Despicable new practice at my bank

[TownsendPLocke]

I never really signed up to be a customer with Chase but after five mergers/takeovers here I am.

But I hate having to go in and do buisness with them(direct deposit is not an option) as they pounce on you to try and sell you services.

I have learned to firmly say "no thanks"after falling for this twice,

Looks like some of the workers hate doing this as much as I do!

http://consumerist.com/2010/07/chase-banker-i-hate-that-were-required-to-pull-people-out-of-line-and-offer-upsells.html

[JKane]

I never really signed up to be a customer with Chase but after five mergers/takeovers here I am.

But I hate having to go in and do buisness with them(direct deposit is not an option) as they pounce on you to try and sell you services.

I have learned to firmly say "no thanks"after falling for this twice,

Looks like some of the workers hate doing this as much as I do!

http://consumerist.com/2010/07/chase-banker-i-hate-that-were-required-to-pull-people-out-of-line-and-offer-upsells.html

I also eventually got merged into a huge bank, and had this experience once so far. It was about 8 months ago, just trying to deposit and get some cash, the teller starts looking in accounts unrelated to the transaction, commenting on my balances and trying to sell me CDs and such. Financial advice through a fucking bulletproof barrier from one of the banks BIG on the govt. bailout list!! WITH people waiting behind me, after I had to wait for them pull the same on the person in front of me (who didn't understand at all what they were even talking about).

I was livid! When I got back to the office I emailed customer service and faxed the branch a very angry letter.

I have used a teller there once or twice since, hasn't happened again (though it's hard to believe my disgust with their actions could make a change in such a big company). But I am serious in my threat to yank ALL my accounts from them if they ever do such a thing to me again. Wouldn't affect them at all, and would be a PITA for me, but it's the principal!

[Lucky]

Chase paid me $250 to open two checking accounts. Now Citibank is going to give me 20,000 frequent flyer miles to open one. With interest rates at all-time lows, I am happy to get these bonuses. My Chase bank is friendly and does not try to sell me stuff. Perhaps when you drive up in a limousine it makes them salivate a bit, but I don't have that luxury!

[Guest restless]

My bank kisses my ass because I have money, and broke friends of mine get nickel and dimed to death. The fact that some of them advertise now that you will no longer have a "$40 cup of coffee" makes me sick. And I have to work with these fucks.

[TampaYankee]

This is a sore topic with me. I would have entitled the thread: Dispicable Banks had I created it. So strong is my disgust. To be clear not all banks are dispicable but count the big ones in and many of the smaller ones are picking up the bad habits too.

My rub put bluntly: banks want to make their money off of screwing customers. It is no longer sufficient to offer fair financial services at fair charges. They set credt card rates sky high and set traps for customers to fall into -- usually targeting those who can least afford that treatment. Of course when they could, they wrote a lot of trash mortgages to unqualified people, collecting the closing fees and then bundling the good and the bad together and selling them off as securities to hoodwinked investors convinced they were buying solid investments. Can anyone seriously argue that these are not corrupt business practices? Yet these bankers have not seen the light, have not repented, have not reformed their attitude, only complained that they are being regulated to death.

Banking reform has constrained some of these schemes but one can read everyday how the banks are devising strategies around the regulation constraints. Rather than restructure their business model and fees to represent a fair service at reasonable fees and fair interest rates, they spend their energy and resources to figure new novel ways to screw their customers.

Of course this is all done in the pursuit of maximizing short term profits and management bonuses. A fair return on money is not enough it must be maximazied to the fullest extent, even at the cost of screwing customers. IMO it amounts to legalized extortion.

One can always say "go to another bank". True, but all of the big banks are engaging such practices and even the small banks are slipping in to some of them. The truth is that modern society, and the economy for that matter, depends on banking to make it work. The bankers are essential today, they know they have us bent over the barrel and they have their way. Even with reform they got their way, more than not, howling in the front room and smiling in the back room. Sure it is an inconvenience for them but they are nothing if not resliant and cunning.

This sensitivity started some years ago when my bank got gobbled up by bigger and bigger banks until I ended up with one that expected me to pay a fee to check my balance at the ATM and wanted a fee to speak to a teller. In an oblique but unambiguous manner I told them to fuck off and took my busines to a state bank which has sense been gobbled up by a big national bank. Recently they instituted new terms and conditions and fees of course. However, in view of 'my long asscociation with them' and a monthly electronic deposit, which they seemed to covet mightily, they rescinded the fee changes for me. However, I'm wary of and certain that traps await me if I falter from the straight and narrow. Fuck the banks -- they are certainly going to fuck you given half a chance.

I have gotten opinionated in my old age.

[caeron]

I was with Wells Fargo for some years. The breaking point was when I was traveling a great deal on business. They charged me when I used someone else's ATM. Never mind the other bank's fee. THEY added a fee! When I complained, they said "just use our ATMs". My retort was "and where in London do you have an ATM?"

Fortunately, I found out that since I was as a child covered by USAA, I was eligible to rejoin as an adult. For those who don't know. USAA is a bank for military and their families. It's non-profit and is both insurance and banking. I now bank remotely with them. The first 10 atm fees a month are rebated to me so I no longer have to worry about where I get money. I have to post my deposits, but it seems a small price to pay.

