Compass Bank Creative accounting practices result in exorbitant overdraft fees Ripoff Ft Worth Texas

The problem here is not that bank policy continously changes or that the bank out of no where started charging fees. The policy is the same as it was when you opened your account. All you need to do is go back and read the forms you recieved at account opening. Those forms are meant to help you avoid overdrafts. The best way I can explain this is to treat your check card as cash. If you don't have cash in your wallet, you can't buy anything. Same principle with your bank account. If you don't have funds in your account, and you go to the store and make a purchase then you are in the wrong. You can't expect to go to the store on a monday with no money and tell the store you will pay them on Wednesday. That will not fly. When you do it with your checkcard, the bank is allowing you to do that, but for the convenience of spending money you don't have, you will be charged $38.
As for holding checks, yes, there is the possibility of a hold. That is to protect you and the bank. If the bank makes a 5k check available to you and you spend 3k of it before it clears the other bank and it turns out to be a hot check then we are out money as well as you because you just wrote hot checks with the funds we made available.
It is the banks responsibility to make these policies clear at account opening, but it is the consumers responsibility to understand the policy and ask questions when things are not clear. When both parties hold up there end, it is a great relationship.
Thanks and I apologize for any hurt feelings.

"It's because we are at the mercy of this ruthless bank..."

Where do you live, the North Pole??

You are saying that this is the ONLY bank around??

wow... Unbelievable!!

p.s. read your bank policy, and don't spend unavailable funds!!

I will spare all the gory details I posted on another rebuttal, but bottom line is that Compass bank puts a hold on deposits to generate NSF fee income. Whether it be cash or check (for example, direct deposit of your payroll check). They claim it's because they are not an "online" bank, whatever that means. It's really just a big scam that enables them to have debits clear before credits generating NSF fees. I have done my research, and this has happened to many many people. And it's not because we don't know how to manage our money. It's because we are at the mercy of this ruthless bank that has our money and is using it to generate as many NSF fees as possible. I am an accountant and have a masters degree in finance, so don't you dare act like we are stupid and don't know how to manage our money. It's impossible to manage money that Compass decides to put an indefinite hold on regardless of when you deposit it or if it's cash or check. The bankers will assure you that it's immediately posting to your account and it's days before the tricky scam they are running pans out. And you get a different story from each person you talk to, and no one is held accountable for what they tell you. They tell you the calls are recorded to ensure better customer service, but when you ask them to pull one of those recorded phone calls to prove they are lying to you, it conveniently cannot be done. Compass bank, you are so good at this!!! And come to find out, it's been happending for YEARS! Let's join together to put a stop to this!!!

The NSF exhorbitant charges are actually preferable to the far more severe charges of bounced payment. The problems are the wacky debits/credits posting schemes, the lackluster service, the worthless online banking and the bimonthly policy change novellas included with statements. I'm not surprised by some of these stories of reps giving out wrong info. I don't think they can even keep up with their policies. I've gotten completely WRONG info from them as well. Do they make stuff up to placate you? The left hand never seems to know what the right's doing there and their policies have more changes than a Madonna concert. Don't miss this terrible bank AT ALL. Work with a local credit union or small community bank....heck, even most the other monster-mega banks are better.

Lots of people live paycheck to paycheck...they just actually manage their money.

I have had over 600 dollars in NF fees just this month. I was lied to and told that their bank was bought by another company and after Jan 2009 when you deposit your paycheck it will appear right away. Well that did not happen and they charged me NF for over 10 checks from bills that hit the bank. This past Friday I was told that my check would clear Monday morning. Well I go back in and check the online account to see my paycheck no where to be found but, there go my debits and checks! They are lying to people. I have been with this bank for over 10 years and this year they are pulling this crap on people. I for one am more then happy to be part of a class action suit. These banks pry off of people who live paycheck to paycheck. Anyone out there who do not live like this consider yourself very blessed and do not even try to say we should keep better records. We do keep records but, compass is lying to people to obtain funds that they know they are stealing.

I posted something about it, too. They post direct deposits last, even though their disclosure says deposits are available to pay checks the same day.

And calling customer service results in convoluted explanations. I just wish they would give me in writing their posting policy. BTW, do not trust the people who are tellers or customer service when they say a deposit is available. Never make a debit against it or even write a check unless it has posted. Some of my checks, even deposited in different banks, seem to be clearing in less than twenty-four hours with Check 21.

I'm with anyone on these reports that wishes to file a class action law suit, I just read on the news the other day that class action lawsuits have been filed against 3 other banks for the same thing..I say we stand together and make Compass bank class action law suit #$