Report: #722389

Complaint Review: Compass Bank

  • Submitted: Tue, April 26, 2011
  • Updated: Tue, April 26, 2011
  • Reported By: John Boy — Houston Texas United States of America
  • Compass Bank

    Houston, Texas
    United States of America

Show customers why they should trust your business over your competitors...

My complaint is about the new monthly service charges being charged by Compass Bank starting since February 2011.  I think it is particularly serious since it could hurt groups like the elderly or college students financially. 

I discovered today that BBVA Compass had charged me $8.95 on the 22nd of April 2011, and went to the bank to question why.  They claimed that I should have received a letter about it in February.  I recieved no such letter.  I also noticed that the Compass branch on San Felipe, Houston was completely empty of customers.  I've never saw that bank this empty.

People may find that if they have any accounts with less than $1500 in them then they are now being charged $8.95 A MONTH EVERY MONTH just to bank with Compass and Chase Banks. These charges may also apply to other banks.

This is going to hit groups like the elderly, college students and people living on their pay cheques most of all. Since February 2011 the charges apply.
 
On 22nd of April Compass took $8.95 FOR MONTHLY SERVICE CHARGES in a small account I kept to recieve my Royalties from my books. The account had a few hundred dollars in it. Even if the account had had $1499 in it they would still have charged me for the privilege to bank with them!
 
Chase similarly are now charging $12 for the very same thing. (I enquired there and was told this).  My wife also had a small account she kept with Compass, and she was also charged $8.95.  We both closed our accounts today.
 
People have to make sure they close any small accounts they may have, otherwise they may soon find themselves in serious debt.

Think about it, they will keep taking the money until you don't have any and then they will charge you compound interest on every withrdawal that they make which puts you over the limit. The elderly in particular must know about these important changes!
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This report was posted on Ripoff Report on 04/26/2011 04:30 PM and is a permanent record located here: http://www.ripoffreport.com/reports/compass-bank/houston-texas-/compass-bank-monthly-service-charges-houston-texas-722389. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Suggestion

Compass Bank AT LEAST 324 REPORTS FILED!

AUTHOR: mr rik - (USA)

I'd never even heard of this bank till I read this report.  But a quick check on this site lists at least 324 reports filed.  

Good job getting the word out.  Time to start withdrawing that money everybody!
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#2 Consumer Comment

It's Actually a Good Thing for Consumers

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

One of the biggest issues I see is people living hand to mouth and having bank accounts with low balances contribute to that insanity.  As you said, if an account holder keeps $1500 in the account, the fees are avoidable.  Many of those who are wealthy always keep a little extra money so that if life happens, they are better able to deal with the events of life.  In the overall scope of things, the amount they've set as a minimum...is not a lot.  In fact, if you keep $1500 in the account, the fee avoidance calculates out to about 7%.  It's not income in the traditional sense, but it does represent outgo that doesn't happen, and that is like keeping 7%.
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#3 Consumer Comment

No longer free

AUTHOR: coast - (USA)

The service was free but no longer is. I don't see the rip off.
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