When I Want to Hear From My Bank, They're Not There
Given all the upheaval in the financial world these days, it's no surprise that most consumers are feeling jittery. It seems like at any moment we'll hear of another bank or financial institution closing up shop or being sold. I'm surprised, then, that I haven't gotten any communication from my bank about what's going on. I will get 100 offers for credit cards or ID theft protection every month, but when I want to hear from it about if it's staying in business, I get nothing.
At this point, even a simple mass email or direct mail piece to reassure (or prepare) customers would definitely go a long way. I heard a statistic on the news that 98 percent of the banks in the U.S. are fine. Well, if they're fine, why don't they tell their customers? Or if they're involved in some of the big deals we keep hearing about, why don't they explain the strategy?
I am a customer of many financial institutions -- Bank of America, ING, People's United Bank, Countrywide, TD Ameritrade, Chase, AIG, and TIAA-CREF, to name a few. Only one -- TIAA-CREF -- has sent me any type of communication explaining its role in the financial landscape. It really made a difference to me as a customer.
Yes, banks have a lot going on right now, but the last thing they want is customers closing up accounts or not opening new ones. And the complex bailout plan that is all over the news just adds to the consumer confusion. Customer communication is critical right now to help companies rebuild trust with their customers, and show that relationships are important to these banks. One email won't hurt, will it?
Have you received any information from your bank about its situation? Would you want to?
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