I’m no expert. Don’t claim to be I just don’t feel like my bank had MY best Interest in mind.
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I’m no expert. Don’t claim to be I just don’t feel like my bank had MY best Interest in mind.
As a former banker, this thread makes glad I get to say the word former in that sentence.
Originally Posted by ludacris
When it comes to money NO ONE has your best interest in mind...
I am so tired, slept for 4 hours last night. Lol
True I guess it bugs me so much because there seems to be no end to people hating and vilifying business owners.
But you complain about the bank almost tripling your interest despite being in the middle of renegotiating and everyone’s like “suck it up” lol
If I ran my business the way my bank has delt with me for the last 10 years I’d have no customers left
Lol and here is a new twist to the tail.
Just talking with a buddy. He told me a story.his dad passed away. Everything with the bank was suppose to be switched for his mom.
His mom didn’t use email. Turns out the bank was sending emails to his dads old email address never called his mom. Never sent her a letter. Her mortgage renewed and they did the same thing
Bumped her to a 6 month open at more than twice the interest. Never called her
They didn’t notice till she turned to him for help because she couldn’t figure out where her money was going it had been like that for almost 4 years and no one drone the bank did anything even when she called them herself to figure out what was up.
Same bank.....
Literally no on here has ever vilified small business owners as far as I know. Sure you have some shit customers, nature of the game everyone wants something for nothing.
It's not that anyone said "suck it up" so much as perhaps there were errors and mis-steps committed by both parties that lead to the outcome that occurred.
The bank did not go out of their way to "fuck you" they put you in a completely open product because they didn't have a firm signed off on commitment from you about what to do with your mortgage by the deadline. So they put you in a product that wouldn't lock you in to a term or rate without your consent the consequence of which is that a fully open term is subject to the highest available rate because the bank has to product everyone's money not just their interests. The reason they put you at that high a rate is because that open mortgage could be paid off at any time. They need to secure as much interest on it at that time because the bank depends on that lending in order to secure and pay out others deposit interest. So if everyone was at a super low open rate and paid it off all at once they wouldn't be able to pay interest on GIC's and savings and the system would be broken. God this brings up so many memories of getting belittled and berated by folks about about how much lower their lending rates should be only to have them start the yelling a few weeks later about how their fixed investments weren't paying enough.
It sounds like they presented you with some options like an LOC based on conversations about renovations and other items, which we're either not fully explained properly or misunderstood. IMO it sounds like they were trying to find a way to meet you needs but you didn't agree with their tactics or your pre-conceived notions impacted the negotiation. Either way it seems like they did everything they possibly could short of strong arm demanding you come in and hammer out a deal before the deadline.
If this bank has truly mistreated you in the past, start shopping now while the mortgage is open. Many many many FI's are happy to pay switching costs to get big ticket lending and perhaps you'll find a better level of service elsewhere.
Honestly not trying to pick on you here but here's the counterpoint from someone who lived it.
Customer comes in, complains about statement fees or level of paperwork they are receiving by mail. Is informed that in order to avoid statement fee cost/be more paper free they can opt in to receive all statements by email. Customer agrees and leaves everyone is happy.
Customer passes away unfortunately. As is common with with some older family dynamics the husband was the bread winner/money person of the household and the wife has next to no knowledge of finance. Death documents are provided to bank and account is switched in to the name of that party or simply joint account info removed. At that time the customer asked if their information the same as previous and they say yes. Generally its not the same person who put them on e-statements or they forgot because the bank staff see's dozens of clients each day and doesn't recall each individual transaction so it's not noted or discussed.
Months go by and since the old email is still active and never shut down the bank never get's a bounce back or notice that the email didn't go through. Perhaps they try to call but the customer had not updated their phone number in years and was incorrect. Perhaps the elderly person didn't answer a phone call from the bank because of fear of scams. Perhaps the bank is too overwhelmed with renewals to call every no response email because it's a goddamn rate war blood bath.
