I cancelled my last checking account at Compass Bank this week, cleaning up a non-sufficient funds check in the process. (That can happen when a writing instructor takes six weeks to cash a check.) I discovered that Compass was charging me a $38 overdraft fee for a check that was $46.01 short. Plus an extra $7 for each extra day.
Now you can see how Compass looked good enough to get scooped up in a buyout by Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain. One month before the deal was completed last summer, Compass sent all of us good-paying customers a little note: "We're not sure, but an outside company we employed might have compromised your identity," the letter said. Sure enough, somebody was looking for a loan in Hawaii on my credit report. Nice security service, fellas.
I'm not the first guy to look at a bank's fees and feel the vein throbbing in my forehead. But while I was cleaning out my Compass house, I mentioned that I used to do all my Writer's Workshop banking at Compass, until my son moved on to the greener pastures of WaMu — and my identity got rifled, if not boosted, thanks to Compass
The Compass branch manager couldn't let this pass, not even at 5:15 on a Friday when neither of us wanted to be across his desk. "I have bretheren at WaMu, and many of our people have moved there," he said. "It looks like there is a lot a trouble ahead for WaMu, if you read the news." WaMu lost about half its share price on Monday, but rebounded. I gotta say, if you look at last week's chart, some people made great money on buying WaMu last week. Looks like it finished on Friday higher than it started on that spooky Monday.
I had to correct the Compass guy on the scope of the banking trouble — this was a week when government loan groups withered right alongside WaMu, a Top Five household lender. When he was done making me an ex-customer, I had to share this, before I rose to go out the door:
"I've been in business for myself 15 years," I said, "and I've learned there are two kinds of people in business — those who slag their competitors, and those who don't have to." A tight-lipped moment of silence from him, then he says, "I'll take that as feedback." If I had an identity full of bad-mouthing my bretheren, I wouldn't care if anybody stole it.