Pushy sales people in bank

kloana

merlinonline wrote: »

Well maybe, I'm not so gullible but I'm hearing more and more OAP's who are finding that they are being offered bad deals (cheaper monthly payments but spread out over longer period so they pay more interest).

Maybe its me but I think its mis-selling, how can be adding interest be saving you money.

Whether or not the above represents a bad deal is all to do with the client's personal situation (and nothing to do with age).

E.g., client with a loan...paying high-ish monthly payments, but relatively low interest, on a relatively short loan term. Great stuff, hardly any interest. Problem is, they took the loan out when they were earning much more money. Now, thanks to the economy, they've had to go part-time at work, and the loan repayments are crippling them. Perfect solution? Longer loan, lower payments (but more interest). The alternative? 1) continue to struggle, until breaking point, and/or 2) default on loan, and ruin your credit file.

You need to overcome the idea that you know what's best for others (and get over the age thing, if a client is mentally competent, they're fair game).

Coopdivi

merlinonline wrote: »

To be honest just seen some other comments regarding bullying attitudes on this site, your have got off on the wrong foot with me with your tone, so no I'm not interested in going any further. Being blunt I'm not interested in any comment you make.

Thanks

I wouldn't take any notice of miduck if I were you. He's a previously banned member who takes great delight in winding posters up, especially new ones, in order to get a bite. Have a look through his posting history by clicking on his user name and you'll see the sort of drivel he comes out with.

Moneymash

Firstly, I'm not an OAP, but always get hassled when I go into my bank. They're always trying to get me to have a fee charging current account, which I always say no to. The benefits of this account are family holiday insurance, I'm single; car breakdown cover, I don't drive; mobile phone insurance, I've yet to meet someone with a successful claim; will writing service, I'm a debtfree wanabee- so nothing worth bequesting that I'm not trying to sell on ebay.

I don't intend to spend over the course of a year a month's worth of food shopping on paying for a service I currently get for free, when I could better utilize the money paying off debts.

What annoys me the most is that I always get asked after doing some transaction in the bank. I think, why do they ask when they can see, on their screens I have a fluctuating income, depending on the overtime I do. Maybe the screen highlights red and flashes an alert to indicate I have free banking, hence the sales pitch.

kloana

Moneymash wrote: »

What annoys me the most is that I always get asked after doing some transaction in the bank. I think, why do they ask when they can see, on their screens I have a fluctuating income, depending on the overtime I do. Maybe the screen highlights red and flashes an alert to indicate I have free banking, hence the sales pitch.

Pretty much all banks will have some kind of system as described above. No red flashing lights, but internal systems are quite sophisticated. For example, they can pick up whether or not you're paying for credit elsewhere (by scanning your direct debits, regular payments, etc.), and will often flag you up as a potential customer for their own credit products. It works that way with other products, too. Have a DD set up for home insurance with Barclays, for example? Your regular bank will know about it, and will want a piece of the action. Likewise if you're seen to be a traveller (foreign transactions), a driver (car insurance DD), a mobile phone user, etc., you'll be flagged up as a good potential for a fee-paying current account, which offers all of the above services for a monthly fee. Usually not worth it, but for a minority, who use all such products regularly (travel insurance, car breakdown cover, mobile phone insurance, etc.), there are savings to be achieved.

Remember that banking staff will be targeted to sell any or all of the bank's products and services. They don't ask you just out of 'pushiness', often their job description requires them to be so. Otherwise, dismissal can beckon.

Working in a bank is rarely pleasant, but it's not the frontline staff themselves who set targets to sell you everything but the kitchen sink.

Going4TheDream

chesky wrote: »

I'm with Lloyds. From time to time I use my current account as a stop along the way when shifting monies from savings accounts to ISAs etc. When I do and have a large amount in the account and am in the bank for some other reason, I do get asked by counter staff if I wish to review my account. I've always assumed this to be code for 'can you put this money into one of our lousy-interest savings schemes?' so I've always politely declined their assistance.
.

I try to avoid going into a branch where ever possible exactly for this reason. Touch wood I have never had a problem with Lloyds and have had an account with them for about 25 years but this side of the continual cold selling does my head in. What annoys me the most is that on Saturday, which is the only time I am maybe many others get to go into a bank the queues are long as they are on skeleton counter staff, who are being forced to ask these questions, people are busy and want to get in and out and there are loads of other 'lending/product staff 'waiting around' at desks doing nothing hoping for a review victim to be offered up.

They even call me to say its time for an annual review. I usually miss the calls so they write saying they wanted to get in touch with me. First time it happened I panicked wondering what banking disaster had befallen me, so phoned them to get someone try to get me to come in for a review. Politely declined. Now I just ignore the letters.

(sorry bit of a rant but it really one of my biggest dislikes!)

