Getting the "hard sell" from banks

Mylastrolo

Hello Everyone,

I'm just wondering whether anyone might be able to advise me, or if anyone else has been experiencing similar. I've been a customer of Lloyds bank for over 30 years and mostly my experiences with them in terms of customer service and feeling valued have been positive. However, in the past couple of years, a high pressure sales team seem to be in situ.

Two examples:

Firstly, in recent years I've been getting pestered with phone calls every few months "inviting" me to have a financial review. I only ever went on one, which I found totally unhelpful and where I first noticed the "hard sell" tactic of trying to get me to invest with them etc. After that, I found that that these are NOT compulsory and so I always told the person ringing afterwards that I did not want to take up the offer and that I preferred to get any financial advice I thought I needed from external sources (quite frankly, I'd prefer to visit this website any day of the week!). I even asked one previous caller if they could put something on computer or on my file to say that I did not wish to be offered a financial review, but obviously no-one has taken any notice of that.

A few months ago I called into my branch and reported a problem I was having with my new debit card (it was only letting me draw out £2 per day!) to the Customer Service Desk which is very public and in the main part of the bank. The female staff member on duty, having called up my details started trying to interest me in a loan. I had, as it happened considered getting a loan to make a particular purchase, but she wanted me to take out a loan that would pay off my overdraft as well. (I have an overdraft facility of £1000 on my current account which I never exceed and mostly don't even pass the half-way mark. It acts more as a buffer for unexpected expenses or emergencies) I didn't want to discuss my private business there and then with a queue of people behind me so I made an appt to see her the following Monday. I didn't want to take out a big loan that meant large repayments and I was still only interested in getting a small loan for a proposed purchase)

Unfortunately, that weekend I came down with swine flu, and on the Monday I phoned the bank and left a message for her to say that I was at home sick with swiney and needed to cancel my appointment. I clearly stated that I would contact her to reschedule once I had recovered and was back at work. Clear enough, I thought. However later that day this woman phoned me on my mobile! She said she'd got the message that I was sick and couldn't make our appointment, and would I like to reschedule now? I was absolutely stunned that she would phone me on my mobile when she knew full well that I was at home and sick with swine flu, and barely able to talk! However, I remained polite and said that, as per my message, I would reschedule once I was back at work and had my diary in front of me. Then, incredibly, she said that we could always discuss the loan over the phone there and then. What part of "I have swine flu" didn't she understand?? At that point I simply told her that I was feeling far too unwell to continue the conversation, and hung up. She didn't bother me again, but I was left feeling that I certainly didn't want to discuss anything with her at all, and as I eventually decided against making the purchase in question, I didn't pursue taking out a loan either.

I hadn't heard the last of her however because she left a message on my mobile phone two weeks ago inviting me for - yes, you've guessed, a financial review and asking me to call her. I was quite exasperated by now and simply ignored it. I work in a hospital and during the day my mobile phone has to be switched off because of medical equipment. Fortunately, she doesn't seem to possess my work landline number. However, since then she has phoned my mobile every single day at around the same time (mid-morning) although she has given up leaving any messages for me to contact her). Rather than have any confrontation with her, I decided I would continue to ignore her and that she would give up eventually, but she seems to be very tenacious and so far I have registered about nine or two "missed calls" from her.

However the second thing that has since happened, and that is of more concern to me is that yesterday I received a letter from Lloyd Bank from someone who introduced himself as the new branch manager. I think the letter was probably sent out to a number of customers and not just me (or at least I hope so) but this letter went on to say that he had noticed that I had been "using my overdraft facility a little more in the last few months" and that whilst overdrafts could help me manage my money in the short term, in the longer term I might prefer to organise my finances differently. And then again he invited me to drop in to see him or one of his colleagues for a chat. So, yet another offer of a financial review and no doubt another bid to sell me a bank loan.

I actually found this letter quite impertinent. If I have made heavier use of my overdraft facility (which I have due to unexpected and heavy vet bills for example), well, that's what it's there for, and that's why I pay a fee for it. I had anyway decided this year that I would like to try and reduce my overdraft anyway and get back in the black, but by reducing my expenditure and budgeting better, not by borrowing more money.

However, I'm a bit worried because I don't know the law, and I'm afraid they may simply withdraw my overdraft facility and force me to pay it off with a loan - especially as I've refused financial reviews. I found this letter slightly threatening, and I hope I'm not sounding paranoid here. Does anyone know how I might best respond to all this without being at risk of having my overdraft facility taken away? And whether I am at risk of them doing this? Workmates have told me that I should have made a complaint about the woman pestering me at home when I was off sick. I'm not into complaining and getting people into trouble, but I'm not happy with the way I'm being treated here.:mad:

Wishing you all a great weekend,

Regards,

Myla

Wannabedebtfree

I bank with Lloyds, and can't say that I've been hassled to that extreme, however I know the counter staff are pretty much forced to ask you if you want a loan or a card etc.

