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Compass Bank allegedly charges unlawful fees to its customers, including bank overdraft fees.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Unauthorized Billing Of Credit/Debit Card Or Home Mortgage
- Unfair and Deceptive Services
- Over Charge
- Excessive or Unauthorized Fees
- Unauthorized Billing Of Credit/Debit Card Or Home Mortgage
- Deceptive And Misleading Billing Practices
- Overdraft Fees
- Bank Fees
Product or Service
- Checking Accounts
Injury Type
- Monetary Loss
Investigation Details
Investigation and potential class action lawsuit against Compass Bank for allegedly wrongfully charging overdraft fees.
Many Compass Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that Compass Bank re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: Compass Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. Compass Bank then posts the $20.00 debit, and then charges a second overdraft fee. Compass Bank then posts the $5.00 debit, and charges a third overdraft fee. If the bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that Compass Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be Compass Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by Compass Bank, please contact us to explain your experience.
Many Compass Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that Compass Bank re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: Compass Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. Compass Bank then posts the $20.00 debit, and then charges a second overdraft fee. Compass Bank then posts the $5.00 debit, and charges a third overdraft fee. If the bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that Compass Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be Compass Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by Compass Bank, please contact us to explain your experience.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Compass Bancshares, Inc. | Compass Bancshares, Inc. is a wholly owned subsidiary of BBVA. Compass is a leading U.S. banking franchise located in the Sunbelt region. Compass is the 15th largest U.S. commercial bank based on deposit market share and ranks as the third largest bank in Alabama, fourth largest bank in Texas and fifth largest bank in Arizona. Headquartered in Birmingham, Alabama, it operates 741 branches throughout Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. |
| Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (BBVA) | Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is a financial services group with more than $785 billion in total assets, 48 million clients, 7,600 branches and approximately 105,000 employees in more than 30 countries. BBVA provides a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group operates in Spain, Mexico, Latin America and the Sunbelt Region of the United States as well as in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom. |