Calling bank's bluff

StevenYoung wrote: »

Hi there

Just after some information really. Lots of advice on this site tell us to call the bluff of the company we're with in order to get a better deal (Sky, BT, Virgin etc) would this potentially work with a bank?

If I was to mention to my bank that X-Bank was offering Y-Amount to switch do you think that they'd offer a 'loyalty reward' or something similar?

Like I said, just asking.

It's a nightmare getting legitimate and consistent information from banks. The phone based customer service representatives or bank staff won't be charged with making offers to potential leavers, for sure.

Always worth a try but would bet on them saying no. Companies like Sky have retention departments where they can offer say movies free for 6 months to get you to stop. The cost to them is nothing. Whereas a bank will have to pay out cash which is not their style.

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.

Flobberchops wrote: »

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.

I entirely agree with the objective but not the method! I don't think I'm alone in viewing bank staff as sales people who can never really avoid the fundamental inherent conflict that what's best for the customer is rarely what's best for the employer and/or the employee, and vice versa, so would always do such research through sites like this and via the bank's websites, rather than voluntarily subjecting myself to one or more sales pitches!