Dana
Plano,#2Author of original report
Thu, January 27, 2005
UPDATE: On 1/24/05 I spoke with Mr. Tim Dayton, Director of Public Relations at Compass Bank corporate headquarters, regarding my concerns about their newly-instituted $6/day (ie.$180/mo) overdraft fees. I explained to Mr. Dayton that I take full responsibility for allowing my personal account to become overdrawn by $19.71, and therefore I certainly expect to have to pay their $35/check overdraft fee, and have no complaint about this at all, but that I feel $6/day (ie. $180/month) IN ADDITION TO the $35/check fee, is unreasonable and excessive. I told Mr. Dayton that my primary goal was NOT about getting these fees credited back to me - luckily, I am financially able to cover the fees and still pay my usual living expenses - but that my main concern was that THE AMOUNT OF THE FEES IS UNFAIRLY HIGH for the average customer. In my particular neighborhood in Plano, Texas, Compass has many customers who are low-income, and for some of them getting hit with such HIGH penalties could be financially devastating, and could conceivably make the difference in whether or not they can feed their family. Therefore, I asked that Compass officials reconsider this policy, and whether it fits with their mission of being "just a little better" than other banks. I am NOT advocating that the bank is responsible for those of us who (for whatever reason) overdraw our accounts. I simply feel that the $6/day fee is very high, and amounts to "gouging" the customer. Mr. Dayton was very polite, listened to me, and was responsive to my concerns. He assured me he would pass along my concerns about the $6/day fee to the appropriate persons. I received a call back the next day from a Compass representative, who stated that Compass is going to credit my account with ALL of the $6/day fees, in addition to two $35 overdraft fees, and will allow me to close my account after I pay the $19.71 amount that I was originally overdrawn, plus two $35 overdraft fees. This action is more than fair of Compass, and I appreciate their favorable decision regarding my personal situation. (However, I can't help but wonder if this quick action indicates Compass' desire to avert my next step of enlightening the local media's investigative reporters about their new $6/day fee, which would undoubtedly cast them in a negative light.) At the end of my conversation with the Compass representative today, I reiterated to her that I hope Mr. Dayton will indeed follow through with his promise, and pass along my request that Compass Bank please reconsider whether the $6/day fee is equitable and in keeping with their mission of being "just a little better". I hold out hope that the decision-makers at Compass will revisit this policy, will act in good conscience to do what is right, and ultimately come to a decision that exemplifies a corporation that cares not only about their stockholders, but also about fairness to their customers.
Doug
Houston,#3Consumer Comment
Tue, January 25, 2005
Almost every complaint I read about a bank is concerning overdraft fees and charges. Dana, you need to call WHINE 11!!! Learn how to manage a checking account without overdrafting it and you have no problem!!! Banks, like all business's, are in business to MAKE A PROFIT!! Banks profit from fees. The reason the vast majority of us can enjoy things like FREE CHECKING is because of people like you can't balance a checkbook and therefore get hammered with fees. There is no false advertising here. I have been a Compass customer for quite a while and have NEVER been assessed a fee for ANYTHING. In fact, they are the only bank I know of that rebates ATM fees!!! You claim Compass has alot of complaints...I find 16 on this site. Try WELLS FARGO...they have over 225!!! Try BANK OF AMERICA...over 220!! Most of those complaints are from people that can't manage a checking account either. Please keep overdrafting your account so that my checking stays free!!! Buy some lottery tickets too so that taxes don't go up for the rest of us! Maybe you ought to buy some shares of Compass Bancshares....I find their quarterly statement quite impressive.
Doug
Houston,#4Consumer Comment
Tue, January 25, 2005
Almost every complaint I read about a bank is concerning overdraft fees and charges. Dana, you need to call WHINE 11!!! Learn how to manage a checking account without overdrafting it and you have no problem!!! Banks, like all business's, are in business to MAKE A PROFIT!! Banks profit from fees. The reason the vast majority of us can enjoy things like FREE CHECKING is because of people like you can't balance a checkbook and therefore get hammered with fees. There is no false advertising here. I have been a Compass customer for quite a while and have NEVER been assessed a fee for ANYTHING. In fact, they are the only bank I know of that rebates ATM fees!!! You claim Compass has alot of complaints...I find 16 on this site. Try WELLS FARGO...they have over 225!!! Try BANK OF AMERICA...over 220!! Most of those complaints are from people that can't manage a checking account either. Please keep overdrafting your account so that my checking stays free!!! Buy some lottery tickets too so that taxes don't go up for the rest of us! Maybe you ought to buy some shares of Compass Bancshares....I find their quarterly statement quite impressive.
Doug
Houston,#5Consumer Comment
Tue, January 25, 2005
Almost every complaint I read about a bank is concerning overdraft fees and charges. Dana, you need to call WHINE 11!!! Learn how to manage a checking account without overdrafting it and you have no problem!!! Banks, like all business's, are in business to MAKE A PROFIT!! Banks profit from fees. The reason the vast majority of us can enjoy things like FREE CHECKING is because of people like you can't balance a checkbook and therefore get hammered with fees. There is no false advertising here. I have been a Compass customer for quite a while and have NEVER been assessed a fee for ANYTHING. In fact, they are the only bank I know of that rebates ATM fees!!! You claim Compass has alot of complaints...I find 16 on this site. Try WELLS FARGO...they have over 225!!! Try BANK OF AMERICA...over 220!! Most of those complaints are from people that can't manage a checking account either. Please keep overdrafting your account so that my checking stays free!!! Buy some lottery tickets too so that taxes don't go up for the rest of us! Maybe you ought to buy some shares of Compass Bancshares....I find their quarterly statement quite impressive.