Moneymash

kloana wrote: »

Pretty much all banks will have some kind of system as described above. No red flashing lights, but internal systems are quite sophisticated. For example, they can pick up whether or not you're paying for credit elsewhere (by scanning your direct debits, regular payments, etc.), and will often flag you up as a potential customer for their own credit products. It works that way with other products, too. Have a DD set up for home insurance with Barclays, for example? Your regular bank will know about it, and will want a piece of the action. Likewise if you're seen to be a traveller (foreign transactions), a driver (car insurance DD), a mobile phone user, etc., you'll be flagged up as a good potential for a fee-paying current account, which offers all of the above services for a monthly fee. Usually not worth it, but for a minority, who use all such products regularly (travel insurance, car breakdown cover, mobile phone insurance, etc.), there are savings to be achieved.

Remember that banking staff will be targeted to sell any or all of the bank's products and services. They don't ask you just out of 'pushiness', often their job description requires them to be so. Otherwise, dismissal can beckon.

Working in a bank is rarely pleasant, but it's not the frontline staff themselves who set targets to sell you everything but the kitchen sink.

The problem is the fee paying current account my bank want's me to have, has benefits that are no good to me. If their systems are so sophisticated then why can't they see that I don't have DD's relating to car breakdown cover, phone and holiday insurance etc. More importantly they should see the debt repayments I am making and work out paying for my banking would make me worse off, although what does that matter I am just the customer. Also, someone else's job security based on their ability to sell me a product I don't want or need is not my responsibility.

merlinonline

27col wrote: »

The OAP's who are having trouble understanding what they are getting into when they go to the bank, are the same people who have trouble with finance when they are younger. They come on here bleating about how they must have something, or have got into trouble with their payday loans or some such. Luckily the majority of us, both young and old have a bit more financial acumen. It's nothing to do with age, just a general lack of common sense and financial nous, and applies to all ages. As someone has already said, just because we are older, most of us have not yet become old age idiots. I for one resent the implication that we are.

My dad has never been in any financial trouble, has never used "pay day" loans, he took out a loan originally to buy something which had been sorted out to his satisfaction and he was well on way to paying it off, had a credit card and was doing nicely with payments, then some herbert in the branch (actual words) "We can do something about your re-payments to save you money"

But that's the trouble it hasn't, he hasn't be gullible, he has been mis sold. I should add I have banked with LTSB since I was 16 (I'm 45 now) and have in recent years started to loathe them!

I did have a girl friend who was doing temp work through an agency and was asked to go along to a branch of NatWest at a large university campus for freshers, she was instructed to sell accident protection to students (the actual product was actually useless for students) yet the hard sell was actually used on those who were with their parents as they were more inclined to take it (not realising it was a load of old crock).

Its all about Sales targets being pushed by those desperate to have "manager" in their job title

opinions4u

Moneymash wrote: »

The problem is the fee paying current account my bank want's me to have, has benefits that are no good to me.

And once they've established this they won't sell you one - and if they do you've got a successful complaint on your hands.

If their systems are so sophisticated then why can't they see that I don't have DD's relating to car breakdown cover, phone and holiday insurance etc.

Well those direct debits could sit on an account you hold elsewhere. Or you might have paid the bills on your Barclaycard when your current account is with Nat West.

So sophistication doesn't come into it unless you want one bank to be able to spy on your private accounts held with a completely different organisation.

More importantly they should see the debt repayments I am making and work out paying for my banking would make me worse off, although what does that matter I am just the customer.

It's nothing to do with your loan repayments.

If you have a range of insurances that you pay £200 a year for and your bank can roll them up for £150 a year with the right level of cover and service they can make you a few quid a year better off.

Also, someone else's job security based on their ability to sell me a product I don't want or need is not my responsibility.

Well I certainly wouldn't buy a product because I felt sorry for the seller.

jonesMUFCforever

merlinonline wrote: »

"We can do something about your re-payments to save you money"

What is wrong with this?
You really need to state clearly what he was paying before going into the branch and what they offered.
They would also have done an affordability check before any new lending - were you aware of this?

Elvisia

Banks being pushy also drives my mother potty, she's with NatWest and she has a few thousand in her current account as a safety net as my father is terminally ill and since he could pop off at any minute she needs to know she's got money directly at hand. The rest of her cash is in fixed term bonds as she is financially very savvy but likes the reassurance that should something happen tomorrow she's there ready with her current account and can pay off things. She now doesn't go into NatWest unless she really has to as she gets so much hassle. Then she started getting phone calls, suggesting she put the money into their fixed term bonds, and it's infuriating when she has the money in there for such sensitive reasons.

I have suggested she go for an online saving account where she's earning interest and can get at the cash but since she can't use a computer she's not up for that, and would just like the peace of mind that her cash can happily sit in her account she's had for donkey's years. It really should be her personal choice.

I am so pleased I bank online and I only have to go into the post office! Oh that's another point - when I pay cash into the Post Office they always say "oooo that's a lot of money, what are you going to spend that on/where's that from" and it's happened the last three times in a row now, it's so rude! It wasn't a lot of money, it was just a month of private tutoring money which was about £200!!