Compass BAnk Banking fraud, thinks they have IRS powers of seizure of money. Ripoff Weatherford Texas
My debit card quit working the day after I deposited almost $6,000.00. I called the bank that issued the check to stop payment or find out what happened. They said the money had been transferred to Compass Bank the day before. I called Compass Bank and asked what was going on, she said the bank locked my account. I called my attorney, then I called Susan back and said when I got there I wanted to her to explain how they did this. She said they did it because my name was on another account that was overdrawn. I explained my company was an LLC and she couldn't do that. She said they checked and found out they couldn't so they were closing my account and would close it and issue me a cashiers check on Monday for my balance. I couldn't get her on the phone Monday, and finally talked to her again Tuesday. I asked about the payroll checks I wrote on Friday, and she said they would honor the checks coming through. The money would come out of my account. The following Friday I got a call saying they had a cashiers check awaiting me at the drive through. I picked it up, and they bounced every check, about 4 that I had out and showed they were written on a closed account. Which I believe would be a criminal offense. So I'm trying to find the ones I paid vendors with before I'm in trouble with the law. I am now tracking damages for my attorney, at their request. The new bank I moved to is so far behind because of opening new accounts for people who have bailed from Compass, they are running over a week behind on setting up internet access for them. I had been at Texas Bank for years and loved them, they were bought by Compass Bank, so I inheritted Compass Bank. Worst thing that ever happened to me.
Ednlaurie
Weatherford, Texas
U.S.A.
1 Updates & Rebuttals
Bill
Houston,Texas,
U.S.A.
A best practice.
#2UPDATE EX-employee responds
Sun, July 29, 2007
It sounds like you went through a major headache! My only suggestion is do not let any of your accounts to become overdrawn or do not become a signer on an account if the people managing it doesn't know how to balance a check register? Your whole problem started per your comment that you were on an account that was overdrawn? Why? Don't spend money you don't have its pretty simple. And what they were trying to do to you was wrong. Your business is an LLC and they can't touch that money but had you been a sole proprietership or a DBA type business structure the bank could have taken your money. It is called RIGHT OF OFFSET and every bank practices this B of A Wachovia, Wells Fargo all of them. What happens is your on an account that is overdrawn and unfortunately the other signers don't have other accounts or they don't have any money in them if they do. So the bank takes money out of your account to cover the account in the red. Being overdrawn means you have used the banks money and they want it back? Imagine if thousands of customers let their account overdraw and the bank did nothing? Most customers fix their accounts right away but alot of customers don't and the causes the bank to lose money. In your LLC business if someone owes you money what do you do? Collection agency, law suit, what will you do to recover money owed to you. The banks do right of offset to cover those accounts.