Compass ripped me off!!

Posted Thu December 8, 2011 11:14 am, by Michael T. written to Compass Bank

Write a Letter to this Company

Last year I opened up one of your online free checking accounts to use to fund my online ebay auctions and to use bill pay out of it. I had a balance of about $170. Unknown to me, compass changed the meaning of free checking to mean a $11 fee each month if your balance was below $1500 or you direct deposit more than $300 a month.

Well I didnt use the account for a while and when I looked at the most recent statement, there is only $33 left in the account. You guessed it, Compass fee'ed the rest of it right into their corporate pocket. No letter telling me about the new fee structure, nothing. Just start taking the money, until apparently its gone.

As far as I'm concerned, Compass has behaved like thieves. They stole from me pure and simple.

I opened a free checking account. Free as in free beer. I had kept reasonable balances in my account which didn't pay any interest as far as I could tell. They gave no notice that any fees were to be imposed. They just snuck it in there so they could pocket the money still in my account. That's thieving pure and simple.

Based on this I want compass to return my money and make more of an effort to notify customers of the fee structure of their so called "Free" checking accounts. $170 might not be much to you, but it means groceries for my family or a couple of days work for me.

I can tell you this. Every time I think about that missing $150 I'm going to go out, Google up a consumer awareness website and post how Compass stole from me. And I can tell you I will be thinking about it quite often starting when I close my account with them this afternoon and get my little pocket change they graciously left me. Compass! You suck. And I'm going to make sure as many people know about your BS as possible.

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The problem with todays business environment by Ben G. Posted Fri December 9, 2011 @ 8:19 AM is that companies are forced to spend millions of dollars of their resources on compliance to inundating regulations. I highly doubt they spent didn't invest it wisely enough to protect themselves. I am guessing you missed either the disclosure in your paper or electronic statement. I check my accounts every couple of days. Its the responsible thing to do. Reply Re: Compass ripped me off!! by KenPC Posted Thu December 8, 2011 @ 11:51 PM The laws are very specific about how they are required to notify you of a change in fees. Without a doubt there was a notice included with your statement, and well as being posted in the branches and on the website. They have a legion of lawyers making sure they comply with the law. What they don't have is someone who can force you to open and read your statements or marketing mail. Regarding your 'reasonable balance'. If they can invest your $170 at a return of 4%, they will make a bit less than $7 on your funds. It costs over a dollar each month just to generate and mail the statement. Do the math. Try a credit union. You will almost certainly do better fee-wise, but educate yourself as to what you need to do to avoid paying fees. It can be done, it just takes some personal reponsibility. Reply Re: Compass ripped me off!! by Elizabethrose Posted Thu December 8, 2011 @ 11:48 AM Its not there fault you didn't keep up with your account. Call them back and I bet you everything in the world that they will be able to pull up your statement with all of the information on the changes in the banking market on the top of it and informing you of the costs. It's not their fault you don't read over all of your mail. Lesson learned, if its something from your bank, read it. Reply