http://i-hate-bbvacompassbank.blogspot.com/2010/08/customer-dissatisfaction-with-bbva.html
You really have everything to complain about. That Friday, like smart people do, did you check your bank account to see if your pay check was credited to your account? Or did you do what irresponsible people do, and just assume that your money was there and go spending? Thats rather stupid to rant about, speaking that any sensible person spends money that they saw they had first.
Banks, not just compass, distribute their checks to the customer when their payroll company(thats your employer) allows the funds to be distributed. If your funds are pending, don't start spending right away, that would be childish, especially if you knew how to manage money, and knew your bank's processing order.
For a simple answer: Pending does not mean available.
Trust me, there is no sneaky floating game. The government creates regulations, such as D, E, and CC to protect you and the bank from each other. You want to talk about floating games?
Check out this fact: customers, as well as the general public are angry that they can no longer postdate, also known as "float" checks anymore.
You can't write a check for $60 on tuesday, tell the merchant to cash the check friday because "thats when the funds will be there" and walk away with merchandise because your wrote a postdated check that will be "good" later. You can't do that anymore. Its against the law.
Its the same complaint, Customer Chris above has with his credit and debit transactions.
$1 is the approval fee that gas stations charge when you swipe at the pump. most online merchants do the same. You know why they do this? because they trust you have enough funds in your account after a $1 authorization fee.
Now, you can't tell me that when you swipe your card, the bank knows exactly how much gas you're going to put in. If you want something taken out of your account immediately, then use debit and punch in your pin number. If you're one to use credit, you better get a check register. "oh but i dont like keeping up with my transactions." "oh i know how much i spend, its the bank screwing me over" It sounds like you put too much faith in your "expert financial banking skills" that you manage your money so well, right?
Here's the "secret": Credit isnt immediately taken out of your account. Debit "POS" transactions are. Remember that next time you don't want to take the time to put in your pin.
Now I did something I don't normally do, and that actually walk in to one of the branches to ask for information on the bank, as well as call their customer service department to get answers to a few other questions.
Now the information I collected was such:
Your OD and NSF fees are $38
Your bank processes EDP
Your bank performs a blanket hold on all checks.
Your bank has cutoff times.
Your deposits of cash made before the cutoff time credit to your account same day, your deposits of cash made the day after credit next business day and will be treated as a next business day deposit.
Your bank is/isn't the problem.
Now back to Chris' complaint: You swiped at the pump because you "wanted to fill up" im assuming? That, first of all is poor spending, especially because like you said, you knew you only had $5 in the account. That is the mistake on your part, you willingly knew you would overdraft your account. Now, you said you were going to make a deposit. Was that deposit made, say after you left work that day? Most cutoff times from your branches, are about 4pm from the information I collected. So assuming you work a 9-5pm job, you probably made the deposit before 6pm, right? Either in the ATM, drive up teller, or night deposit box? Yeah thats gonna credit next day.
so according to EDP, this is your processing order:
wait, dont know EDP? (Ahem, your Compass bank's processing order? Well, then let me educate its customer's)
Processes based on 2 "days": (P)rior or (C)urrent.
They process Prior Day Credits to the account (not credits from your card)before Prior day debits to the account.
Then they process Current day Credits to the account, before Current day debits to the account
With that said, they process highest amount to lowest amount.
Im assuming its because you'd rather have 3 petty $1 redbox dvd transactions bounce than 1 $1000 mortgage bounce. Lets think house payment before entertainment.
Say today is Tuesday(The Current Day), Friday, Saturday, Sunday, Monday(The prior day) all count as one day of business Day (Did you know that? Nobody sits around and works at the bank Saturday and Sunday).
So on Friday, you have this: Direct Deposit of $7000, deposit in Cash of $5000, debit transactions of $40, $60, $1000, $8000.
Saturday you make another Deposit of $4000 by check, as well as a $2000 deposit of cash, a $5000 dollar mortgage payment, and a $100 day of shopping.
Sunday you take the family out to eat for $200, you were in the money as they say.
Monday rolls around and you buy gas a the pump for $90 as credit. Then you take your boss out to eat for $60.
Tuesday rolls around and you make a deposit for $200 cash, and buy your son some toys for $50.
Now, Today is Tuesday, they (C)urrent Day.
