My bank just rang me earlier and.....

sign_in_stranger

The conversation went something like this:
Your fixed rate bond is due soon. Can you come in to the branch?
Why do I need to come in? Let's renew it on the phone or by post.
We need to discuss all your options.
But I didn't come in last year. Is this a financial review? I don't want one. I want another fixed rate bond. What is there to discuss?
Well.... now that we have taken over ***** we now have a larger product range to offer.
Look - let's be clear - I have had a review with a financial adviser at another bank. It was not helpful and I don't need another one anytime soon.
The appointment is about your bond renewal.
Ok

Any comments please? If it turns out I have wasted half an hour + travel time can I send them a bill? I don't see how the conversation could have been any clearer - do you agree??

agrinnall

What will definitely be a waste of your time is if you go to the appointment without checking whether what your bank has to offer is competitive. I suggest you spend a few minutes reading this first http://www.moneysavingexpert.com/savings/fixed-rate-savings

Credit-Crunched

sign_in_stranger wrote: »

The conversation went something like this:
Your fixed rate bond is due soon. Can you come in to the branch?
Why do I need to come in? Let's renew it on the phone or by post.
We need to discuss all your options.
But I didn't come in last year. Is this a financial review? I don't want one. I want another fixed rate bond. What is there to discuss?
Well.... now that we have taken over ***** we now have a larger product range to offer.
Look - let's be clear - I have had a review with a financial adviser at another bank. It was not helpful and I don't need another one anytime soon.
The appointment is about your bond renewal.
Ok

Any comments please? If it turns out I have wasted half an hour + travel time can I send them a bill? I don't see how the conversation could have been any clearer - do you agree??

Would you send a bill to a doctor who after visiting him told you that there was nothing wrong with him?

sign_in_stranger

agrinnall wrote: »

What will definitely be a waste of your time is if you go to the appointment without checking whether what your bank has to offer is competitive. I suggest you spend a few minutes reading this first http://www.moneysavingexpert.com/savings/fixed-rate-savings

Thank you - I have several of those names in mind.. Please assume that this bank is my 6th savings account.
I would be grateful for any comments about this conversation and the merits of seeing a financial advisor attached to each bank with whom I have a savings account.

ses6jwg

The fact of the matter is, the banks can't win whichever way they do it, can they?

1) They don't call you at all = a large percentage of customers will forget - cue long lines of customers coming and whinging about how banks "take advantage of savers and hows it's in their interest not to remind you so they can hold onto your money blah blah blah blah"

2) They call you = it's a sales tactic, they want me to come in so they can try to hard-sell or mis-sell me PPI insurance, or a packaged bank account or an endowment policy

In the past I actually had a customer ranting at me so hard, that spittle was coming out of her mouth and droplets were hitting my face. The reason? She had gone into hospital, and her bond had matured in the meantime. The money had automatically been placed into a "Reward Bond" paying 1% + 1.5% if left untouched. She was ranting because "nobody touches my money without my say so". I guess she would have preferred it to default into 0.1% like they used to.

The bank clerk on the telephone who you spoke to what probably an 18 year old school leaver on around £7 an hour and acting under instruction from management to invite you into the branch.

atush

You don't have to go. and you probably don't want to ever see a bank tied FA.

Open another acct and transfer the money.

sign_in_stranger

Credit-Crunched wrote: »

Would you send a bill to a doctor who after visiting him told you that there was nothing wrong with him?

I don't need to ask my doctor about his health - he is fine. But thanks for asking.

Gromitt

Why not check out the banks product selection and then ring them up and give them your decision ? Its usually easier than some muppet going through each savings product and reading out the descriptions in front of you.

Ryanc0llins

its not really difficult is it, "no thank you, thank you for the offer though but if I need to make an appointment I will when i find time" no need to make it so difficult, once you've looked around for the most suitable product if you still want to renew the same bond then phone them and tell them you're ready to renew it.. done.

nilrem_2

sign_in_stranger wrote: »

Any comments please? If it turns out I have wasted half an hour + travel time can I send them a bill? I don't see how the conversation could have been any clearer - do you agree??

I am with you here! I would hate this, when my fixed rates bonds are nearing maturity I expect them to write to me with a new offer which I can then decide whether to continue with them or withdraw my cash and take it elsewhere. This way I have a week or so to weigh up all the pros and cons and make a decision.

The last thing I would want to do is go into a branch and discuss it with them, I prefer to do my own research and choose the account that best suits me.

I think it's fine for them to phone up and offer help if you need it but they should not be pushy as your post suggests they were.

I would be interested to know which institution it is so that I can avoid them! Lol.

nilrem_2

Ryanc0llins wrote: »

its not really difficult is it, "no thank you, thank you for the offer though but if I need to make an appointment I will when i find time" no need to make it so difficult, once you've looked around for the most suitable product if you still want to renew the same bond then phone them and tell them you're ready to renew it.. done.

Reading the original post it's sounds as though they were a bit more pushy than that! The OP said that he just wanted to renew by phone and not have to go in to see anybody, that should have been the end of the conversation; however the person seems to have continued badgering rather than accepting what the OP wanted.