Some Banks Still Don’t Get It – A Real-Life Frontline Experience

Gonzo Readers, there are times where there is no need to opine or argue to make a point. All you have to do is present evidence that speaks for itself. Today let me share a real-life customer experience that meets this standard.

I had a CD that renewed with a bank that highlights the words “simple” and “easy” on its website (this is a direct bank subsidiary of a traditional bank). My request: Take the money and split it into two CDs with different terms. Never mind why. Call me eccentric. Anyway, the initial response from the bank representative was, “We can’t actually open the second account for you. You have to do that yourself.”

Well, that seemed odd to me since they already had everything they needed to get a second account open. But, “OK,” I said, “I’ll go to your site, open the account, and then you can transfer the money to it.”

“Well, we can’t do that exactly,” the rep said. “You have to fund the account yourself.”

“OK,” I said. “How do I do that?”

“We can send you the money, then you can use it to open the second account,” she said.

“Let me get this straight,” I said. “You’re going to send me the money you already have in one account so I can send it back to you for a second one?”

“Yes, sir,” was the response.

“You do realize,” I asked, “that if you send me the money I might not send it back, right? Because I can open CDs in lots of other places, right?”

“Yes, sir,” once again.

“OK,” I said. “Send me the money, I guess.”

“May I put you on hold while I complete your transaction?” she asked. Sure, I thought. I want to see what’s next. Which was seven or eight minutes on hold while she apparently did transactions. Followed by: “I have been successful in completing your request.”

“Well, OK,” I said. “What happens now?”

“You should receive your money within seven to ten business days,” she said.

Now I’m feeling like I’m back in the ’70s. Seven to ten business days? But, let’s play the entire thing out. “So what if rates go down between now and then?” I asked.

“You will get the rate in effect at the time you open the account,” she told me.

I was depressed enough at this point that we needed to end this whole thing. I should note that the representative was as nice and as friendly as she could be. Clearly, she was just doing what she was trained to do.

Two closing thoughts. First, this was a word-for-word encounter with a bank employee. Can the “C” level people at your shop say with certainty that your customers don’t experience things like this? They need to.

Second, this is a time where everybody is fighting for every possible deposit dollar with marketing money and sales focus/incentives. Does anybody want to guess the chances that this bank is getting my money back?

-tr