Either way it's not the bank trying to fuck the customer. No response = converts to open until we get confirmation of customer wishes. The way it is. It's not trying to fuck someone in to interest oblivion it's giving them time. All I can say is that 85% of frontline bank staff want to help other people, 10% are indifferent and 5% are just useless. A bank branch deals with 1000's of customer accounts, with a staff of 20-30 people. There is an onus on people to know their renewal dates, know where their statements are going, and keep their contact information up to date. Beyond that I don't know it's like any other consumer product knowledge is power.
Who's going to get a better consumer grade electronic from your store? The customer who does research before hand, knows the model specifics and what features they need and don't need along with brand history? OR the customer who comes in and says ""idc give me a washing machine" ?
Was a generalized statement regarding business owners. Hear it all the time never said it was all here.
As I stated. I told them what I wanted they put the other loc in without my consent I asked them to remove it I never got any papers sent back to sign just an email notifying me when it switched to open
I understand why, I think it was poor customer service since I was waiting on paper work from them. When they switched it.
Most likely it was automatic but the guy at the bank I was dealing with should have known and should have known I was waiting on him.
All that dosnt excuse not making an effort to contact
Don’t get me wrong I get what your saying I work it everyday BUT
If a customer orders something and I don’t call them to tell them it’s on back order then switch the order without asking and charge an extra couple hundred to their visa to cover it. that’s one me. Regardless of how busy I am.
What do you honestly thing the reaction would by from that customer?
Better analogy. If a customer calls for service two weeks before warranty and I’m busy and don’t get there till after warranty. It’s dose not matter that that warranty is over. It does not matter how busy I am. It does not matter that policy is warranty ends on they date period.
Good customer service is going out of my way to get the customer looked after in a way that is best for them not wait till after warranty and then charge them more because they should know when their warranty ends and took care of it sooner
That’s what I would expect from my bank as well.
It’s blunt but I don’t care how busy they are. I don’t care how cut throat rates are
That’s the way customers are for everything.
It’s the banks problem to deal with and good customer service would have been a phone call to say “hey your Renewal it coming” to which I would have replied. Yes I’m waiting for you to send me the paperwork to sign
And I will note I’m complaining on here but have not named the bank or banker and one not running to the internet and leaving bad reviews every where I can
And if you can explain the home line e thing that Don was talking about better I’d appreciate it. Cuz I am no expert and just going off the experience I have had
Email is communication, it's like the most currently prevalent form of it. Problem is it sounds like they communicated, put the ball in your court, then were told to find a completely different ball and resend it. Deadline happened between those terms and they did the best option given that
If you had a customer come in and describe a part they need, you order it and give it to the customer. They come back and say no that's not what I wanted order a different one. You oblige but the customer complains about you taking weeks to order a part even though you initially believed you both had the correct part coming who is to blame?
In this case you have it backwards. The customer ordered warranty work two weeks before the policy expires. However when you tell them the options they say they are unable to allow you to make repairs until the day before the warranty expires. When you arrive the customer tells you they're too busy and come back later. You go to make the repairs after the warranty is expired and get changed $500 in parts from the manufacturer plus your labour. You tell the customer since they caused the delay you're willing to eat the labour and most of the parts cost. They say no it's entirely on you since they "started" the process prior to warranty expiry. Who is in the wrong?
Again, with 1000's of customers all with varying needs/wants/desires it's impossible to do what you are suggesting for everyone and still be able to offer products and services.
Sounds like your banker heard your desires to complete renovations from the mortgage funds and perhaps had knowledge of other lending/finance needs. Instead of
just increasing your mortgage principal by the desired balance and adjusting payment schedule to match, they were trying to keep your current mortgage balance the same and also add a home equity line of credit. So basically residual equity (home value minus current mortgage) would be available to you as a line of credit that would be at far less than any other lending product as it is secured by the home. It's also variable payment meaning you only "have" to pay down interest monthly plus fluctuate balance by certain % over a longer term. Meaning you can pay it all off in one shot if you can, or if things are tight make interest only for a bit.
That's what it sounds like anyway.
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