Tired of the sales pitch at the bank

[disneysteve]

Originally Posted by jimmyengland

they are trying to help you get into the products that you should be in

I don't necessarily think that is true. Look at Jim's example - trying to get him to open a Roth with high-load mutual funds. That isn't helping any customer. That's just helping the bank make more money from unsuspecting customers.

[brig2221]

Originally Posted by safari

Last year I went to the bank to withdraw $21K with a cashiers check to pay off my car loan. The manager asked me why I am withdrawing so much money. I asked her why they needed to know, and she said they don't like losing that money and she wanted to know if there was anything they could do to keep the money in the bank. I transferred money there a day before from an online savings account just so I could withdraw it, so it wasn't their money to begin with.

I had the same exact thing happen to me a couple of months ago. I had a jumbo CD with Citibank that had just matured, and I rolled it all over into a money market account.

I went into my local branch one day, and requested a cashiers check for $65K, as I was then going down the street to a local WAMU branch to open up a new promo CD paying 5%, this being after interest rates had plummeted to 4% or less.

Anyhow, I swear there must be some sort of trigger for things like this, like when you see cashiers pressing the red alrm button underneath their counter when they are being held up? The reason I say that is, no more than 1 minute after I make the request to the teller upfront, the Bank Branch Manager comes swooping over to me from all the way across the bank.

Same as you, she didn't want to see the money go. I told her point blank that I was opening up a CD at WAMU becuase of their greate promo rate. She then tried to sell me on service, etc. Like many of you, I visit the bank maybe 4-5 times per year, so that wasn't working.

Anyhow, when I read your post, it was like deja vu all over again!

[disneysteve]

Originally Posted by brig2221

requested a cashiers check for $65K

no more than 1 minute after I make the request to the teller upfront, the Bank Branch Manager comes swooping over to me from all the way across the bank.

I think that makes sense and is good customer service. If you are pulling out a large sum or closing an account, they want to know why. If there was a problem, they'd like a chance to correct it. If it is for a better rate elsewhere, they might offer to match it (ask Ima) to keep the money in their bank.

I wouldn't have a problem with that kind of attention.

[Daylily]

I totally forgot about the times when I withdraw a large amount and I get pounced on! Yes, I've had that happen too.

Thanks for the suggestion early on, can't remember who posted it about the suggested reply next time they ask if I have plans for my money: 'I'll take it to another bank if you keep asking.' That's great!

[musicalbabe85]

I can see both sides. I'm a teller, and I absolutely hate referrals. I'm supposed to ask every customer something every time, but I normally don't. About the only time I do is if I see that it will truly help them out. But, like someone has already said, even though they give us incentives for certain sales, we are still expected to do it and get so many a month. Part of the assistant manager's pay depends on whether the tellers reach a certain referral dollar threshhold as well.

But at the same time, if I tell you that you need an account review, it's normally because I see something with your accounts "at our bank" that could either help you save or earn money. Keep in mind the teller has no idea what you have at other banks normally. So, if you tell me that you agree to come in for an account review and even set the appointment, please show up. It's so frustrating to set an appointment and then the customer is just a no-show. Not only is it rude (as with not showing up to any appointment) it's very disheartening for those of us who are truly focused on trying to help the customer.

But, long story short, lol, I do agree that it's annoying and sometimes unnecessary.

[tabbycat31]

I work in a local bank at the Jersey Shore as a teller.

We have certian goals (fairly low) that we have to meet each month, otherwise it goes against us, and could cost us a raise. Management is very understanding, because they know that not everyone wants a HELOC or to talk to our financial advisor.

The products I have been successful with are checking accounts (since we pay a $50 bonus to a customer if their employer banks with us--- most non customers are cashing their paychecks), savings accounts or holiday clubs (many people will open at teh same time as a checking). I think I've done 1 HELOC (our rates are at 4.25 right now).

We have a financial consultant (investment advisor), and I try and get customers to talk to him. I'm not saying this to just anyone though, just high balance customers (why keep 6 figures in a passbook acct earning .5% interest). Some will chat, some won't. They know that all we can do is try.


ETA we will match rates for some customers (that we are their "relationship" bank and "platinum" customers, not for a rate shopper). THat has to be approved by the home office though.

[Daylily]

For those of you who are tellers/customer service reps, yes I realize that there are quotas and incentives. My DH actually used to work at the bank so I am well aware that the tellers get dinged if they don't open X number of CDs a month and I am aware that they get a referral bonus if they actually get a customer to make an appointment with the financial advisor.

I am also further aware that this bank runs customer service surveys which include questions like 'On your last visit, did the teller mention our HELOC product.' If I respond to one of these surveys and say NO, the bank knows who the teller was and that person will get dinged.

I just get tired of it, that's all.

To give an example, I happened to be at a branch office that was not the normal one that I visit. I overheard the CD special (by chance) and instead of opening the CD there, I drove across town to my regular branch to open the CD with one of the people who normally helps me. I figured I'd give one of those tellers the credit of opening a CD since they are the ones who normally process my transactions. As we're sitting there waiting for the paperwork on the CD to print the guy starts trying to sell me on the Home Equity Loan, the bank's credit card, the financial advisor...... I almost walked out.

[tabbycat31]

For those of you who don't like the bank pitching everything to you, don't take it out on the employees there. They are simply doing their job, as they have been told to do. If it really turns you off, consider writing a letter to their corporate HQ (Vice PResident of Customer Service is what Clark Howard suggests for other companies) and let them know.

Banking is a very competitive business. Where I work, I can see 5 different banks from out the window, plus there's anotehr one in the grocery store across the parking lot. If the bank has a reputation for NOT pushing sales, maybe they'll get more customers. Our bank is popular because it's the only local bank in the area, everyone else is the bigger banks, which many are turned off by.

[Exile]

It's one thing for a bank to pitch products, but asking what you're going to do with your deposit? That's way over the line.

[musicalbabe85]

Yeah, I can't say I've ever done that. But I've also never been told that I should.

[Ima saver]

I have never had anything like that done to me. I usually have to beg someone to open a c.d. I bank with 3 different banks and I don't see much competition. I have a jumbo c.d. coming due and I wish I could find a bank that would give me a good rate. I am really not comfortable having large sums of money in an on line bank.

[disneysteve]

Originally Posted by Ima saver

I am really not comfortable having large sums of money in an on line bank.

I know I've probably said this before, but keep in mind that many on-line banks are just the web presence of bricks and mortar banks. For example, AmTrust Direct is Ohio Savings Bank. You can use the internet to find the best rates at bricks and mortar banks anywhere in the US, not just in your home town.

[Squeezing Pennies]

I have never been asked anything before.