Compass Bank / holding deposits to generate nsf fees
Count me in for a Class Action law suit against Compass Bank!!!
I will spare you all the gory details, but the 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, and yet I can't seem to keep my head above water with this bank!!! I have never had this problem before banking with Compass, and it was not by choice because they bought out Texas State Bank. I have closed my account and advise others to do the same. 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 happening for YEARS! I would love to know just how much income you are generating by this, but it has to be one of your top sources. Let's join together to put a stop to this!!! Contact me at firstname.lastname@example.org if you have been victimized by Compass!
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