Banking: unexpected customer service, and lack thereof

 

Two different outcomes.

Scenario 1, I know that the prime rate dropped in March, significantly. I do not have a mortgage on our house, but I have a variable rate heloc. So it was April 28, and I see my rate is still 4% (prime minus 0.75% is the rate). It should be 2.5%, as the last change was 3/18.

I call the bank, wait 47 min on hold, and immediately the rep (I could tell she was in Boston from the accent) said I don't know you have to talk to a manager and did a hard transfer....

Manager comes on 17 min later--begins to tell me helocs don't have variable rates your rate would stay at 4%. Without going ballistic, I said, um, nope. Check these three statements (I randomly looked online to see different rates). She goes, oh, yours seems to vary, then you will be owed some money, I'll open a case and you'll hear back in 3-5 business days.

It's now been what 8 business days, never heard from anyone, doubt I ever will. I figured it out myself. If the rate was changed 3/18, banks adjust 4/1. If your statement covers 3/28-4/26, you will see no adjustment until 4/27, the first beginning date that crossed the date it changed. Interest is paid in arrears and since it was not adjusted until 4/1, no change until 4/27. Why on 4/28 no change, who knows, system lags. It shows 2.5% today.

So when interest is rising, it's an advantage, falling, disadvantage, on how my period straddles the 1st of the month. Customer service fail.

Now a surprisingly good outcome.

I subscribe to these CDs, since they seem to go up in value and are limited runs, I decided to subscribe to qty 3. I will play 1, and put 2 in a vault or collection. Sometimes they are $28 face value, and in 12 mos on eBay for $130. Depends on the cd.

I get my 2nd delivery this week, and the box is small. I open it, and there is only 1. dang. This is only the 3rd time in 20 years that what I received doesn't match the paperwork (says 3 shipped). I figure it's got USPS tracking, and I have the original box, so anyone can see by the size of the box, it's only qty 1.

Go online and the only means is to email, no phone number.

I keep searching and find a 800#. Call, and a woman who is super friendly asks me a few questions, and said unfortunately, you are not the only one. I will dime out the outfit--Warner Music Group.

She opens a case# and says rest assured you'll get the rest of the order, I hate to say it but could take 3-6 weeks. But you will get it.

then we talk about concerts in the 90's, says she's had conversations with people going to the shows back in 1965, on and on. Generally a pleasant conversation where you wish it were always like this and you feel excited to do a survey.

An hour later I get an email confirming what was discussed.

Why on something as serious as a loan, is the service SO POOR.

Then on something as insignificant these days as CDs (maybe $56 worth of goods), the service is that good and personal?

It depends partly on the

It depends partly on the person you get and even more on the environment they work in. Are they genuinely encouraged to help people or are they measured to make sure they handle a specific minimum number of calls per shift?

It also matters how well they are staffed for handling calls, versus the call volume they receive. I suspect that right now with so many people unable to come in for face to face meetings on things like your heloc the call volumes have gone through the roof. At the same time it's hard to increase the staffing in a call centre fast enough to keep up.

It's even more difficult if you're dealing with office staff/management who would normally see you on an appointment basis in the office and now they have been turned into the equivalent of an on-demand call centre.

...ken...

Customer Service

To me it tells me who REALLY wants your business and who doesn't. While switching banks can be a royal pain, it can be well worth it. Go to a smaller bank / credit union that really wants your business. The bank I am with just recently opened up their 4th branch within the past year or so. I get great customer service and when I call (very rarely need to), I actually talk to a person.

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Garmin Nuvi 2450

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jfossy wrote:

To me it tells me who REALLY wants your business and who doesn't. While switching banks can be a royal pain, it can be well worth it. Go to a smaller bank / credit union that really wants your business. The bank I am with just recently opened up their 4th branch within the past year or so. I get great customer service and when I call (very rarely need to), I actually talk to a person.

Totally agree on the CU. We belong the the largest in the USA, and the 3rd largest. Have dealt with both mostly for car loans and #3 gave us a 5% cash gas rewards card--it doesn't exist anymore but we're grandfathered. 5% off every month automatically. Yes, CUs treat members (that's right, members), like people. My dad purchased a car but did not drive off with it. Had buyer's remorse so he called the CU to cancel (#1). The rep was so nice to my dad my dad said what's your address, I want to write your manager a letter on how well I was treated by you (my dad is old fashioned, he actually wrote a letter to the City of Boston when they excused him from a steep parking violation--they actually responded to his letter--we're not talking hand written, rather MS Word!). The rep said believe me, Mr. *******, I have a dad too, so I understand that you decided not to go through with the purchase.

At that time? I was worried. I mean the car loan is already accruing interest--how do you cancel it? If it were with my bank? Likely, you cannot. Legally, you can. I mean practically speaking, you'd be unable to.

I have always got good customer service from...

...Dish Network and SiriusXM. Not so much from Hyundai where last year I got charged for a service that I didn't order. Took about three months to get it straightened out. Finally got my money back, but it was a struggle. The CS rep stated that their computers wasn't showing the charge even though it showed up on my credit card. Like Hyundai's products but not their customer service, especially when it relates to BlueLink.

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It is impossible to rightly govern a nation without God and the Bible. ----George Washington

Sirius/XM CS sucks. I have a

Sirius/XM CS sucks. I have a Lifetime Subscription. I also have a Family Sub attached to that Subscription. Every time I try to cancel sub, I have to tell them NO at least 10 times to their offers for cut rates, extended subscriptions, etc until I have to ask them "What part of NO did you not understand?" Usually I have to ask to speak to a Supervisor.

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Frank DriveSmart55 37.322760, -79.511267

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phranc wrote:

Sirius/XM CS sucks. I have a Lifetime Subscription. I also have a Family Sub attached to that Subscription. Every time I try to cancel sub, I have to tell them NO at least 10 times to their offers for cut rates, extended subscriptions, etc until I have to ask them "What part of NO did you not understand?" Usually I have to ask to speak to a Supervisor.

I do find them funny. I used the name your price tool long ago. They always have some promo that works out to $5/mo usually times 6, and then like another $13 in fees and taxes. I told them I want to pay $20 out the door. So they have to take whatever the net amount is, and credit the difference. In a 5 mo. promo it's $37, so they have to credit $17.

Last time I told the guy I won't pay a penny over $20, so he made it $20.01 to see my reaction. I took it. We have to have fun and allow the other to feel they didn't give it all away, what difference does the penny mean? To a cutthroat negotiator it's a deal breaker out of pride.