Comments

Did they give you the $5?

Posted by Marianne Powers at December 1, 2006 12:33 PM

John - I have been to my bank twice in the last 2 years – once to change my address and once at their invitation for a chat. I see no reason to go to the bank now that I have online banking. When I used to go to my bank regularly before online banking I relate well to your experience – banks are 'superior' and arrogant to their customers in my experience.

Posted by Trevor Gay at December 1, 2006 12:35 PM

Same as Trevor for me - use of the safe deposit box is about the only visit due to online fun.

Amazing how many banks/"credit unions" & branches there are - must look into forming one.

Lately, have been cashing ALL the $20 checks that sign one up for banks' "credit card protection" and "guaranteed payment of credit card" -

1. 1st call 800# to see how easy it is to cancel - 2. cash checks - 3. receive mailing packet - cancel - call 800 to do it.
$100 easy in '06 - 30 minute total time investment - gave the $100 to a radical Catholic priest.

Posted by sean at December 1, 2006 12:49 PM

They failed to tell you that no money is paid for the line requesting the money owed to you for being in the first line over 5 minutes. Or, that 5 forms averaging 5 minutes each in order to complete, are required before they'll CONSIDER paying you the 5 bucks. Confused? Certainly. It's a bank. That is the point.

Posted by Leonard Klaatu at December 1, 2006 12:53 PM

Sounds like a disconnect between marketing and operations...

Posted by David at December 1, 2006 1:08 PM

I am happy to say that the people at my bank in San Francisco are fantastic. I tried a few banks that were awful, and until I found one where, at least at my local branch, they are extremely helpful. They have even called me twice when I made a mistake and a check came in for more than my balance (they didn't charge me, they just told me to transfer money immediately to cover it).

Posted by Art Giser at December 1, 2006 1:27 PM

What a bizarre and risky promotional idea. If they choose to do strange marketing campaigns, and don't have the right attitude then I think you should launch a campaign to get a large number of (unemployed/underpaid?) people to form a permanent queue at the bank thereby generating a constant flow of income for those who might need it more than the bank. You could probably build a business model around it (I mean if you can find someone who can stand in line, do something else, then collect the money). Yes you can defeat the system. Ok - its a strange way to spend your time but I'm sure an economist could right a thesis on this.

Posted by Phil at December 1, 2006 1:42 PM

Tom,

In my half-numerous years I've seen the "Wait Too Long - Get Paid" scheme in many places. Perhaps the most memorable was McDonald's. It never lasts and I've come to regard it as a bad idea.

First, customers want good experiences, not bribes. I do not go into a store hoping that they will screw-up. I don't want to wait 45 minutes for my pizza to arrive. I want timely, courteous and competent service.

Second, it puts negative pressure on the staff and lowers morale. Asking me for five dollars is the same as telling me that I was not good enough and giving me a kick in the caboose. Why blame me? I'm not the one who created the staffing plan.

Third, it lowers service. If I have to rush rush so I do not have an empty till at the end of the day I am less likely to offer excellent service. I will rush you and look for shortcuts. That means I will miss opportunities and loose you clients.

I understand that when things go wrong you need to confront them and manage them quickly, but this is neither employee/business management nor a customer benefit.

I prefer to give clear expectations at the outset with timely (not nagging!) reinforcement. I also like to recognize good service at regular intervals, outstanding service more frequently and above and beyond ASAP.

$5 bucks at the bank? This ain't the new work. It is very old school, very tired and shoould be retired.

All the best,

Tom (S)

Posted by Tom Schmitz at December 1, 2006 1:45 PM

My bad. I should have directed my response to John and not Tom (P). Tom (S)

Posted by Tom Schmitz at December 1, 2006 1:51 PM

Trevor, I'd prefer to do more online banking with them, but they keep making it hard for me to log in and they haven't responded to my last online question (2 days ago!!). And I don't trust their Call Center for accuracy. (Other than that, the bank is great.) So that's why I'll occasionally drop by. And now that I'm guaranteed $5 AND a good laugh, the temptation could become irresistible. But if Commerce Bank ever expands into Massachusetts, I predict banks like the one I'm using will go the way of the Brachiosaurus.

Posted by John O'Leary at December 1, 2006 2:10 PM

I have 3 friends who recently opened new accounts at Key Bank. The bank was offering a free iPod Nano to anyone who opened an account under certain conditions. Each of my three friends...a few weeks later....received not one but TWO Nanos in the mail. (Oops! Someone's getting fired...) Upon calling the branch to let them know, one of my friends reports that the response was, "yeah...well...just go ahead and keep it."

