BBVA Compass Bank / excessive nsf fees
Account holder for over 7 years and I mistakely used the wrong card for a purchase resulting in an overdraft in my Compass acct.
Compass rearranged the only other draft made to the acct. within the last two weeks (even though it had showed clear prior to the accidental charge) so that additional fees could be imposed. So $76.00 in for one mess up and then since I do not live near a branch.. I was unable to make a deposit quickly and they tacked $7.00 a day on for each day the acct. was overdrawn for 21 days! So for one charge of $395.00 - Compass charged my $226.00 if fees!!! That is an awfully expensive short term loan... and I never asked for it-- The way that they process transactions are intended to clear larger debits first which makes it more likely that they can charge more NSF or overdraft fees for all the small charges that wont clear because of the larger going thru first. Deceptive at best and completely unethical to charge someone for a loan they did not apply for and one in which the terms didn't have to be disclosed until after the fact.
How is this legal? COMPASS BANK BBVA makes millions in profit from overdraft & penalty charges alone annually! Wake up consumers and stand up for your rights-------------- we shouldn't be paying high interest loans for debit transactions!
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