However, the latest tack in my local branch is "we need to check that you have adequate house insurance" my reply was yes and you can't beat it and then I was offered one of their credit cards, again declined the offer but then was told "we recommend you have and use a credit card because of all the companies going bust and you have protection"......

I feel sorry for them in a way because she looked damn uncomfortable asking.

Inactive

Sadly it is all part of the greedy culture that the banks all seem to have signed up to these days.


A firm and polite no thank you works for me.

jambosans

Overdrafts are repayable on demand, but they would not withdraw the facility on the back of you not going in for a review. Facilities are normally withdrawn when you become a greater lending risk (ironic I know) e.g. high overdraft usage with low income.

Although I agree the persistant phone calls are borderline harassment, you did show an interest in a loan originally. Therefore the member of staff (who will have targets to meet) will not assume otherwise until you actually tell her.

It may be worth putting in a formal complaint, but personally I think if you'd answered the phone, politely said "no" and "please don't contact me again", then the member of staff would have given up.

Branch staff, in particular, are glorified sales assistants, so they will be persistant until you put your foot down.

sillystudent_2

However, I'm a bit worried because I don't know the law, and I'm afraid they may simply withdraw my overdraft facility and force me to pay it off with a loan - especially as I've refused financial reviews.

Legally speaking, Lloyds are 100% entitled to do this - after all, its their money which they provide at their discretion, and the t&cs of overdrafts usually specify "repayable on demand." In fact on this forum there've been quite a few cases of people's overdrafts being abruptly overdrawn - though usually this is down to bounced direct debits/bad credit.

I'm not really sure what to advise here - whilst Lloyds sound really out of line with the constant phone calls, it is their overdraft facility and they could call it in whenever they choose (though I wouldn't have thought this likely, especially if you're a good customer with good credit, why would they want to stop you making them money in interest?)

Edit: Actually I know what to advise - if this is bothering you that much, see if you can get a bank to match Lloyd's overdraft (should be no problem with gd credit) and switch banks. That way you won't get continually harassed + no worries about having credit withdrawn

bobblebob

I always find it ironic when i get asked to go for a financial review. So they want me who has never been in debt and can handle money, to take advice fron them who had to be bailed out and were millions in debt?

Maelstrom_2

If they aren't seen to be offering you something that you are eligible for then they will lose their bonus for the quarter.

rb10

bobblebob wrote: »

I always find it ironic when i get asked to go for a financial review. So they want me who has never been in debt and can handle money, to take advice fron them who had to be bailed out and were millions in debt?

In general, the retail banking side of the main high street banks (i.e. the bit that you see: the branches, savings and current accounts, mortgages, etc) was in very good shape.

Take Lloyds Banking Group - obviously HBOS have had major problems, and had to take Government funding and merge with Lloyds to ensure their stability. But, the Halifax part of the business itself was always making a substantial profit, and continues to do so. It's the bits that you and I will probably never see - the corporate side of it, which is a totally separate side of the company - that's been making the losses.

Sadly, if Halifax had just been operating as a retail bank, the bit they do best, they'd probably have been fine.

A similar story is true for Lloyds, Barclays and RBS/Natwest: had to be bailed out by Government/foreign funding, whilst I believe that in all of them, like with Halifax, Retail banking continues to be profitable.

AVT

I ordered currency using a TSB debit card. They refused the payment as a suspected fraud. I phoned to get the payment unblocked and was annoyed that they used the phone call as an opportunity to try to sell me their own currency instead.
I refused the kind offer, whereupon they tried to sell me travel insurance.
Does anyone think the payment was blocked for the sole reason of selling me TSB's own products?

rb10

AVT wrote: »

I ordered currency using a TSB debit card. They refused the payment as a suspected fraud. I phoned to get the payment unblocked and was annoyed that they used the phone call as an opportunity to try to sell me their own currency instead.
I refused the kind offer, whereupon they tried to sell me travel insurance.
Does anyone think the payment was blocked for the sole reason of selling me TSB's own products?

This is off-topic, but are you aware that LTSB charge you if you buy currency using a debit card (unless you buy it from them).

Best to use another banks' debit card to get it (or better still, get it when you're out there using a Nationwide debit or cash card).

bobblebob

Off topic sort of, but i went to the Post Office to get a passport form and they tried to sell me currency, insurance and a Credit Card i can use abroad.

So its not just banks. Its annoying as hell tho and is the reason i do everything online where possible. Although they even get to that now, by offering you a loan when you sign into online banking. No wonder so many people are in debt