Service? No...more like apathy. Regardless, my friends each walked away with an extra iPod with Key Bank's blessing.

With regard to the $5 "promise", why on earth would a business want to call attention to how long someone is waiting in line? Do you REALLY want people watching the clock while they're standing there? How about rewarding them with a valuable or entertaining experience instead? 5 minutes can seem like 30 seconds in the right environment. Honor their time by adding value, not making empty promises. (Or if you are really trying to make a statement of value, make it worth peoples' time. $50 for a long wait, or whatever.)

Posted by Todd Henry at December 1, 2006 2:13 PM

I especially like it when a bank "generously" provides a television to view while you wait in line. So thoughtful. Wait till they figure out how much they could make selling hot dogs to those on line...

(Fish & chips in the UK, of course!))

Posted by Jeff Pasquale at December 1, 2006 2:20 PM

Yep, I ask too - did they give you the $5?

This brings to mind a local diner/breakfast place. Prominently displayed is "first bite or Free" Seems if you complain after taking the first bite, you don't have to pay. So, who decides how big the bite was and if indeed it was just the first and only bite? Do I have to take one bite of each thing on my plate? Makes me wonder what goes on back in the kitchen - what have people found on the first bite?

Re bribing - I agree. We should have a positive tone. However, people still remember the "30 minutes or its free" so it did have some differentiation value. (even though the quality of pizza has never been all that great.)

As for my bank, Compass treats me pretty well. The one time I had a snafu with a bounced check, they instantly took care of it and didn't treat me as if I were guilty until proven innocent. The tellers are friendly and the online banking works well.

However, that said, their credit card operation has some problems. I can't do anything on line with the card unless I install/use MS Explorer or Netscape which I refuse to do (do they not know people who have Macs and use Firefox, etc.???

It's sad that we generally seem to expect bad to mediocre service from banks, isn't it?

Posted by Mary Schmidt at December 1, 2006 2:33 PM

A hospital here in Toledo offers a 30-minute guarantee in its emergency room. They promise a physician will see you within 30 minutes of the time you check in or they’ll give you a gift certificate. “Sorry, Mr. Jones, I’d love to continue discussing the chest pain you’re experiencing, but there are others waiting. And if I give away one more gift certificate this week, they’ll dock my pay. I hope you understand. NEXT!”

Posted by George Brymer at December 1, 2006 2:41 PM

Yes, Marianne and Mary, I got my 5 dollars - deposited into my acccount. And yes, Tom S., the next time I go to the branch I WILL be hoping they screw up - as long as the "overtime" is only a minute or two. Phil: I did think of outsourcing the job of waiting in line to some unemployed folks who could use a few bucks, but they would quickly realize they could go into the same business for themselves. Well, at least I'm having fun with all this. Maybe I'll mail this blog thread to the CEO of the bank.

Posted by John O'Leary at December 1, 2006 4:02 PM

I had my accounts at a large multi-state bank and had some terrible experiances with them. Finally, in frustration, I looked elsewhere and finally settled on our town's (population approx. 25,000) local bank. This bank is not controlled by some large conglomerate but actually by local businessment. They answer to no one else.

It is amazing the differences. The tellers all know me by name and service is most important. If all the tellers are tied up and the loan officer is free, she/he will call you over and take care of you. I have even had the receptionist help me! Can you imagine that? Incidently, this same receptionist greets EVERY SINGLE CUSTOMER as they come in the door. When I know I am going to use the driveup, I make sure that I take along my dog because he will get a treat every single time. Interest rates are good and internet banking is available including free bill paying. Guess who's business they now have and will have for a very long time (probably until some larger bank buys them out an corrects their obviously errant behaviour).

Posted by Al at December 1, 2006 4:56 PM

The big banks are capable of superb service but it's not usually found on the teller line. Customers on line are not normally the ones who have large seven figure account balances or substantial fee paying relationships like trust or investment counsel. Still, it's too bad that it doesn't seem to occur to the giants that waiting in line is not an experience valued by virtally any customers of any business anywhere. Therefore, they lead with their chins and never seem to learn.

Not many years ago before I retired as CEO of a very large bank we took the clocks out of the lobbies and that had a pronounced impact in reducing the number of complaints. Where waits were occasional necessities due to lobby volumes or busy days of the week or month we put in CNN Headline News on large TV monitors.

For the last several years, banks have been deliberately trying to get the "transactional" traffic out of the lobbies and into more economical delivery channels. That's what's behind ATMs and point of sale accessibility. The problem with this in the long run is that it's harder to touch the customer. Product sales to bank customers is reckoned in large part by the number of touches prior to closing a sale.

