• Report: #468127
Complaint Review:


  • Submitted: Thu, July 09, 2009
  • Updated: Mon, July 13, 2009

  • Reported By:Evans Colorado
3501 W. 12TH STREET GREELEY, Colorado U.S.A.
  • Phone: 970-356-3760
  • Web:
  • Category: Customer


*Consumer Comment: Follow the rules?

*Consumer Comment: If You're Complaint Is Going To Focus ON Resequencing....

*Consumer Comment: The bank probably did follow the regulations.

*Author of original report: COMPASS BANK

*Consumer Suggestion: Nothing new.

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Compass bank openly expresses a policy of check resequencing. This way they can rack there customers with extra NFS fees.
I had the pleasure of this experince with Compass Bank. Deposit was made the same day that checks came in under pending transactions, but because they were written prior to deposit I was charged 570.00
in NSF fees. A week later I tryed to deposit a check which they placed a hold on for 5 business days, because they would not verify fund from a local bank and check was locally written. The reason was because I had 15 NFS charges.and less than $500.00 in my account. They know by doing this they can get more NSF charges.


Evans, Colorado

This report was posted on Ripoff Report on 07/09/2009 10:58 PM and is a permanent record located here: http://www.ripoffreport.com/reports/compass-bank/greeley-colorado-80634/compass-bank-compass-bank-resequencing-extortion-greeley-colorado-greeley-colorado-468127. 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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Updates & Rebuttals

#1 Consumer Comment

Follow the rules?

AUTHOR: Edgeman - (U.S.A.)

I wasn't aware that the bank was breaking any rules by posting from largest to smallest.
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#2 Consumer Comment

If You're Complaint Is Going To Focus ON Resequencing....

AUTHOR: Jim - (U.S.A.)

forget about it. Banks have been resequencing for years and the courts have said there is nothing illegal about resequencing processes. A 5 day hold on a deposit is also pretty standard and also legal.

This was a situation where you spent money you dod not have available to you. I believe others have provided good advice to you; read again and follow it.
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#3 Consumer Comment

The bank probably did follow the regulations.

AUTHOR: Robert - (U.S.A.)

"but because they were written prior to deposit I was charged 570.00
in NSF fees."
- The money was NOT available when you wrote the checks, so you were charged overdraft fees.

"A week later I tryed to deposit a check which they placed a hold on for 5 business days"
- This is probably correct. There is Regulation CC AKA "Expedited Funds Availability" that each bank must follow. This determines when a bank must release the funds by. If you have been overdrawn for a total of 6 or more days in the last 6 months, or if you have been overdrawn by at least $5,000 for a total of 2 or more days you are subject to the "Repeat Overdraft Hold", which allows them to hold funds from a local check for up to 7 Business Days. Without other detail, there might be other conditions that apply in your case. But this is usually the most common one.

But if you really want to file a complaint you need to contact the Office of the Comptroller of Currency.
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#4 Author of original report


AUTHOR: Donna matchett - (U.S.A.)

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#5 Consumer Suggestion

Nothing new.

AUTHOR: Robert - (U.S.A.)

Nothing is new. These practices have been in place by most banks for YEARS.

Ways to avoid these NSF/OD fees:

Using an account register and reconciling that register with a monthly account statement from the bank will prevent any account holder from causing any NSF/OD fees.

The majority (if not all) of the reports I've read about NSF/OD fees have common behaviors of the account holders:

-using atm cards for everyday purchases.
-using more than ONE card attached to the account (husband and wife)
-using atm cards for online purchases.
-using atm cards for 'auto-bill pay' (autodebits)
**relying upon telephone or online account balances to determine what money is available for that shopping trip to Walmart.
**NOT using an account register.
**NOT verifying deposits have cleared.

1. Use an account register and reconcile the account register with a monthly written statement generated by the bank. If the bank is not mailing statements, contact customer service to have monthly statements MAILED to you.

1a. Be aware of ATM fees, such as the 'non-bank ATM fee' that most banks charge when you use an ATM that is not owned by your bank to make a withdrawal and post that fee in your account register immediately.

1b. Also be aware of any monthly 'account service fee' charged by your bank and post that to your register on the appropriate date.

2. Do NOT GIVE bank account information (or ATM card info) to any merchant, service provider, utility, online service to pay for services and goods. Use a REAL credit card for this purpose (either secured cc or unsecured cc.) Do not setup any automatic deposit to an account that is attached to said cc-NO auto payments to CC company-mail a check each month. If the entity demanding payment makes a mistake, you're gonna have a host of problems and risk OD/NSF fees.

3. Do NOT use an ATM card for everyday expenses-USE CASH. Establish a monthly budget and withdrawal a weekly 'allowance' for every day expenses such as 'milk and bread' from the corner store, Burger King, etc. This will reduce the amount of transactions on the bank account which in turn makes RECONCILING the account and detecting ERRORS easier to accomplish. Again, if the entity demanding payment makes a mistake, you're gonna risk NSF/OD fees.

4. Do not shop with the ATM card-use a real credit card. A real credit card offers protections that you don't have with an ATM card. If the merchant/service makes a mistake, you can dispute it with the CC company WITHOUT getting any OD/NSF. Not true if you use an ATM card-if the merchant makes a mistake, your money is gone until you can convince your bank to give it back, as well as OD/NSF fees.

5. ONLY ONE ATM CARD to one account. Do NOT have 2 or more atm cards for one bank account. Having 'his and hers' ATM cards attached to the same account is the same as in the old days when some folks would have 2 checkbooks for writing checks. It was an invitation to disaster then, and it is today.

6. Verify that deposits to the account have actually cleared. Deposits can take anywhere between 1 and 5 BUSINESS days to clear depending on the type and/or source of the deposit. Deposits over $5000 can take even LONGER before they are posted to the account.

The Federal Reserve publishes a Consumer Compliance Handbook which gives detailed information about what banks can and cannot do with deposits, holds, and funds availability. You can download this handbook at http://www.federalreserve.gov/boarddocs/supmanual/cch/200711/cch200711.pdf

Follow ALL of these suggestions and you will NEVER pay an OD/NSF fee again unless it is a LEGITIMATE bank error or caused by a merchant. If it is caused by a bank error the bank will rectify the situation and credit any fees generated as well as contact payees and cover any fees the payees assess to you. If the fee is caused by a merchant error, you will need to hold the merchant accountable for the fees, although in many cases the bank may reverse the fees as a courtesy if the merchant confirms that the merchant made an error.

This is a tried and true method to avoid these fees. It works EVERY TIME it's tried.
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