Calling bank's bluff

StevenYoung

Flobberchops wrote: »

I agree with Eskbanker. Unless your bank has an explicit switcher/loyalty product, there's no facility to give financial inducements to retain customers. Certainly the frontline staff you would be asking wouldn't have the authority to give you a discretionary payment any more than they're allowed to put their hand in the till and give you a fifty if you ask nicely. They could lose their jobs if they manipulated the complaints/compensation procedure, and also the bank would take a dim view of you using these channels purely for financial gain, not any kind of legitimate redress for loss or inconvenience. So, please don't ask, it would be an awkward and embarrassing conversation for all involved.


The exception *might* be, as Eskbanker points out, any credit card, loan or insurance products you may have with the bank. Those are specialised departments who sometimes do have the discretionary ability to match or beat what a competitor may be able to offer you.


Probably a more positive conversation you could be having with your bank is reviewing your holdings and checking you're getting the best possible return on your savings, the most competitive credit card rate, the cheapest insurance, are you taking advantage of any loyalty rewards or freebies you may be entitled to, and so on. Sprucing up your finances and cutting out any dead wood can save you (or earn you) good money, which is surely just as good as receiving a cash bung.

All the advice points towards this being a no - I would never knowingly put anyone in an awkward positions. I was simply wondering if there was a way to play the system somewhat. Thanks to all for great advice.