Imagine if a bank modeled itself after a retail establishment. What would that look like? I wonder....
*****
What would inspire me to take a five-hour round-trip journey one recent Saturday, the girls in tow, to open a bank account? My readers, that's what. Anything for you.
For a few years now, TD Bank (formerly Commerce Bank) has been on my radar as a five-star customer service icon. I first read about it in Mavericks at Work; the soon-to-be released I Love You More Than My Dog reminded me that I was missing something industry-altering.
The problem was, their nearest branch is across Alligator Alley from Naples, about 90 minutes each way. So I stalled and delayed and put the trip off. ...Until betrayal by my own bank, Wachovia, convinced me it was time to make the trip.**
So finally, Maryn (4), Ayla (6) and I hopped in the car and took a road trip. We each opened an account. And voila, I have a new favorite bank!
Here are just some of the reasons TD is truly America's Most Convenient Bank...
* "Bankers' hours" indeed! TD is open 78 hours a week, including:
* Drive-through open till 8:00 Mon-Fri, till 6:00 Saturday.
* Lobby open till 8:00 Thursday & Friday, 8:30-3:00 Saturday, and 11-4:00 Sunday.
* Visa debit card created in the lobby while you wait. Wow!
* 888 number marked "Real People" right on said card. 24/7, a real person answers promptly.
* "Penny arcade" in the lobby - bring your change, the arcade will count it for you and print out a receipt which the teller then cashes, no account required.
* Line? what line?
* Free crayons, coloring book, and Etch-A-Sketch-like thing for the girls.
*Oh, and they each got a TD piggy bank.
* Treats for pets, too. (Next time we'll bring Wheezie).
* Warm smiles. Helpful, informative service.
* Fast, too - seriously, it's as if they had actually opened an account for a customer before! Can you believe it?
* My favorite? No stealth overdraft "protection" (and corresponding fee) on your debit card.
This is just the start - what can you tell about a bank from one visit? Turns out an awful lot. I'm dying for TD to open a branch on the left coast of Florida! Meantime, thank God for direct deposit and online banking.
TD Bank is based in Cherry Hill, NJ. The bulk of their branches are in the Northeast/Mid Atlantic down to DC, but they do have a few in South Florida.
About TD Bank - http://www.tdbank.com/about_tdbank/index.cfm
*****
Two must-read books:
Mavericks at Work - http://www.mavericksatwork.com/
I Love You More Than My Dog - http://www.customerbliss.com/
**For more on how Wachovia (legally) stole $110 and my innocence from me, look no farther than the post preceding this one.
Monday, September 21, 2009
Sunday, September 6, 2009
Banking Bait & Switch
Almost 20 years ago, I got my first debit card. Just out of college, I had no credit at all, good or bad. So I sent Capital One $200, and they sent me a Visa card. I could use that card for purchases until it hit zero, at which point the company cut me off and I recharged the card. It was a great system: I had all of the advantages of a credit card with none of the siren-song of actual credit.
Fast forward to the present day. All this time, the term "debit card" has held the same meaning: acts like a credit card, but gives you no actual credit. If there's money in the account, the bank approves your purchase. If not, you're declined. No harm, no foul.
I think most Americans had the same understanding of what a debit card was. The banking industry introduced a product with certain name and a corresponding definition.
Then, they switched the rules of the game on us. Without any fanfare - I certainly missed it! - many banks decided to approve our debit card purchases even when our accounts were empty, and then charge us fees of up to $35 per purchase.
Found money for banks suddenly in big need of cash! What a windfall!
These fees are without warning, except of course for the age-old wisdom of "Buyer Beware." As my regular readers know, I've been following this scandal as it has (finally) been playing out in the national press recently. Seems the biggest banks, most egregiously Bank of America, finally took this scam far enough to gain unwanted attention in the media.
Defensive banks, and some sober-minded commentators, have pointed out that consumers can avoid these fees merely by being more responsible: by watching their account balances, and not allowing them to dip below zero.
That's absolutely true! I won't disagree, not at all.
But here's the rub: consumers need to know this is even an issue in the first place. Those who, like me, have learned through long habit to rely on their banks to balance the ledger for them have recently been taken by surprise to find notice of egregious overdraft fees arriving in the mail days after their purchases were approved.
The bottom line: banks gave us "debit cards" and taught us how to use them. We consumers followed the rules, and all was well. ...until the banks needed to scare up some profits. And guess what? They changed the meaning of "debit card," and caught legions of their customers with their pants down.
Hopefully, this will be illegal soon. But what does it say about our banks in the meantime?
This is a blog about customer service. When the company you patronize tricks you - seriously, how else can you present this debit card switcheroo other than a scam? - what kind of service is that? Why should you ever trust that company again? Why would you ever do business with them again?
Few industries are as penny wise, pound foolish as banks. It's ironic, isn't it?
***
I'm on a quest to learn which banks deceive their customers in this way and which do not. Stay tuned as I share the results.
Fast forward to the present day. All this time, the term "debit card" has held the same meaning: acts like a credit card, but gives you no actual credit. If there's money in the account, the bank approves your purchase. If not, you're declined. No harm, no foul.
I think most Americans had the same understanding of what a debit card was. The banking industry introduced a product with certain name and a corresponding definition.
Then, they switched the rules of the game on us. Without any fanfare - I certainly missed it! - many banks decided to approve our debit card purchases even when our accounts were empty, and then charge us fees of up to $35 per purchase.
Found money for banks suddenly in big need of cash! What a windfall!
These fees are without warning, except of course for the age-old wisdom of "Buyer Beware." As my regular readers know, I've been following this scandal as it has (finally) been playing out in the national press recently. Seems the biggest banks, most egregiously Bank of America, finally took this scam far enough to gain unwanted attention in the media.
Defensive banks, and some sober-minded commentators, have pointed out that consumers can avoid these fees merely by being more responsible: by watching their account balances, and not allowing them to dip below zero.
That's absolutely true! I won't disagree, not at all.
But here's the rub: consumers need to know this is even an issue in the first place. Those who, like me, have learned through long habit to rely on their banks to balance the ledger for them have recently been taken by surprise to find notice of egregious overdraft fees arriving in the mail days after their purchases were approved.
The bottom line: banks gave us "debit cards" and taught us how to use them. We consumers followed the rules, and all was well. ...until the banks needed to scare up some profits. And guess what? They changed the meaning of "debit card," and caught legions of their customers with their pants down.
Hopefully, this will be illegal soon. But what does it say about our banks in the meantime?
This is a blog about customer service. When the company you patronize tricks you - seriously, how else can you present this debit card switcheroo other than a scam? - what kind of service is that? Why should you ever trust that company again? Why would you ever do business with them again?
Few industries are as penny wise, pound foolish as banks. It's ironic, isn't it?
***
I'm on a quest to learn which banks deceive their customers in this way and which do not. Stay tuned as I share the results.
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