Not too many years ago, people both in the banking industry and out were predicting the decline in relative terms of the branch. It hasn't worked out like that and it probably won't within our life times. Therefore, those who have to wait on line will likely continue to find the lines long and laborious. It doesn't have to be that way.

Posted by E. T. O'Leary at December 1, 2006 7:28 PM

I laughed when reading that Tom, as I was at a Financial Services Conference and the subject matter was Reputation and Communication.

They brought in the head communications manager of one of Australia's largest banks.

It is so funny how misguided his perception was about the brand of his bank in the market place. The biggest trend in Australia, is banks promoting their personal touch. Truth is... the are still faceless and 99 / 100 would laugh at the idea of banks tailoring their service for clients.

Posted by Steve at December 2, 2006 12:45 AM

John - maybe you should do as Basil Fawlty said 'I will take my overdraft to another bank that is interested in me' :-)

Posted by Trevor Gay at December 2, 2006 5:09 AM

What about Bennigan's "Crunch Lunch?" Get your food within 15 minutes or it's free. That gets people in the door and it's worth a few free lunches. Word of mouth advertising gets around about my "free lunch" at Bennigan's so others go to try their luck. Everybody wins, including the waiter, who usually gets an extra large tip when I get a free lunch. How is this bank's idea different? It's just advertising, trying to draw customers in. Good gravy, I thought I was the last cynic left commenting in this space after Trevor and Sean kicked the rest out! Now everybody looks cynical after this thread.

Posted by Mike at December 2, 2006 8:19 AM

I can see that I am late to this discussion, but will add my 2cents worth anyway. I am the only non-banker in a family of bankers representing the major banks in the U.S. The message is clear from all: banks are notoriously un-customer centric and are more inclined to qualify you out than in. You were probably lucky to get the $5.

Posted by Kate at December 2, 2006 8:59 AM

Sorry Jeff – I only just noticed your reference to fish and chips!! ... Wonderful to see you guys in the States NOT calling them ‘fries’ – CHIPS will always be CHIPS. Not sure my bank manager would like the smell of chips in the waiting room but a great thought nonetheless.

John - why don’t you send this thread to your Bank CEO? – He could maybe offer some feedback online to us.... on the other hand he would probably charge us … if he does, just send the bill to Sean and Mike with my compliments … I am but a poor English peasant :-)

Posted by Trevor Gay at December 2, 2006 8:59 AM

I am truly fortunate. I have been with my bank for 21 years and have never been inside a branch. That is my idea of perfection.

Posted by David Porter at December 2, 2006 10:15 AM

I've been with my UK bank, NatWest, since I started business and am in the process of moving now. Still haven't managed to get my name right on the account and haven't responded to my last four requests for meetings or advice.

Apparently I have a "Relationship Manager". I'm not sure which relationships he's managing, but it's not the one between the bank and myself...

Posted by Tony Quinlan at December 2, 2006 10:38 AM

Fabulous customer service in Zurich @ Citibank N.A. - especially when Trevor & I visit with our "front-liners" brief cases full of cold hard [soft is hard] cash [USA dollars].

Seems like we are treated properly as the gods that we truly are ... taken to lunch by the bank president where apres scarfing we light Cuban cigars with $5 bills while consulting with TP Inc on our Nokia video phones ... about the latest "passion & excellence 007 courier tasks" ... banks CAN be amusing for some.

Posted by sean_TP_liaison at December 2, 2006 1:08 PM

Most newspapers in the U.S. reward you for quitting. First, they continue sending you the newspaper for free for a period of time. Then, they provide you an introductory offer to start over.

If you had never quit, you'd be paying full price.

I'm out of the newspaper biz now, but I used to chuckle when we'd have a meeting and wonder how we could fix the retention issue. Everyone wanted to fix it, but nobody wanted to stop discounting.

Posted by Doug Karr at December 2, 2006 3:32 PM

The only thing I hate about my bank is ATM fees. I can understand why such fees must be charged; what I don't understand is why I'm charged by MY bank to withdraw MY cash on someone ELSE'S ATM in addition to the ATM's service charge (of course my own bank's ATM is free). I'm ok with "paying for the convenience" of accessing my cash on the road from another bank's ATM, but I should not have to pay my own bank, who already gets fair use and benefit from my cash and my account, to do so.

Posted by Paul at December 3, 2006 9:56 AM

People still go to a branch bank? My bank is in Maryland while I am in Georgia.

