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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Maybe TD Ameritrade saw my post yesterday, because I got a letter from them today. Here's an excerpt...
"We understand how recent events in the financial markets have caused many of you to become concerned about your investments and your family's future. TD AMERITRADE wants to assure you that our company is sound and ready to help.
A stable foundation
TD AMERITRADE continues to have no direct exposure to the U.S. real estate market and the associated complex financial securities that are at the root of this liquidity crisis. Our capital structure and liquidity are strong and stable, and we continue to safeguard our clients' assets with the following protections..."
It then lists a number of policies in place, provides contact information at branches, online and phone numbers, and is signed by CEO Fred Tomczyk.
To me the most important aspect of the note was the contact information.
Tim, you may be too jaded to consider this anything important, but I definitely like the fact that TD Ameritrade took the time to send me this. Maybe I won't put all my money under my mattress just yet.
I hope the banking world is run a little better than the EPL. Maybe Kevin Keegan wants to take a crack at the financial crisis.
Well, over here in the UK, with our professional football clubs we have an interesting scenario:
"The board has full confidence in the club's Manager/Coach/Whatever."
Two days later the person in whom the board had full confidence is "allowed to resign" or is fired.
Maybe we Brits are a bit more jaded and cynical than you guys on your side of the pond (where the whole financial meltdown started, by the way!), but I bet we'd not believe a word of the message.
Maybe worth running a poll on that!
Tim,
It's true, that customers might not believe the message, and it might not have any type of impact. But it couldn't hurt. At least at the end you might get some contact info of someone to follow-up with at the bank if you have more questions.
So I say, why not do it? It won't appease everyone, but it might alleviate some people's concerns, even for a moment.
My bank is an online retail bank, part of HSBC, thus likely but not certain to be safe. It would be very easy for it, exceptionally easy, to email me to give me information that is relevant to my contract with them.
But would I believe the message?
I am being pounded with news items saying how bad it is and thatit might =(!) get worse. I do not understand the reason why it's bad. I'm neither stupid nor ignorant, I just do not understand it.
That's because no-one has ever explained why the system is choosing to melt itself down. And I think that's because people do not know. We've even had the Illuminati trash dredged up on a forum I contribute to!
What we do know is that traders are buying and selling shares. You can't sell a share when no-one is buying, so some folk are selling and others are buying at low prices, and the traders are making a profit.
In the midst of this weirdness what good or harm could a statement from my bank do? "Methinks she doth protest too much!" comes to mind. Good old Lady MacBeth.