Complaint Review: Compass Bank - Tempe Arizona

The fee is in the disclosure, and I also checked out a few other banks as well, and every account has a dormant account charge. I found one credit union that didnt.

Robert, You said: "The account is supposed to be for saving money, not withdrawing it. By your own admission, nothing was added, yet money was withdrawn over a two year period." Um, I never, ever said money was withdrawn over a two year period. Where did you see (or infer) that in my letter? Also, please don't lecture me about my daughter learning how to save money. At only 11 she has saved nearly $1,000 in an ING savings account towards college. This Compass account was just sitting there almost empty (it did have a small balance of about .44 cents, which 'disappeared' at some point) and she decided to deposit her extra $40 to it so IT TOO would have a balance and she could build it up like her ING account. Additionally, as I previously stated in my complaint letter that you so carefully read I was in the process of moving (selling a house, buying a house, packing and relocating) so I called the Compass Bank customer service line to inquire about this fee (I called in mid-December) and was told this was a mistake and the fee would be reversed when I went into the branch. Being more than a little busy with the move and having an infant to care for, I didn't race across Phoenix to go to the branch and instead went in yesterday when it was convenient. If I'd had ANY IDEA that Compass was lying about reversing these fees I would have driven to the branch much sooner that March 14th (not March 17th, as someone pointed out, because that is in the future.) How on Earth can anyone believe that my daughter or I did ANYTHING wrong in this matter? Compass Bank screwed up and charged fradulent fees to a child's account, then they lied to cover it up. Plain and simple. PS: By the way Robert this fee is NOT "in the terms the parent(s) signed"

The girl had an account for two years, and had nothing in it until November 2006. No activity at all for two years, thuis the dormant account fee. This is in the terms the parent(s) signed. The mother then waited until March 2007 to bother with the issue. Gee, I cannot imagine why the Bank is unwilling to reverse the fees. The mother has proven by her actions why the account was dormant...she procrastinates, as opposed to taking action. I hope the girl learns from this. As Cory pointed out, she will have nothing saved if she doesn't actually save it. My 11 yr old has several hundred dollars in his account. He has almost $50 more in his cash jar in his room. That's his spending cash. He regularly deposits everything else. THAT's what saving is all about.

I am a banker and I've never heard of any fees associated with any childrens account. Doesn't mean they can't, but as an industry standard, it just isn't done. If it had been a regular account, the $5 dormant account fee should be per QUARTER, not per month (unless they actually mail statements monthly on savings accounts; most banks do them quarterly) and in any case, youe November deposit makes that a moot issue. Sounds to me like you got a "rookie" account rep that had no clue how to get authorization to reverse the charges (which I honestly believe were probably caaused by a wrong computer flagging of the type of account; i.e. "kids) and just wanted to get rid of you. I'd take this a bit higher if I was you, especially if they cant prove to you that this is their police in their T-I-L agreement. And no, I don't work for Compass Bank...just one of the last independent community banks; this type of service is why I hate the "box banks" and would retire before I worked for them. Good luck and keep fighting!

This lady clearly states that her daughter made a $40 deposit into her account in November,and that these ridiculous "dormant" fees began soon after. Is there something about that you don't understand? This bank ripped these people off,and they should be exposed for it. I've never heard of such a bogus fee in all the years I have been banking. It sounds like yet another scam to force people to have to pay more money.

Sad lessons taught all around. Your daughter got taught sad lessons all around. She found out that the banks WILL rip people off. And, she learned that it's ok to raid her savings account every Christmas. At that rate, she'll have a whopping $200 saved up, in her account, by the time she's 16, to buy her car. I don't mean to be harsh but, she pulled 60% out her saving account and the bank got another 20%, so she's down to 20% of her original stake. That's not a very good lesson. When you got the November statement and it showed a $5 fee, I would have trucked on down to the bank and demanded to know why they were already hitting her up for a $5 fee. YOU waited until March 17th to get down to the bank, four months later, to get it straightened out. That's your fault. You can probably find a credit union that has a child's savings account without penalties. Screw these rip off banks.

For starters, I have never even heard of abank which charges fees for children's accounts. It just isn't done. That aside, if she made a deposit in November, then the account was NOT dormant, and nothing they say would make it so. There is never any requirement under law for a withdrawal, in fact, if you make contact with the bank, that suffices. Here in New England where passbooks are still common, the act of updating your passbook with interest suffices to make an account not dormant. You should document everything you have said here in writing, and go and sit and review it with the manager of that branch. If he or she is not willing to make it right for your daughter, just politely explain to them that you are filing a complaint with their regulator (the Comptroller of the Currency). It will cost the bank many, many times more than what they feed your daughter to address the issue with the Feds.

The account is supposed to be for saving money, not withdrawing it. By your own admission, nothing was added, yet money was withdrawn over a two year period.