Personal Finance

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Address:
15 South 20Th Street, Birmingham, AL 35233

Number of Branches:
299

Details:
Compass Bancshares, Inc. is a $17.7 billion Sunbelt-based financial services company with 296 full-service banking offices in Texas, Alabama, Arizona and Florida. Compass reported record earnings of $162 million for the first nine months of 1999. Shares of Compass’ common stock are traded through the Nasdaq stock market under the symbol CBSS.

I have been a customer of Compass Bank going all the way back to the days when it was still known as Central Bank of the South (more than 15 years.) I have always been a small depositor and have never managed to keep a large balance in my little checking account — I basically live from paycheck to paycheck, but I deposit those paychecks religiously on Friday afternoon before the cut-off time as far as funds being made available for incoming transactions on my account.

I’m as conscientious about keeping track of my checks and debit card transactions as I can possibly be. I even TRY to keep track of pending transactions by going to the Compass Bank website and viewing my online statements (which lists cleared checks and electronic transactions, AND MOST pending ELECTRONIC transactions). Apparently, there are “stealth” transactions that don’t show up until the instant they post, even though it’s MORE than apparent that the COMPASS people can see them, because THOSE are the ones that have been screwing up my account recently.

I have never had as much trouble with their incomprehensible overdraft policies as I have this year. I fully understand that checks don’t “float” as long as they once did (my rent check will clear within 24 hours).

Still, Compass Bank uses what has got to be the most aggravating, arbitrary (and probably illegal) means of applying transactions to available balance.

Back in June of this year, I was hit with SEVEN (count ‘em, SEVEN!) NSF/Overdraft charges — at $38.00 EACH — when they counted a single PENDING (NOT POSTED) transaction against my available balance — which was MORE than enough to cover SIX of those transactions. I called and protested and managed to get TWO of those refunded (but I still feel I was owed MORE).

This past week, they did it again — all because of a $1.00 (YES — ONE DOLLAR) pending transaction, which caused TWO overdrafts — despite the fact that I had MORE than enough to cover everything when I made my usual deposit on Friday afternoon. Again, I called and protested, but this time, I’ve reached my limit of tolerance.

I have already opened a checking account at another bank, and as soon as the last three transactions I have out there for Compass have cleared, I’m closing that Compass account.

AND – if there is EVER any kind of class action suit brought against them for excessive fees and unfair practices, I will happily join in.

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