Last week, with Certificates of Deposit (CD) due for renewal, I called the bank to find out the new interest rate. A woman answered, dithered a bit and then said that nobody could talk to me. They’d call back.
They didn’t.
I called again the next day. Same thing. The bank is a Florida operation with 20 branches, so I tried calling another branch that is near my office, but apparently you can’t do that.
Hmmm. I called my original branch, tapping my feet, and told whoever answered that I’d be in to close the CDs the next day. He said “okay”.
So, I drove over there and, after an hour of waiting to get approvals, I left with my cashier’s checks. The employees didn’t even pretend to try to keep me as a customer.
Later many people tweeted and emailed me that the reason the bank didn’t care about renewing my CD’s is that they really make no money on them and that they’re more interested in investment accounts or loans.
That may be the case, but aren’t I a prospect for all of those programs also? Yes, I am. Plus, I’m on my Condo Board and we have a huge sum of money in that particular branch. They made me upset because they didn’t recognize our long-term relationship. And, as a business owner, I would be so upset if any of our clients were ever treated poorly like I was.
Flash forward a day
I was talking to my right-out-of-college assistant, Rachel, about saving money and investing wisely. One thing led to another, and I called to make an appointment for her with Jack Howell at a nearby branch of Scottrade.
He was happy to meet her and spent a lot of time explaining how to trade online. He answered her questions and was so informative that I, who’ve had a Scottrade account for years, learned a few things – like how to find dividend bearing stocks on Scottrade’s website. Here’s a photo of Jack with Rachel.
Since then, I’ve told all kinds of people about how great Scottrade is, even Tweeting the company’s praises to my 17,700 followers. My cousin, Fran up in Philadelphia, just called to tell me she signed up for a Scottrade account. Maybe others did, too.
I can’t understand the bank’s cavalier approach to customer service. They weren’t always like that. My Mom and Dad banked there for years and loved it. Maybe it has something to do with the fact that a large international bank group bought them a while back and now their marketing focus has changed.
Maybe they just wanted me to leave. It’s possible. But, why? What are your thoughts?
About Lois GellerLois Geller is President and Owner of Lois Geller Marketing Group and headed agencies in New York and Toronto. Lois taught Direct Marketing at NYU. She’s the author of five marketing books, including Response: The Complete Guide to Profitable Direct Marketing. Follow @loisgeller on Twitter.
Lois,
Wow….what a tremendous oversight. Even if the company is not making money on the current structure of the account you are a captured audience for them to try and “convert” or cross-sell other money-making services.
Complacency and or lack of conviction/message/strategy/leadership is to blame….
It doesn’t take much to make a current customer happy and a little extra loyal to your brand. Plus, their support helps build your reputation and authority. And it’s business 101 that it costs a lost less to keep a customer than find a new one. Everyone deserves great customer service, no matter how much money they spend with your company, because they are your customer!
Thank you Louise and Rachel. I’ve had so many people on Twitter write about poor customer service at their banks…and how they want to be treated well.
Many have said that banks don’t care about CD’s because they only make money on loans (and they’re getting funds from the Government). That’s really short-sighted.
If I have a savings account at a bank, I’d consider them for my company line of credit, for a loan on property….for all kinds of borrowing (including credit card).
Yet not one bank checked in. Why, I ask?
It certainly has to do with the proper training. Good customer service seems to be a lost art. I also find that in banks here in South Florida, the personnel changes frequently. I have no faith that a person who I am working with will be there six months from now. However, one bank that I deal with has a financial services branch with personnel who have been in their job for a long time. When I find someone who is friendly, knows their job well, and spends time with me, I invariably have confidence in them, as well as their place of work.
Jack was great! I was nervous to make my first investment, but he made me feel comfortable and answered all of my questions. He took the time to walk me through everything. After I left, I forgot my welcome package and he called me up so I could go back and get it. He wanted to make sure I had all of my materials. Having such a wonderful experience, I’ve been spreading the word to all of my friends and family. A special thank you to Jack and his staff at the Aventura Scottrade branch. And thank you, Lois!