Posted by David at December 4, 2006 9:30 AM

I deposited 300K into a money market acct. at my bank. Their CD rates were low so I intended to park the money there until I could find the highest CD rates available elsewhere. Someone from the bank called me to inform me (believing me to not realize) that I could get a higher return on my money by opening up a CD (which I already knew). I told them no-thank you. Whereupon they called a member of my board of directors to tell them that I seemed angry that they called. Since our board member was concerned that our good name not be impuned, I called the person at the bank to apogize. Probably the first time in history someone apologized to a bank for depositing $300K.

Posted by Tim at December 4, 2006 10:03 AM

I banked at First Interstate for many years, first in CA and then in NM. Never had a problem with their accuracy or their service.

Then Wells Fargo bought First Interstate. They fired all the experienced employees and brought in low-paid clerks.

First, I checked my balance one day and learned that I had a $16,000 overdraft -- which, of course, I had not created. It turned out that I'd deposited a $4000 check; the inexperienced teller had credited it to my account, but then realized that it had to be held until it cleared, so she tried to back it out of my account -- four times! (Obviously they had spent NO money on training the clerks to be bankers.)

Then they announced that they were moving some of the safe deposit boxes in my branch to another branch, but not my box.

A few weeks later, they sent me a letter saying that my box had been moved. I was a little upset by this (I wanted to take an antique pocket watch out of the box so it wouldn't be damaged during the move), but, before I made an angry call to the bank manager, I decided to check the box. So I went to the second branch -- and they said that they couldn't find my box. After they, and I, made several panicky phone calls, I learned that it was still at the first branch.

It turned out that several dozen boxholders had been erroneously sent letters saying that their box had been moved. The bank discovered the error shortly after the letters went out -- but, rather than spending a few cents apiece to send out correction letters, they decided to let it ride until people complained.

I closed out my checking account, pulled everything out of my box, and moved my business to a local bank -- who have been terrific. (They even answer my online messages within 24 hours.)

Posted by Paula at December 4, 2006 5:17 PM

This is off on a tangent, but it is about banking service.

I was 7 years into a 30-year mortgage with Chase when I got a letter from Wells Fargo offering to refinance my loan from 6.875% to 5.5% and they would pay all the costs. I called Chase and they had no such program and did not offer to meet the terms.

Those are the facts. Here is how I feel. Chase left me cold. Wells Fargo is my friend.

Wells Fargo sent me the paperwork, I stopped at the local branch and got it notarized, and sent it in.

My credit is good and Wells Fargo knew it. I got a good deal and Wells Fargo got a customer who pays every month. Chase just let me walk away.

Posted by Richard in Houston at December 5, 2006 7:42 AM

Richard - Not 'off on a tangent at all' - very much on the money (excuse the pun) in my opinion. You said it all - 'Chase left me cold. Wells Fargo is my friend.' - It is as simple as that - great quote thanks I love that - I will use it!

Posted by Trevor Gay at December 5, 2006 7:59 AM

Read my experiences at HSBC in Mexico, in Spanish, in my blog www.marketing-in-mexico.blogspot.com

Posted by Armando Ortega at December 11, 2006 3:54 AM

Tom,

I've been a very longtime reader (bought my first book in '87 and convinced my company to buy TP videos in 1999) and have been surprised you haven't addressed the banking industry in more depth in recent years.

I have banked with Bank of America since 1990 and Chase for credit card services since 1987 and have watched an ebb and flow in quality of service over the years. I was amused to read of the $5 experience, because it is so typical.

BofA has been systematically removing the ability of its front line and retail banking people to do anything to resolve customer problems, and, based on recent experiences, has instructed its mid-and-higher level management people (who used to be very accessible and responsive) to ignore complaints from customers who manage to get through to them. All this while training its front line staff to ask how they can "delight" customers.

Chase is even worse. They could easily replace their humans with voice response, because they are incapable of doing anything other than what their (very narrow) written policy allows.

Washington Mutual, once my partner reached someone in management there, fell over backwards to make amends and seemed genuinely interested in providing good service, at least at the management level... though I think this hasn't made it to the front line staff.

The banking business is in desperate need of a shakeup. It's totally a commodity business, and all it would take would be for an upstart -- or an upstart-thinking bank CEO -- to eliminate junk fees, fraudulent offers, deceptive marketing and practices, and simply offer great service at reasonable cost, with full disclosure of costs and fees... and customers would flock there. It's not rocket science, Nordstrom has done it for years... but it's sad to see how bad it's gotten.

Posted by Chip White at December 26, 2006 3:41 AM