I would imagine in a survey banks would be among the most hated consumer institutions around.

[OneFinger]

Many years ago I worked at a bank. I thought things were bad back then. But, unfortunately, they have only gotten worse.

The only bank I use is an internet bank where I get a better interest rate.

But, for my day-to-day transactions, I've switched to a credit union and LOVE it. My mortgage is through them and, when I noticed interest rates dropping a few months ago, I stopped by to inquire about refinancing. The loan officer looked at me and said, "Well, Mr. Finger, we are so back-logged with loan processing it's too much paperwork for us. Can we just give you the lower rate without all the paperwork?" I was elated.

Then interest rates dropped again. So, I stopped by to look into refinancing. Again, they said it was too much hassle and just lowered the rate. Last week, they CALLED ME and asked if I'd like the rate dropped again to their best rate. They made that change over the phone.

I pay no service fees. Checking is free. I have no fees at ATM while traveling. In short, I doubt I'll ever use a brick and mortar bank again.

[lookin]

A few years ago, I read a book called The Number: How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America. It traced the well-meaning origins of laws that required publicly traded corporations to begin publishing quarterly financial reports, how the quarterly earnings number became the measure of a company's performance, and the (mostly) unintended consequences that followed. Those of you who have worked for a Fortune 1000 company will know the incredible pressure to deliver increased earnings quarter after quarter after quarter. Bonuses, promotions, and job security are all dependent on this single metric. Woe betide the manager who cannot get more and more profit dollars to the bottom line, quarter after quarter, by whatever means necessary.

Price increases, cheaper ingredients and raw materials, offshore manufacturing, staff reductions, reduced service levels, fee increases, new kinds of charges, acquisitions and consolidations, elimination of competitors - whatever it takes - will be used to transfer more of your dollars to the company's bottom line. Obviously, much of this is not in the interest of the American consumer, and the bigger the companies get, the less power we consumers have to resist. As others have said, it is more and more difficult to find alternatives to the large predatory corporations. Banking is one example, food is another.

What to do about it? There are three things I can think of, and I'm looking for more. First, I try to avoid supporting the largest corporate offenders where possible: if I can avoid a purchase altogether, wait till it's on sale, or get it from a local business, I will. Second, I'm sharing my thoughts with others in my community, including here. And, third, I'm becoming more tolerant of government regulation; not that I want big government in my life, but I want big business in my life even less. If anyone has any other useful forms of resistance, I'm all ears.

[Guest twinklover]

Townie, I recently had the same "sales job" experience at Chase from a teller while I tried to complete routine transactions. I inherited Chase from Washington Mutual. I told her the money wouldn't be there for long and I had other institutions. The teller is just doing her job. She quickly understood there wasn't any point in going any further in the conversation with me. At my long-time branch with Bank of America, no sales pressure at all, and they always treat me well. But then again, they hold a lot of my money and I'm in their system as a premiere VIP customer.

Lookin, I don't how else to resist except to do business with those who treat you relatively the best. You have to vote your dollars, no matter how small and meaningless it is to one company. If enough people do so, maybe practices like that at Chase would not be so vulgar.

[lookin]

Vulgar is the word, exactly.

[JKane]

Credit unions are great, I belong to three! They are ideal for loans and credit. Seem to bend over backwards for customers fairly often. But they are a bit inconvenient for some general banking duties.

Other than the incident I relate above, I've been surprised by how well things have gone with my huge bank. I never would've chose them, but they've done a good job so far. ATMs everywhere, branches all over the world.

I didn't know USAA was also a bank, I've heard great things about their insurance. I don't qualify, but it sounds like anybody who does should try them out.

It's interesting to hear somebody having a problem with Wells Fargo, I thought maybe they'd be the new WaMu everybody seemed to love.

The bank I've by far heard the most complain about, mostly for general incompetence--even before the banks screwed the economy--is Bank of America. I've had several people tell me of incidents where they go to a branch and can't do what they need because their account was opened in another state, hilarious given the bank's fucking name. To me BofA = Bunch of Assholes; wouldn't go near them on a dare.

[Guest Klair]

Whatever happened to toasters and a set of steak knives?

[BiBottomBoy]

I use Wachovia and their customer service is excellent.

[JKane]

I use Wachovia and their customer service is excellent.

But their name always makes me think Walkoverya! Then again, that'd make them the one honest bank!

[BiBottomBoy]

When I accidently melted my ATM card by leaving it in the wash they arranged for a local bank to advance me 100 euros cash and fedexed me - for free - a new card.

[Guest restless]

But their name always makes me think Walkoverya! Then again, that'd make them the one honest bank!

Ha, I always think of them as 'Watch Ovah Ya.'

[BiBottomBoy]

They do watch over you!

[Guest Anton]

My rub put bluntly: banks want to make their money off of screwing customers.

Hey TY,

Boy, I seem to have something in common with banks. We are both screwing our customers. Although, there's also a difference : in my case my customers love it.

Sincerely, Anton/Amsterdam.

[BiBottomBoy]

You can give me a deposit anytime.