Any Transactions that weren't made on the (C)urrent Day are considered (P)rior Day.
Wait, so Prior day is Friday, Saturday, Sunday, Monday? Yes, you'll see why.
So speaking from EDP, your transactions will post as such:
(P)rior Day Credits:
$7000
$5000
$2000
Wait, where is that check of $4000? You made that as a check, on a non-buisness day. See you on Tuesday or Wednesday Mr. $4000 check.
(P)rior Day Debits:
$8000
$5000
$200
$100
$60
$40
Ok...Im confused. No, wait, its Highest Amount to Lowest amount. Prior before Current. Well where is the other $60 i took my boss out to eat with? Ah, you left a tip. We'll get into that.
(C)urrent Day Credits:
$200
Still no $4000 check, oh wait, I see it in pending transactions! But its on hold till the funds are verified.
(C)urrent Day Debits:
$50
Ok so I still dont get it, and there is some purchases missing. I see them on my end: PC online banking, but the bank doesn't.
Ok, lets say thursday you had a balance of $0.00 Dollars in your account.
This is how it will happen.
Prior Day Credits
$0.00
+$7000
+$5000
+$2000
= $13000.00
Prior Day Debits
-$8000
-$5000
-$200
-$100
-$60
-$40
=$-400
Thats 4OD fees. But when I spent my money, it was there, I swear. Not according to EDP.
Now, The Current Day:
Current Day Credits
-$400
+$200
=-$200
Current Day Debits:
-$200
-$50
=-$250
...oh wait the OD fees begin to show up.
-$250
-$38
-$38
-$38
-$38
=-$402
Now you're screwed. Well why didnt the OD fees post right after the transactions?!
Because Customer, when your bank goes by EDP, you know that you have all day monday(or the same business day as F,Sat,Sun,Mon) to get the account current before it goes in with processing. Now had you made a deposit, realizing you were negative, It would have been Monday, AKA the Prior Business day, thus adding to the Prior Day's Credits to your account.
Lets look at a Possible Wednesday:
Wednesday,(Now the Current Day, Making any Transactions Before Wednesday as Prior Day)
You have your $65.00 take your boss out to eat transaction being received by the bank, (You left a $5 tip) and your Gas purchase of $90 come in(Thats your merchant coming to collect on a later day), your check of $2000.00 clears the bank, and since you were negative, you ran to the bank to deposit a $405 to cover your negative balance.
so from this we can conclude the transactions post as such:
Prior Day Credits:
$2000.00
Prior Day Debits:
$90
$65
Current Day Credits:
$405.00
Current Day Debits:
none
So your Account will be:
-$402
+$2000
=$ 1598
$1598
-$90
-$65
=$1443
$1443
+$405
=$1848
So you're telling me my deposit to cover my negative balance, wasnt even necessary?
No, it was, assuming you would have made it monday.
But....thats just my bank "showing as rearranged transactions"(as Chris put it).
NO. THATS EDP.
"Well thats just unfair."
NO. THATS BUSINESS DAYS FOR YOU.
"Well i didn't know about that."
DID YOU READ YOUR ACCOUNT BROCHURE?
DID YOU ASK WHEN YOU SIGNED UP FOR YOUR ACCOUNT, OR DID YOU ASSUME THAT THE BANK WAS GOING TO PROCESS AS TRANSACTIONS COME IN, LIKE YOU WANT IT TO?
"Well nobody gave me a brochure."
SO YOU PUT YOUR MONEY AT A BANK, WITHOUT KNOWING HOW THEY PROCESS, HOW THEY HOLD CHECKS, HOW THEY FEE FOR OD, AND YOU'RE MAD ABOUT IT?
I have a question for you: Did you check all of these things in your Check Register?
"NO WHATS THAT?"
It doesn't sound like a case of the "my bank is screwing me" it sounds like a case of the "im too lazy, I let my bank do my banking for me"
Banks are not there to hold your money and debit and credit as YOU like it. They have regulations, as well as rules, and fees.
Thats why your bank is getting fees. Legally.
"Well thats stupid."
NO. YOU'RE STUPID.
Get a check register.
If thats too much for you to handle, Get yourself a Piggy bank and close all of your accounts. Its the only thing thats going to manage money for you, the way you want it. Im just sure all of those merchants are going to take checks and debit cards from the "First Bank of Me"
