Why you should use the Compass Bank of Texas website
In recent years, Compass Bank has seen its bank account growth dwindle by a third, and has also seen its reputation drop by almost half.
That was because of what it called a “significant reduction in the volume of transactions that occurred between the bank and customers”.
In December, Compass announced it would be closing its Compass Bank Canada branch, but that change was temporary, and the bank said it will be opening a new branch in the city of Austin.
In the meantime, the bank has announced that it will no longer accept bank transfers at its Canadian branch, although that move has yet to be made.
The move has led to a number of concerns for some customers, many of whom were surprised when Compass announced that the bank was closing its branch.
The bank has said that it is currently in the process of reopening a Compass Bank branch in Ottawa, and plans to resume processing deposits by the end of March.
For its part, Compass said that the move is part of a “business plan” to address the “substantial” volume of non-transaction activity that it said was happening across its bank.
“In a global economy where many of our customers use their bank accounts to make purchases and transact with other financial institutions, this decision is driven by the continued and significant volume of transactional activity across the Compass bank network,” the bank wrote in a statement to Business Insider.
“We have been working hard to address this problem.”
However, Compass has been accused of “selling off” its customers’ personal information.
Compass told Business Insider that it “has never been able to identify a single instance of fraud committed by Compass customers that resulted in a customer being unable to make a purchase.”
“However, in an effort to enhance our reputation and customer experience, we have decided to close the Compass Canada branch in our Canadian Capital Region in a phased manner,” the statement continued.
“This change will take place over the coming months, and is being implemented in response to the increased volume of fraudulent transactions.”
When Business Insider asked the bank for a response to these claims, Compass declined to comment.