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How Banks Can Make It Better For Customers (And Themselves)

Friday, August 9, 2013 - 4:17 PM
Bank customers seem chronically unhappy with their financial institutions, particularly on such hot-button issues as big bank bailouts and high service fees. More and more, financial consumers are voting with their feet and moving on from banks they believe underperform on customer service.

So what can banks do to improve customers’ banking experiences? Industry experts point to a few emerging trends from institutions designed specifically to keep deposits where they are and bolster their relationships — and reputations — with customers:

How Banks Can Make It Better for Customers (and Themselves) | Save | Get the best rates on mortgage, home equity loans, CD, money markets and checking accounts | BankingMyWay
5
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,208
1. Friday, August 9, 2013 - 4:30 PM
Let's get real here.  Customers aren't looking for their banks to be their friends and think they are building good business relationships by opening the doors five minutes early. Customers want less fees and HIGHER interest rates on their savings and CDs!  Nowheres in the article did it mention this.  It doesn't impress me that they know me personally and smile at me while giving me 6 cents interest on my savings (which I just closed this week, btw).  Calling me a  Premier customer just means they are getting more out of me than they are giving me back in interest and I would rather be called "Unpremier" and be given more interest.  Problem these days is that most banks in a general area are all giving the same low rates so they force us to do the "long distance" banking where no one cares who we really are but are willing to give us a tiny bit more interest for a CD.  I am about to write off ALL banks if the FED doesn't help them give us more interest.  Something has to give and I am tired of it just being the customers!
5
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
2. Friday, August 9, 2013 - 8:12 PM
Re: paoli2 @ 1. Friday, August 9, 2013 - 4:30 PM

Many banks and credit unions are trying their best to retain customers. I really can't expect them to offer deposit rate yields that would put the institution into the red. Some are better than others. That's why we come to this blog site and Ken helps us find the best deals.
8
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,208
3. Friday, August 9, 2013 - 9:29 PM
Re Shorbreak:  I have to disagree with you.  I don't think the banks are really that concerned about keeping customers since they seem to be able to get all  the money they need at zero interest rates from the Fed.  They are supposed to use that money to make loans so people can help the economy.  They then used to be able to give us decent interest rates from the interest they were making off of the loans.  Something is all ****ed up now because the are taking the Fed's money but no one is overseeing them to make sure they use it for "loans" so now "we" don't get to have decent interest on our CDs etc.   It all starts and ends with the Federal Reserve.  No one is watching the pot and it has boiled over and caused a mess.  Many of us are drowning in "their" mess and I am tired of it.  I was personally told by a manager of one of my banks they did not need our deposits because they can get all the money they want from the Federal Reserve.  There are certain rules the banks must adhere to in order to get the funds but the manager was basically correct.  This has to be turned around and the only people who can do it are in the Federal Reserve!  

At this time the credit unions may still want some more customers but at the rate things are going, it won't be long before we loss them as a backup for the banks.  Another poster has a letter to Washington on here about the credit unions and what is going on.  If you haven't read it, I suggest you do and hopefully will agree and notify your senators and reps.
5
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
4. Friday, August 9, 2013 - 9:44 PM
Re: paoli2 @ 3. Friday, August 9, 2013 - 9:29 PM

"They are supposed to use that money to make loans so people can help the economy."

I don't know where you live but things are sure different here. Perhaps you live in Detroit?

AEP Texas partners with Abilene banks to borrow money » Standard-Times
4
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,208
5. Saturday, August 10, 2013 - 8:19 AM
No.  I certainly don't live in Detroit.  I just know what I read and what bank managers tell me as to why they can't give higher interest rates.
4
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
6. Sunday, August 11, 2013 - 12:31 AM
I keep my checking at Wells Fargo because of  their customer service.  If I bounce a check or mess something up, I don't want to be embarrassed in front of the lovely smiling teller.  I want somebody who doesn't know me or care.  Although it's been years since I've bounced a check, I'm keeping Wells Fargo, cause you never know when I'll need them.
1
carlycarly26 posts since
Sep 2, 2011
Rep Points: 88
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