- Report: #246383
Complaint Review: Compass Bank - Dallas Texas
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Compass Bank
compassbank.com Dallas, Texas, U.S.A.
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Compass Bank Bank Fee Ripoff/Theft - Charged 125,000% interest on a $2 overdraft Dallas Texas
Compass Bank has gone over the deep end on charging fees. I was in the process of closing a business account with them. Thus, I was keeping just enough in there to make sure all of my checks and outstanding charges cleared.
Well, 2 months ago they decided to charge a $3 Check Imaging Fee to send copies of my checks. I never agreed to this, but they just arbitrarily charged the fee without my approval claiming they sent me notice in the mail which I've never seen (even though I didn't have any checks to image). This caused my very last check to be overdrawn by $2.
Since I'm in the process of closing the account, I have not paid that much attention the account over the last month. When I logged on after nearly a month since my last check was written I notice that for that $2, they charged a "NSF Charge" of $38 + "OD Charge" of $38 (They appear to be charging me twice but just labeling it different) and then they charged an "OD Fee" of $7 per day!!
Thus, if you don't check your balance DAILY and only monthly (as I did) you really get screwed - I have been charged a total of $245.00 for a $2 over draft! That is insane and is just stealing! They justify the $7 fee by saying they sent notice that there would be a daily charge of $7 for everyday there is a negative balance. Of course I never received such notice which they just slipped in somewhere hoping I would never see it.
When all is said and done, they have charged me the equivalent of 147,000% interest (12 months * $245 / $2 overdraft. That has got to be usurious and just cannot be legal. When I talked to them, they justify it by saying they are a business to make money and that it is not a matter of being fair or not.
I never agreed to these terms when I signed up for my "free checking" account. This seems to be a blatant violation of contract law b/c they cannot show me where I agreed to these terms or prove that I ever saw such notices. What gives them the right to arbitrarily change our agreement. I know it would never be upheld if I sent them an arbitrary notice saying I was changing the agreement and that I would now not be paying any fees.
There has got to be a nice class action suit in here somewhere. I have not even gone into the other stunts they have pulled such as the way they process transactions (which varies depending on the way it favors them the most - it is not consistent I can assure you b/c I've seen multiple ways they've processed my account). This kind of predatory banking practices have got to stop. And I don't want to here it from these rightous people who say it wouldn't happen if you track your funds better - I did track them and I still got screwed!
Vance
Richardson, Texas
U.S.A.
Well, 2 months ago they decided to charge a $3 Check Imaging Fee to send copies of my checks. I never agreed to this, but they just arbitrarily charged the fee without my approval claiming they sent me notice in the mail which I've never seen (even though I didn't have any checks to image). This caused my very last check to be overdrawn by $2.
Since I'm in the process of closing the account, I have not paid that much attention the account over the last month. When I logged on after nearly a month since my last check was written I notice that for that $2, they charged a "NSF Charge" of $38 + "OD Charge" of $38 (They appear to be charging me twice but just labeling it different) and then they charged an "OD Fee" of $7 per day!!
Thus, if you don't check your balance DAILY and only monthly (as I did) you really get screwed - I have been charged a total of $245.00 for a $2 over draft! That is insane and is just stealing! They justify the $7 fee by saying they sent notice that there would be a daily charge of $7 for everyday there is a negative balance. Of course I never received such notice which they just slipped in somewhere hoping I would never see it.
When all is said and done, they have charged me the equivalent of 147,000% interest (12 months * $245 / $2 overdraft. That has got to be usurious and just cannot be legal. When I talked to them, they justify it by saying they are a business to make money and that it is not a matter of being fair or not.
I never agreed to these terms when I signed up for my "free checking" account. This seems to be a blatant violation of contract law b/c they cannot show me where I agreed to these terms or prove that I ever saw such notices. What gives them the right to arbitrarily change our agreement. I know it would never be upheld if I sent them an arbitrary notice saying I was changing the agreement and that I would now not be paying any fees.
There has got to be a nice class action suit in here somewhere. I have not even gone into the other stunts they have pulled such as the way they process transactions (which varies depending on the way it favors them the most - it is not consistent I can assure you b/c I've seen multiple ways they've processed my account). This kind of predatory banking practices have got to stop. And I don't want to here it from these rightous people who say it wouldn't happen if you track your funds better - I did track them and I still got screwed!
Vance
Richardson, Texas
U.S.A.
2 Updates & Rebuttals
Bill
Houston,Texas,
U.S.A.
Lesson Learned
#2UPDATE EX-employee responds
Sun, July 29, 2007
You are absolutely right!! The fees are ridiculous at Compass when it comes to getting overdrawn! But it is your responsibilty to keep up with your account. Banks and businesses change their service agreements all the time. They normally mail the change in terms with a monthly statement or seperatly. I know you did not sign up for paying 3 dollars for image statement but you yourself said you were not using it anyways you could have cancelled that service before they began charging. Also gas stations are always changing things like their prices? I don't think anyone signed up for that? Honestly you should not ignore any account for more then 2 weeks remember a bank is in business to make money and not to do you any favors. I am sure you are in business to make money as well. Granted I agree with you the fees are outrageous but it is what it is.
Tony
Euless,Texas,
U.S.A.
Ha ha, good luck with the "Class Action"
#3Consumer Comment
Fri, June 29, 2007
Before you start to file anything, you should check your disclosures that you got when you opened your account, all of the service charges are posted there, and by signing the signature card you agreed to them. I lost a big c***k of my money and time trying to do the same thing at another bank I use to bank at, all banks are in it for the money, and unfortunately, you have to use them. Credit Unions arent any better, but at least their charges are a lot smaller, you should check one of them out.
