Another bank has agreed to settle claims that it had charged excessive overdraft fees when it reordered debit card transactions from highest to lowest.
The parties in a putative class action lawsuit against Compass Bank notified the federal district court in the Southern District of Florida that they executed a Summary Agreement that sets forth the material terms of the parties’ binding and enforceable agreement to fully, finally and forever resolve, discharge, and release all rights and claims in, or that could have been asserted in, the above referenced action based on Compass’ payment of the sum of $11 million.
Compass did not admit liability. The settlement is subject to preliminary and final approval and dismissal of the action with prejudice by the Court. The settlement will be memorialized in a comprehensive written Settlement Agreement and related documents, which the parties will endeavor to file with the Court as part of a motion for preliminary approval within 90 days.
Compass Bank is still charging excessive overdraft fees when it reordered debit card transactions and is now paying their overdraft fee’s before the account goes negative.
Hi there,
I used to have a Compass account. My boyfriend overdrew the account by .69 cents one night when he bought cigarettes. By the time it was all said and done, we had paid outstanding checks in cash with associated fees, the bank took his whole paycheck (I think) and we still have a balance owing of $1200 which no on will ever discuss with us. How do I take care of this?
Kelly C.
I just got a post card from some lawyer naming me as a member of this class action lawsuit. Gotta love class action lawsuits. You can be included in class action lawsuit without even knowing it. The majority of the plaintiffs get close to nothing, and the lawyers walk away with 30%, That’s 3.3 million. Not to sound vain, but I’m glad those blood sucking lawyers are mainlining right from Compass Bank’s annual profits, even though the loss won’t be nearly as painful to Compass as the loss of my rent money to overdraft charges.
I get disability checks, Direct deposit on the 3rd every month. I would have checks go in on the 3rd but would still be charged $38 dollar overdraft fee. I called and they would tell me it came through before my check was deposited.
Until about six months or so ago, I was still getting bills from compass bank for an overdraft, which was their fault, and which I had been told was taken care of. They said that I owed about $700 in overdraft fees. It’s no wonder that I now have high blood pressure. Whatever you can do to put these people away, please feel free to do it.
Ron R.
i had a lot of high over draft fees thats why i went another bank because every time i put my check in the bank and start to pay a bills some where i would not have the money id call the bank every time this happend and i was told there was overdrat that didnt come ect.
I was just informed of the class action lawsuit for compass bank’s overdraft shinanigans. I have had issues with this a few times. My paycheck gets automatically deposited into my account every friday. It shows in my account first thing in the morning. If I have an automatic withdrawl come out on the same day, it always happens later in the day. Because my deposit goes in first my account still shows a positive balance, until low and behold, Compass Bank adjusts these transactions to show the withdrawls coming out before the paycheck goes in. This has even happened the following day. (All designed to create more overdrafts) I called to complain about this and was told it’s just their policy to have all deductions taken before deposits are shown. Now I’m trying to get previous statements from Compass to show when these transactions took place, however, I only have access to pull up the last 16 months. I called Compass Bank and they want $3 per statement and up to $25 per hour it takes them to process my request for all statements dating back to April of 2006 (when I opened my account). This would cost me a minimum of $275, possibly more. I informed them, they were the ones that promote paperless statements and had I known I wouldn’t have access to my previous statements, I would have never gone paperless, and asked them to waive the fee’s. Naturally, they refused. My point here is I have had numerouse overdrafts due to their adjustments of the transactions in my account after you can clearly see my account was fine. This has cost me hundreds of dollars. I now have no way to prove this has happened unless I pay hundreds of dollars to Compass bank to get the statements that belong to me in the first place. So, What should I do here?
I LEFT COMPASS BECAUSE OF THE OVER DRAFT FEES..AND I FEEL ITS RIGHT THAT WE GET BACK WHAT WE PUT IN & MORE…
I dumped Compass Bank after several instances of reordering checks/debit withdraws to create a fictitious negative balance with $38 overdraft charge for each transaction. Shame on Compass for this dishonest business practice, which hits low income people hardest. I highly recommend any Compass customer to find a credit union.
I banked with Compass from 2003-2006 and their overdraft fee’s were ridiculous. My deposits would not show until 3 days later, and every time you called to check your balance it charged 3 bucks. Hope they get sued heck of a lot more money then 11.5 million.
I knew my card had been used by David Bagwell (now an inmate in Texas). But I can use the money in August.
I have proof that compass practices was intentional I was a member and they took 300. dollars like it was nothing to them now pay back should be as much hurtful to them as it was to me.
same thing happend to me and my husband…sure hope I get a recovery.
My C-card was dropped at a store Compass covered a loss for me of a couple hundred and overdraft me so much I didn’t get more then $50.00 of my 300.00 I presumed I had.
I left Compass Bank because they purposely processed my debits before my deposits to charge me EXCESSIVE overdraft charges. I was so happy to get the notice of the class action against them. Even if I don’t get anything back, at least they will be out money. Kudos to whoever started the lawsuit.