Complaint Review: Compass Bank - Pensacola Florida

They contradict themselves on so many different levels its not even funny. The only excuse to hold a check deposited is simply to charge more fees. Thats it, plain and simple. Compass would't have page after page of complaint on here if it was just a bunch of dumbasses with piss poor accounting practices complaining. These are legitimate compliants. The solution is easy, just don't bank with them, you will never miss them. Why would anyone in their right mind trust a bank that makes up the rules as they go along, it seems they have very little government regulation as to their accounting practices and they bend the rules in their favor every chance they get.

If the teller failed to provide you with a 'Notice of Extended Hold' on the spot, then it really wouldn't matter if they tried to call you, or even if they mailed it. It has to be given at time of transaction. So... march right in and point out to them that they failed to do this, and ask for a rebate of the fees. Kevin is off base on several points, particularly when he states that if you ask for cash back, the bank is going to stop everything and call the other bank. First of all, who does he think has time to do this. Secondly, the fact that the check is good right this second, doesn't mean it will be when it is presented for payment. What they will do, is ask you to deposit the check and draw on your available funds. Also, you don't get charged only when the check bounces, you get charged if you are drawing on uncollected funds, usually the same fee as a NSF fee. Now you make a point about them paying you, then coming after you if the check was no good. In effect, that's what they do. The fee they charge (whether right or wrong) serves as an insurance policy. When they pay on uncollected funds, a certain percentage of those checks are never going to be collected, and they will take a loss. I am not defending the practice, just telling you what it is. From everything I read about that bank, they are pretty bad, and I'd certainly consider going elsewhere. That said, they manner in which funds are held is dictated by law, and the general practices around NSF and uncollected are pretty constant. In your case, your consumer rights were clearly violated, and I think I'd be sitting in the manager's office until I got resolution.

Robert, I knew you would have a condescending and patronizing response, so I ignored it in advance. I have $30-40,000 in that account at times, so NO, I do not always check my funds availability before writing checks; I assume it is there, especially after a deposit of only a $6,100 check. I've deposited larger ones that they did not hold. What does the bank holding my check without my knowledge have to do with my bookkeeping? I don't have time to call my bank every other day after making a deposit, "Bookkeeping, can you please check to see if my checks are going to post and be available? I need to pay some bills." That's insane. Ken, I know they are doing me a favor by paying the checks. MY POINT IS: how is the bank PROTECTING themselves, if they pay all my checks that come through? If the check I deposited ended up being bad, they have already paid out on all my checks and would come after me for the money... the same as if they had NOT held the funds and paid all the items. The only way holding the funds serves as a protection to them is if they do NOT pay my checks. I am glad they covered them, I'm merely commenting that it doesn't add up, and I don't like the pile of $36 charges, which is the only result. Secondly, I have more information on this: this all took place over a week ago and the funds are still not available, so I visited the main office today. I sat down with the Checking Manager and asked her what was going on and she fidgeted around and finally told me. They had a new teller on the line, and when I deposited the check she waited until I was gone, then called the main office, (this was at a branch) and asked about the check. Since they did not recognize the name of the company (a power company, but the name was abbreviated), they did place a hold on the check, and advised her to fill out a form they are supposed to give to their customers on the spot to notify them of the hold. The teller told them I was long gone, so they tried to call my work number, but did not get me and didn't leave a message. I asked why they did not call my house, which has an answering machine... which is the number that is actually on my checks, deposit slips, etc. and she didn't know. ANYWAY, they say they mailed me the form, which I still have not received. Finally they are going to make $5,000 of the funds available in about 2 days.. (10 days after the original deposit) and the other $1,100 on the 23rd. (18 days after the original deposit) AFTER that time, I can call and request refunds for all the $36 fees, but only because they did not give me the form or warn me that they might hold the check, AND it will be in January before any of the fees might be refunded. I am still angry that: (1) They held the funds (2) They did not let me know about it and incurred a whole lot of fees. (3) That they get to use all that money for over a month, when the check I deposted is GOOD, and they caused all the charges... that I have to make a formal request to get the fees back, and that I MAY get it, as she put it. (4) That they are not more helpful and understanding. I have been very nice to their CS department and also the Checking Manager, but they have very much of a "ROBERT" attitude problem.

Both points written above are understood. In the first place, if you deposit a large check on your account, and the bank holds it, it gives the institution no cause for charging NSF fees at a later point and time, unless the check was returned for insufficient funds... because they were in receipt of a financial instrument at the time the transaction completed. If the check was insufficient, then they would have no choice but to reverse all the items (which they can do -- i worked in a BANK before), and charge NSF fees. Also, in your case, i believe you mean overdraft. NSF fees are assessed when a check or financial instrument is returned to the original depositor. So, with that said... here is a sure fire way to avoid this situation in the future. 1) Take your check into the bank, but deposit only $1. In this case, he would deposit $1 and demand cash for the $6099. 2) Does that mean the bank will provide instantaneous funds -- NOPE.. but here is what will happen. 3) The bank teller there will pass it off to a manager or head teller to contact the bank which the check is drawn. For instance, in this guy's example, they would contact ABC bank and ask them to verify funds availability.... This is a common practice in the banking industry. Once they receive their answer, they will give you the money (provided they had the money). 4) Then, take your money, and go to the next teller over and ask to deposit your $6099 in cash or whatever amount you just received from the teller in cash. Since it is a cash deposit, it will post same day and thus there is no hold placed. PROBLEM SOLVED!! However, I would contact the banking institution in your respective state, because even though the bank would have a right to hold a check at their discretion, it should not mean they hold it and gain interest, plus charge you a penalty if you overdraw your account, if the check was in reality good. Hope that helps.. If any more questions, feel free to e-mail me... Good luck...

Do you think that if they had not paid your checks, and returned them instead that you would not have been charged the NSF fee? If so, you are sadly mistaken. If they actually paid your checks, and charged you the NSF for them, they did you a favor by saving you the charges on the other end for returned checks. With most banks, you can request that they never go negative, and that would be the way you seem to want it. Just ask them.

Why did you not determine that the funds were actually available to draw on before writing all those checks? Especially with such a large deposit (doesn't matter who the check is from, there are several fraudulent checks from big name companies being passed around). It all comes down to reading your account terms and conditions. In it you will find your bank's policies on credits and debits as well as funds availablity. You'd be surprised at what other policies you may not know about that are in there. It helps to know what you are up against. Give it a read. Don't wait for the movie to come out. It is very unusual for a bank to contact a depositer to forewarn them of a pending overdrawn account. Since you tend to do that often, you should have stayed with them. That seems to be a perk you need more that online banking or bill pay. Besides, your old bank may have those benefits at some point in the future (especially if they wish to hold onto customers). If anyone in the banking industry is reading this, I would like to know once and for all if there is a department within the bank that scans daily through accounts looking for ways to access fees as most people who complain about NSFs claim. I didn't think so. A bank is not your accountant. Your sloppy book keeping would have gotten you into the same situation with Compass or any other bank. All the more reasons to read the account terms and coditions for any bank you are concidering. Some have more favorible policies than others, though most are surprisingly similar. Good luck.