BBVA Compass Bank Complaint - Beware of Compass Bank

Review by Challing on 2010-05-11
I deposited a small check to my practically empty checking account and tried to withdraw the bulk of the deposit right after. Under Regulation E, I should be able to do that, but I couldn't. I tried to get $40, and I could get that, but my receipt said my account was overdrawn, so I called the bank. I asked about Reg E and they did't now what it was! I asked for a supervisor and they said the law was Reg C, not E. I looked up Reg C and it is about mortgages!

This bank is not following our laws-I found out they are a foreign bank. I filed a complaint with the Federal Reserve an I will be looking for a new bank-one that follows the laws.
Comments:1 Replies - Latest reply on 2010-05-12
Posted by Kenneth on 2010-05-12:
It's Reg CC. not C. If determines funds availability policies, but it also specifies what cases allow a bank to extend holds on deposits. If your account has a history of overdrafts, it doesn't apply to you, nor does it if the account is new.

Reg E deals with electronic transfers, so you may want to get your ducks in a row rather than give the bureaucrats at the Fed a good laugh at your expense.

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