- Report: #400652
Complaint Review: Compass Bank - Birmingham Alabama
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Compass Bank
15 South 20th Street Birmingham, 35233 Alabama, U.S.A.
Phone:
205-297-7151
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Compass Bank Unable to stop payment on a cashiers check Birmingham Alabama
This is a pretty simple situation, but Compass completely botched it.
One of our tenants sent us the monthly rent check ($1000) via certified check in the mail. The mail lost it and we want to stop it because the name the check is made out to is pretty common (think Joe Smith). I understand the bank needs 90 days to wait to reissue a new check, so no problem there.
Here is the rip off though:
Compass Bank will not stop payment on the check unless we buy a surety bond for $100. So if the check gets cashed by a third party, we may or may not get the $1,000 back, after we go through a lot of red tape. Or we pay $100 now for them to stop the check.
I thought a cashiers check gives you increased protection, not less. We contacted 2 branches, 3 people at their customer service department and you guessed it, we got 5 different answers. We sent a letter to their general counsel in Alabama as well as their corporate communications department, so we will see.
But the ineptitude combined with bad corporate rules are not a good combination for Compass Bank. Give these guys a big MISS... stay away from them.
If they can't even cancel their own checks, how do you know that they will actually watch over your money???
Not Happy
Not happy
San Antonio, Texas
U.S.A.
One of our tenants sent us the monthly rent check ($1000) via certified check in the mail. The mail lost it and we want to stop it because the name the check is made out to is pretty common (think Joe Smith). I understand the bank needs 90 days to wait to reissue a new check, so no problem there.
Here is the rip off though:
Compass Bank will not stop payment on the check unless we buy a surety bond for $100. So if the check gets cashed by a third party, we may or may not get the $1,000 back, after we go through a lot of red tape. Or we pay $100 now for them to stop the check.
I thought a cashiers check gives you increased protection, not less. We contacted 2 branches, 3 people at their customer service department and you guessed it, we got 5 different answers. We sent a letter to their general counsel in Alabama as well as their corporate communications department, so we will see.
But the ineptitude combined with bad corporate rules are not a good combination for Compass Bank. Give these guys a big MISS... stay away from them.
If they can't even cancel their own checks, how do you know that they will actually watch over your money???
Not Happy
Not happy
San Antonio, Texas
U.S.A.
2 Updates & Rebuttals
Tommy
Austin,Texas,
U.S.A.
Me TOO!
#2Consumer Comment
Wed, December 17, 2008
I hav ealso had almost the same experience with compass bank,with a 3000 dollar cashier's check that the bank advised me to buy,because it was "safe".Not a chance ,when I found out it was a fraudulent person,I went to the bank,the check had not been cashed yet,got different stories from everyone I talked to,Jeanie(the head of the cashier's check dept. at the main branch in Alabama, told me it was possible to stop payment on fraud,but it was up to my branch to grant this wish,I no longer do business with these thieves and advise every other compass customer to run with their money cause wait till they get you on their overdraft scams they do too! Compass Bank sucks! thanx for your time
Ken
Randolph,Massachusetts,
U.S.A.
This is pretty standard practice
#3Consumer Comment
Sat, December 13, 2008
A cashier's check is drawn on the bank's own checking account. If the check is negotiated in certain ways through other banks, Compass may be obliged to pay it in spite of the stop payment. It's a legal thing. The reason for the bond is that they are insured that if they have to pay it to a holder in due course, they will be reimbursed by the bonding company. It's an unfortunate fact of business if you use a cashier's check. It is generally printed right on the check that there is a waiting period and a bond required. For that (relatively) small amount, the purchaser would have been much better off with a money order, which doesn't have the same legal requirements. Any chance the original check may show up?
