Do You Run Your Business Like A Bank?

June 24, 2008

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Image by Kai Hendry

Don’t you just love banks? At the best of times, they’ll fail to help you out with the most basic of problems. And they’ll put everything right by trying to sell you a heap of crapola that you don’t even need. Brilliant aren’t they? At least they can show you how not to run a business. I had a bit of fun with my bank at the weekend.

My Bank Had Some Great News For Me

I call my telephone banking service because I need to transfer some money from one account to another. It’s a Saturday - I need to book a flight and there’s only a handful of seats left.

This should have been straightforward but the customer services assistant tells me she can only transfer money from the account that I need to put money into. I’m still trying to work out how she can take money out of an account that is virtually empty, but her English isn’t great so I don’t bother to ask. She tells me I should use Internet banking - but I can’t. The PIN machine they sent me doesn’t work.

Then she says, “Mrs Lawson, I’ve got some great news for you.” So I’m thinking great - she’s managed to do it after all. More fool me - it soon becomes apparent that this enthusiastic customer services girl is reading from a script. And she can still do bugger all for me, but she’s hoping to sell me some home insurance anyway. I wonder how many people accidentally hang up on her, as I did?

Banks Can Predict The Future

So, I have 30 minutes to get to the bank before it closes to transfer the cash myself. And they do it, by pressing one button. I am happy - my bank is good after all. They don’t even try to sell me anything - probably because they are about to close.

I get home and the flight is still available. This is great, then the bank declines the transaction.

So I call the customer services department again. I explain the situation and that I’m in a real hurry to book this flight before it sells out. The assistant puts me on hold for a while, then she tells me that the bank didn’t turn down the transaction. It’s probably the seller, she tells me - many merchants don’t accept Visa. Now call me dumb, or at least my bank obviously thinks I am but I don’t recall the last time I bought something from a seller who didn’t accept Visa.

“But,” the customer services assistant says, “I bet that if you try again now, your purchase will go through.” But she didn’t want me to try it quite straight away. First, she would be really grateful if I could complete an automated customer satisfaction survey. I guess she missed the bit about me being in a hurry to book the flight.

But a great miracle happens. As soon as I get off the phone - the transaction goes through. I wonder how she knew that was going to happen, when the bank didn’t even stop the transaction?

This is probably one of the funnier experiences I’ve had with banks. Others have ranged from not so funny to downright appalling.

We Can Learn A Lot From Banks

When you can’t help a customer to get what they want, it’s great if you can provide an alternative solution. But not helping them, then trying to sell them something they don’t even need, can be plain annoying.

If we screw up it’s best to own up and not try to blame another company.

After your company has inconvenienced a customer several times in one day, it’s probably not the best time to ask them to take a customer satisfaction survey - especially when it’s on their phone bill.

Have you got any great bank stories? Do you love or hate your bank? What have you learned from banks, or other similar businesses that has helped you improve your business?

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Comments

6 Responses to “Do You Run Your Business Like A Bank?”

Hunter Nuttall on June 24th, 2008 2:43 pm

As soon as she said she had great news for you, I knew what was coming! It’s a shame that things like that happen. I don’t really have any bank stories, but I once heard a talk where someone said that Bank of America was a creative genius and deserves an award for their ability to charge hidden fees.

Hunter Nuttall’s last blog post..The Millionaire Mindset
Barbara Swafford on June 24th, 2008 6:13 pm

Hi Catherine,

I’m actually very happy with my bank, but I’ve dealt with other businesses that leave me shaking my head. It makes me wonder how they manage to stay in business.

The technique of cross selling doesn’t work for me, either. Like you said, why would you buy another “product” if they aren’t even taking care of your original business transaction.

Barbara Swafford’s last blog post..NBOTW Needs No Introduction
Vered on June 24th, 2008 6:31 pm

I’m indifferent to my bank… it’s a place to keep my cash-equivalents and earn meager interest on them. I almost never have to deal with anyone there.

“If we screw up it’s best to own up and not try to blame another company.”
Very true - for companies and for life in general!

Vered’s last blog post..15 Minutes Of Fame - Again??
Mike Goad on June 24th, 2008 8:27 pm

We’ve had the same bank account for over 25 years now. Same account, three different banks — or is it four. With all of these mergers and acquisitions one would expect to have some issues come up over the years.

No problems… ever. In fact, our checking has been free of charges all of those years… just as the terms said when we opened the account.

Mike Goad’s last blog post..A ?Presidential? View
That Saddity Chic on June 25th, 2008 2:01 am

I just wrote a bank story this morning on my blog. Our business banker at Wells Fargo illegally opened an account in my fiance’s name last month and was funneling money into it. We didn’t know until we got a letter this morning asking for my fiance’s signature. Now the bank is investigating it and hopefully the banker will face federal charges.

That Saddity Chic’s last blog post..So You Trust Your Bank Huh?
Cath Lawson on June 25th, 2008 4:38 am

Hi Hunter - I guess I should’ve seen it coming. Those hidden charges are amazing aren’t they?

Hi Barbara - I know what you mean. I’m guessing they’re just trained to read the script to everyone rather than use their own judgement. That’s the trouble with systemising everything - it doesn’t encourage people to think for themselves.

Hi Vered - that sounds like a smart decision. I think I would do the same, if I could get this blood pin machine to work.

Hi Mike - That’s brilliant - especially the no charges part. I recently read a bank over here who would refund the customer when they complained about hidden charges - then close down their account for complaining.

Hi That Saddity Chic - that is appalling. I’ve heard some bad bank stories but the behaviour of your banker is truly outrageous. I’ll be coming over to read the story.

Cath Lawson’s last blog post..Do You Run Your Business Like A Bank?