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Report: #354695

Complaint Review: Compass Bank - Jasper Alabama

  • Submitted:
  • Updated:
  • Reported By: Oakman Alabama
  • Author Confirmed What's this?
  • Why?
  • Compass Bank www.compassbank.com Jasper, Alabama U.S.A.

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I myself stopped using Compass years ago but I currently have a friend who is going through the same turmoil that many customers are going through. She is like many who are living paycheck to paycheck. After going over her charges with her I saw to my dismay the practices they use to con people out of money and then to make it look as if it is their fault for not balancing their checkbook. How is it possible for a bank to charge NSF fees way before you ever overdraw your account? This is what happened to her. Their policy of posting largest to smallest. I was so used to banking with Wachovia and never having a problem (except when I made errors in calculations) that I stayed confused trying to figure out what she had done wrong. She had used her debit card on Sunday, Monday morning placed a deposit, later Monday used her debit, Tuesday had 6 NSF charges. So in an effort to get the most money they ran the largest charge first, which happened late Monday evening, then progressively went to smaller charges, as well as including the NSF fees, then last putting in the deposit, which was well over the amount she had debited. My bank has always put the deposits first which is why I stayed so confused. Her mistake was not reading the fine print they hand you at the bank and make you sign. By the way...Compass' online banking is just a guideline to go by. They openly admit that it isn't correct. My advice to anyone with Compass Bank is to switch. When opening a new account at another bank be sure to read the fine print and if you don't understand it then ask questions until you do. Always write down your debits and checks you write. Never think your deposit is available the direct moment you place it in the bank. If you need that money right then...then cash the check and use cash. Something does need to be done about the way banks are allowed to basically do what they want with your money.

Trashcann
Oakman, Alabama
U.S.A.

This report was posted on Ripoff Report on 07/23/2008 11:25 AM and is a permanent record located here: https://www.ripoffreport.com/reports/compass-bank/jasper-alabama/compass-bank-convenient-nsf-charges-a-bunch-of-scammers-jasper-alabama-354695. 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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REBUTTALS & REPLIES:
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#3 Consumer Suggestion

Deposit first - then withdraw...

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

POSTED: Wednesday, August 20, 2008

It is always a good idea to make sure the deposit has been properly credited to the account before creating a debit to the account. I used to be Compass Bank customer in Chandler, AZ. I did notice that deposits were sometimes posted late, so I made sure it was there before taking it out. The plus side to Compass is being able to use my ATM card in any bank, anywhere in the world, without a charge. If Compass Bank were to open a branch in Orange County, CA, I would eagerly open a new account.

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#2 Consumer Suggestion

Deposit first - then withdraw...

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

POSTED: Wednesday, August 20, 2008

It is always a good idea to make sure the deposit has been properly credited to the account before creating a debit to the account. I used to be Compass Bank customer in Chandler, AZ. I did notice that deposits were sometimes posted late, so I made sure it was there before taking it out. The plus side to Compass is being able to use my ATM card in any bank, anywhere in the world, without a charge. If Compass Bank were to open a branch in Orange County, CA, I would eagerly open a new account.

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#1 UPDATE EX-employee responds

to try to help you understand a couple of things....

AUTHOR: Sweet1 - (U.S.A.)

POSTED: Tuesday, August 19, 2008

Online banking at any bank is "just a guideline." In order to truly keep an accurate account of your balance the only way is the old fashioned way....it's this little booklet called a register. Since a bank has no way to control the way a merchant processes your transactions, for instance a restaurant holds an additional 20% tip and you left 25% or a gas station holds 1.00 instead of the 75.00 that it actually took to fill up your tank, it is impossible for online banking to be 100% accurate all of the time. As a manager in the banking industry for over 9 yrs and having worked at 3 different banks I can honestly say that this has been an issue at all 3 and the real problem is that people are too lazy or too busy to keep a register. As far as posting the larger items first, this is also a common practice. It is not to cause you more fees. Typically larger items are those that are more important like a mortgage or car payment. Ask yourself this...If you had 1000.00 in your account and you went to Starbuck's($5), Chili's($25),Gas($75), and you had your mortgage coming out the same night for $900.00 would you honestly want them to pay smallest to largest returning your mortgage because you miscalculated what was available in your acct and went to Starbuck's?

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