a little over 11 years. Early in our relationship things were fine. I am good with keeping track of my money and not overspending. However, recently compass has moved to using a new "creative" way of posting transactions in order to collect fees. Over the course of one business day compass posts your debits and checks first, then they post your deposits. If you live paycheck to paycheck this means overdraft fees for you. It's not that you didn't have enough funds or that you are lazy and dont keep track of your money but if during the same business day you spend money, even a penny, more than what was in your account and deposit money or check to cover it you will still be hit with a Non Sufficient Funds charge of 38 or more dollars. This happened to me recently. I made two charges that equaled 46 dollars and the same day made an 800 dollar deposit. I was told by the teller that the check, equaling $500, that were written from compass accounts would post the same day. Not true. They charged me two seperate overdraft fees for a total of almost eighty dollars in fees.
On top of that, after the eight hundred cleared they began charging me NSF fees for new items which all in all totaled $570 so far in overdraft fees. How would compass expect someone to make up for this? Why do they post your checks and debits FIRST and not your deposits? Because they want to make money off of NSF fees. This is truly a deceptive practice and has for the last time brought my account into the negative. I am filing a lawsuit against them because not only have they sent me into finacnial distress but they are also unwilling to fix the error. I have been in contact with a banker at a local banch and she has done everything she can to make me feel unwanted, frustrated and today she even hung up on me. I have never been rude, pushy or angry with her. I have been calm, cool and collected but two weeks is more than enough time to handle this issue. If I owe for a real overdraft fee I will be more than happy to pay what I owe. But being charged ridiculous overdraft fees due to compass banks posting process is unacceptable. I am not looking for damages or restitution just what is owed me. I am just an individual trying to make ends meet and improve my quality of life. I also happen to be a fighter so to you compass bank, its coming.
This report was posted on Ripoff Report on 08/19/2009 01:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/BBVA-COMPASS-BANK/Austin-Texas-78745/BBVA-COMPASS-BANK-Exorbitant-fees-and-backwards-posting-causes-financial-turmoil-Austi-482492. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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