<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > When the banking customer gets "laid off"
 

When the banking customer gets "laid off"

January 25th, 2007 at 05:51 pm

Suppose you bank at a regional bank. Five years later your bank is bought out by a global bank. Five years after that, the global bank decides to change your account terms and there is no way you can keep your account without a $5.95/month fee.

You look for something better, right? Is the change in terms your fault?

Suppose you just bought a house. Now you want credit in your own name, not having had it before, and hey! an affinity card application for an association you have membership in comes in the mail. You apply and you have a card. Yay! You use it responsibly for six years. Then your credit card company is purchased by a global bank and your grace period is shortened from 25 days to 20 days.

Is the change in terms your fault?

How is customer loyalty rewarded by global banks? What does one have to do to be rewarded by global banks and not get hit by fees or account changes to one's detriment?

Posted in indignities | 7 Comments »

7 Responses to “When the banking customer gets "laid off"”

  1. denisentexas Says:
    January 25th, 2007 at 06:00 pm

    I don't have answers.. good questions, though.

  2. Thrifty Ray Says:
    January 25th, 2007 at 06:16 pm

    If possible, move to a community bank or credit union. Those global folks are in it for the buck and your a number and a dollar sign to them.

  3. paulettegoddard Says:
    January 25th, 2007 at 06:21 pm

    Yes, Thrifty Ray, I am convinced you are right: those global folks are in it for the buck and we exist solely to make money for their shareholders, and not for ourselves. I went to a credit union and I am blissfully happy. I am charged for cheques and wire transfers. I am not charged to maintain an account, nor to see a teller. My credit union doesn't think "oh look, pristine credit history. Let's mess up PG's mind and shorten her grace period. Because we can."

  4. denisentexas Says:
    January 25th, 2007 at 06:42 pm

    We bank at what was Hibernia, a fairly local outfit. They were bought out by Capital One, though, and I'm none too happy about it. I guess it's time to find a local one. Hmmph.

  5. JanH Says:
    January 25th, 2007 at 08:49 pm

    I have a bank and a credit union. I absolutely love the credit union. They usually have a ton of people to help you and they are so helpful. I like the bank, but I don't have the same feel as when I use the credit union.

  6. campfrugal Says:
    January 26th, 2007 at 04:14 am

    I understand that totally. I banked with a local bank for years, bought out by a bigger bank, but the individual branches were still in control and then bought out again by a global bank and wham, even though everyone knows you at your banking institution, they are now unable to give you the service you are accustomed to, like loans the same day. Now it goes through underwriting and could take a week or, the minimum balance that used to be for my savings went up, but we are supposed to know that.

    I am eventually going to change, but I have direct deposit and a bunch of checks left. When my checks get close to running out, I am going to find a different bank or move all of my stuff over to the credit union.

    It sucks.

  7. miclason Says:
    January 26th, 2007 at 06:49 am

    ok, now I'm scared, because most of our banks have been bought by international banks!

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 6.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]