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Compass Bank / Do not open a business account with Compass Bank

1 United States Review updated:

I opened a business checking account with Compass Bank, Florida on July, 2005 and gladly closed to account on March 2006 and this letter is a horrible experience I had with Compass Bank during that 8 months as a business owner. Some of them maybe will blame me for being careless but you be the judge, here is my story line by line;

1- On July 2004, when I opened a both business and personal checking accounts, they told me that is completely a free business checking account but when I wanted to do deposit checks through their drive- through, they denied the service and asked me to go inside the bank to do deposit and said I have to have one of those pre-filled deposit slip forms to use the drive-through service. When I tried to order those pre-filled deposit slips, they asked me to pay for it, I though they said it was free.......

2- When I was trying to transfer money from by Business Checking account to my Etrade account. I wrongfully used my personal checking info and boom, no mercy, $108 penalty, no matter how much I tried to lower the penalty, they had no mercy....... I felt I am kind of fly felt into a spider's web, and struggling....ouch

3- I moved from Florida to Arizona and Compass Bank said I don't need to do anything rather then an address chance. I did a international wire transfer which was very urgent matter, because the vendor was waiting for my money transfer in order to ship the product. Forget days, hours was important. And once I did the wire transfer, I was told, it will go through next day in the morning because it was after 4 pm and it was not possible for wire to go through that way, which I understood. Next day at 4 pm, Chandler Arizona Compass Bank Branch Manager, John, called at and said there were some problems with my account thus my wire did not go through. I was going insane, I asked him why ? He said" there were some problems and complications". I asked him, What type of problems ? I he repeated same thing "there were some problems and complications", nothing else, eventhough I asked him different questions and I got same answer, he is like a Robot so I got pissed and hung up the phone. No explanations, no apology from branch manager due to their mistake cost money to my business.

4- I had enough with Compass Bank, they were ruining my business and making me insane.... so. I decided to close my both personal and business checking account but of course you can not close things right away and easily, so I decided to keep my Compass bank account for a month and slowly move my accounts to Washington Mutual. When I realized I moved pretty much everything to Washington Mutual, I checked my balance on Friday night and withdrew reaming balance on Friday night as well. When I went to Compass bank on Monday to close my account, they said, I owe $170, why? because one of my customer decides to deposit his check after 3 months which I forgot about that completely, and due to my withdrew, I end up paying $70 penalty again due to actives on Friday which does not reflect my account for entire Friday. I tired to explain him the problem that is not my fault but banks fault if they don't update my account on time. I told him I checked my balance on Friday night and did not show any activity and he said, the activities shows on next business day that is Monday. Bank Manager, John, is a GOD DAMM robot, repeated same thing over and over" ouch I am sorry but there is nothing I can do" , and I finally burst out of the Compass bank before I kill somebody and now I am receiving letters from collection agencies threatens my business that I can not open a bank account unless remaing balance paid in full.

If you want to run a smooth business without worrying about your bank and your deposit, DO NOT OPEN A BUSINESS ACCOUNT WITH COMPASS BANK, YOU WILL FEEL SORRY.

Thank you,
Yusuf

Yu
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Comments

  • Va
      11th of Dec, 2006
    0 Votes

    Compass bank charged several incorrect late fees on my credit card bill, I told them this was incorrect and that I would pay the balance off if they would remove the late fee charge, they refused.

    I tried to get them to work with me over a period of six months, they continued pileing on the late fees adding about 300.00 in bogus charges.

    Compass Bank refused to work with me and forced me to get the Better Business Office involved in the dispute. Compass eventually corrected their mistake,agreeing to the original amount owed but sent damaging information to the credit bureaus, thus doing damage to my credit.

    They refused to correct the damaging information sent. The company REP'S that I dealt with were very unprofessional and rude, they have very nasty tactics when dealing with people, but they are all very nice when trying to get the consumer to use their credit cards.

    I know they are a very large and established company, but word of advice, this is a nasty greedy, cut-throat company, do dot get involved with them.

    Compass Bank-PO Box 2210, Decatur, AL. 35699

  • Ri
      4th of Apr, 2007
    0 Votes

    I too have had a lot of trouble with Compass Bank. Their deposit, and posting policies are all designed in favor of the bank, and not in favor of the customer. For example, if you have a balance of $20, and you write a check on Tuesday for $5, and then the $50 automatic withdrawal for your car insurance comes out on Wednesday (2 days earlier than normal), and then you deposit $35 to cover the overage, plus $38 to cover the NSF charge, plus $5 to cover the check you wrote on Tuesday ---NONE of your deposit will post until midnight (even if you make it at 8:01 on Wed morning). So, if the $5 check you wrote on Tuesday clears before midnight, you are stuck with another NSF charge of $38! Nevermind the fact that the bank has your money! Nevermind the fact that you have given them enough money to cover all your debts! Since it doesn't POST until midnight, you are out of luck if something else comes along and is "pending" before midnight!

    As soon as all my automatic payments and other stuff clears, I am closing my Compass account. I've already opened an account at a locally owned bank, so I don't have to deal with Compass' mess! Besides, I hear that they have sold out to some bank in Spain. I don't want a big corporate bank in the US handling my money, much less one in Spain!

  • Da
      22nd of Jan, 2008
    0 Votes

    And I thought it was just me. Compass got me for over $300.00 in fees that started with an unauthorized Redbox rental debit. Like most people I dont go online daily to check my account. The amount initially that started it was............$1.07!!!I had no clue so I made a deposit and kept on using the card for small purchases like soda, gas,etc. They will keep honoring the debit card as a favor(ha!) and charge $38.00 each time and double it in six days! They absorbed the deposit for fees and then kept on charging me $38.00 each time til I got back online and realized the horror! It's now over $400.00! their answer is I should have read the contract! NO........they should refuse the damned card if it is going to overdraw the account. I will risk the embarrassment..................

  • Ro
      12th of Nov, 2008
    0 Votes

    COMPASS SUCKS ###, I'VE PAID OVER $400 IN NSF CHARGES AND THEY REFUSE TO UNDERSTAND THAT IT'S THEIR FAULT. THIS IS NOT A BANK, THIS IS A ROBBERY IN PROGRESS AND EVERYONE IS DOWN ON THE FLOOR. FOR COMPLAINTS PLEASE FEEL FREE TO CALL "ANA" THE COMPASS WHORE AT 480-403-7896 AND GIVE HER A PIECE OF YOUR MIND!

  • Ru
      4th of Dec, 2008
    0 Votes

    It's a horrible bank. They set their customer's up for failure and try to thrive off the negative.

  • Bi
      21st of Nov, 2009
    0 Votes

    This is the most greedy out for ALL they can get bank in the metroplex!! AVOiD these rip off artists at all cost!!! There are good banks out there that arent out for all they can get from the working class. If you go $1.54 in the negative and make a cash despoit immediately to cover the deficit they will not post that cash deposit until the next business day, then they post their $38.00 NSF fee before allowing the deposit to post, thus cause 3 more NSF fees to your account. This is the most greedy, out for all they can get bank I have ever had the displeasure of doing business with. They will go out of business and take the greedy Spaniards down with them! AVOID these robbers at all cost!!!

  • Sd
      31st of Aug, 2010
    0 Votes

    My employer used to bank with Frost Bank. I would go cash my checks there at the branch---no charge to me because it was being cashed against a frost account. He recently switched to Compass. Well, now since none of the girls have a compass bank account, they are charging every single one of us $7.00 to cash our checks. (There are 6 of us, we get paid twice a month---that is $84.00 month) just for us to cash our checks on a compass account. HOW STUPID!!!

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