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

MyLastFiver

ses6jwg wrote: »

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

They could offer savings products that do not automatically revert to paltry rates of interest, in order to take advantage of customer inertia in the pursuit of profit.

They could refrain from giving the hard sell to anyone who walks into the branch to pay in a cheque.

They could avoid charging 29.9% APR on unsecured borrowing when base rate is 1.25%.

I could go on

ViolaLass

MyLastFiver wrote: »

... base rate is 1.25%.

1. Incorrect.

2. Irrelevant.

Saints2011

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??

It was more than likely a bank advisor rather than a regulated FA

Gromitt wrote: »

Its usually easier than some muppet going through each savings product and reading out the descriptions in front of you.

I personally think this comment is a little strong. Yes you have the idiots in a organisation like any other job really but you also have some people working for banks with as much or more knowledge then you as a example.

Mandelbrot

sign_in_stranger wrote: »

The conversation went something like this:
Your fixed rate bond is due soon. Can you come in to the branch?

"Can you?" Not "You have to". So, your choice.

Why do I need to come in? Let's renew it on the phone or by post.
We need to discuss all your options.

'We' being the bank and (in particular) their salesperson.

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?

Ah! the double-question slip-up! Rather than pausing after the excellent "Is this a financial review?" to see if they are prepared to flat-out lie, you gave them an alternative question to respond to.

Well.... now that we have taken over ***** we now have a larger product range to offer.

Which is just what they did.

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.

Still sounds pretty vague to me!

Ok

OK??
Just "OK"?
Meaning 'OK, explain further' or 'OK, I'll come into the branch'.
If the latter, have you agreed a time and date?
(Not the concluding comments I'd make, which would be more along the lines of 'Please remove me from your marketing lists')

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??

opinions4u

In the end, there are a handful of ways to "review" your savings.

1) Do it yourself. The outome will be good or bad, depending on how well you do it.

2) Do nothing. The outcome will rarely be good and almost certainly bad, as you will probably end up earning 0.5% or less in the "Classic bog standard branch rubbish account".

3) Spend half an hour or so each year talking to your preferred bank. They have an obligation to put their best rates in front of you. It will make you better off than doing nothing. It almost certainly won't get you the best buy options that you will find on sites like this.

I prefer (1). But option (3) is a hell of a lot better than option (2). If can spare a few minutes a year and have more than a paltry sum, it's better to something rather than nothing. A couple of quid for the car park may well earn you a couple of hundred quid for more interest.

I think the words used by the salesperson in the phone call are clumsy. But I remember the biggest pet hates of customers at one of my branches (as proved by an extensive localised customer survey) was that "they never tell me about any new products".

Easy to change. Call those customers at key times such as term deposit maturity or dropping off bonus. Talk to them at the counter about alternatives when they're attached to a passbook account paying 0.05%. If it's done well, it shouldn't feel intrusive to the customer and it should put them in to a better position than they would have been in without that conversation.

Glen_Clark

ses6jwg wrote: »

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.

So the public don't trust bankers any more.
Whose fault is that?

StevieJ

ses6jwg wrote: »

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

.

You got it in 2

StevieJ

opinions4u wrote: »

Easy to change. Call those customers at key times such as term deposit maturity or dropping off bonus. Talk to them at the counter about alternatives when they're attached to a passbook account paying 0.05%. If it's done well, it shouldn't feel intrusive to the customer and it should put them in to a better position than they would have been in without that conversation.

Are tou actually trying to tell us that when you call people into the branch it is not for a sales pitch?

opinions4u

StevieJ wrote: »

Are tou actually trying to tell us that when you call people into the branch it is not for a sales pitch?

Of course it's a sales pitch.

But the primary need is clearly the savings account in the example I give.

This alone will make that customer better off than doing nothing.

calypso_rhapsody

Insisting on a bank visit is OTT and the OP's post suggests that the conversation was pretty close to that. It is a trend i have noticed though have so far managed to resist .... always blaming the distance i live from the branch. I wonder though why this trend has developed - do they think they will have an easier 'close' face to face? or is there some regulatory/legal reason why they would prefer to sell a product face to face rather than over the phone?

But being called to be reminded that a product is maturing is fine - if you don't have a diary entry for it!