Banks don't want my business unless they can make money.

[Scutter01]

Scutter, you seriously need a better bank.

I'm actually in the process of moving to a credit union, but I've found they really aren't much better. One way or another, you're going to pay through the nose for the privilege of letting a lending institution earn investment capital off of your money.

 

[Double T]

The customers are the owners at MWAFCU. I use MWAFCU, and I like that they don't serve non-members. Nothing used to P me O more than waiting at a bigger bank on some clown cashing in pennies and then hear the teller ask if the person wanted to start an account with the money...

They've always been up front that you needed an account for any transaction.

 

[spec4]

Scutter, you seriously need a better bank.

I have no issues with the two banks I do personal banking with, they treat me all right. I do NOT understand some of the asshattery that occurs in business banking. Don't want to loan money to start-up? Fine. No worries. Oh, now you want to establish a banking relationship with us? M'kay, we'll look at your credit line offering. What, you won't extend a credit line without a personal guarantee from the partners? Go **** yourself! Why would I pay you interest on a credit line I'm personally guaranteeing? I'll just use my own money and pay myself interest you asshat!

Rockhopper; Why do you think the bank should take a chance on your startup (most of which fail within a year) without your personal guarantee? If you don't believe enough in the business to give a personal guarantee, why should the bank? Of course once the business grows to the point where it can stand on its own, it would be fair to drop the guarantee. Doing so before hand would be folly on the banks part.

 

[warhawk77]

ARE YOU A SOCIALIST? DO YOU ADVOCATE GOVERNMENT REGULATION?

Seriously the banks are there to make money. No different than a grocery store, liquor store or cigar shop.

Why would you expect them to provide you with a service (that costs them money) when you are not one of their customers?

Really? Because I ask a bank to do me a favor (potential customer) makes me a Socialist? How does taking $100 bill and giving me five $20 bills cost them any money? With that logic if they send me a letter in the mail I should charge them for my time?

There is a diff not all banks are like that Chase does not ask if I have a account or not. They understand I am a potential customer and are working hard to earn my business. I can understand the credit union as it is a private own system.



My point is what happened to the America from 50 years ago when customer service was important and companies worked to earn my business. This is just the latest example (that has happened to me) of how screwed up the system has become.

 

[rockhopper46038]

Rockhopper; Why do you think the bank should take a chance on your startup (most of which fail within a year) without your personal guarantee? If you don't believe enough in the business to give a personal guarantee, why should the bank? Of course once the business grows to the point where it can stand on its own, it would be fair to drop the guarantee. Doing so before hand would be folly on the banks part.

I don't think a bank is obligated to make a loan to a start-up at all. But you make my point for me; since I don't need the bank to loan me money, why would I be willing to guarantee a loan the bank wants to make to me? The bank sets an interest rate it expects to receive in return for loaning me a sum of money. If that interest rate doesn't cover their risk, they shouldn't loan the money. I am willing to pay an interest fee to maintain a credit line, but it would be folly for me to eliminate the banks risk, and pay them interest for the pleasure of doing so. If they want to make me a loan that I don't need, the terms are going to have to be pretty favorable to me.

 

[spec4]

I don't think a bank is obligated to make a loan to a start-up at all. But you make my point for me; since I don't need the bank to loan me money, why would I be willing to guarantee a loan the bank wants to make to me? The bank sets an interest rate it expects to receive in return for loaning me a sum of money. If that interest rate doesn't cover their risk, they shouldn't loan the money. I am willing to pay an interest fee to maintain a credit line, but it would be folly for me to eliminate the banks risk, and pay them interest for the pleasure of doing so. If they want to make me a loan that I don't need, the terms are going to have to be pretty favorable to me.

If you don't need the money, that's cool. There are plenty out there who prefer to use OPM (other peoples money) to fund their ventures. A note on rate, I never bought the rate/risk argument. You can make a loan and charge 100% interest, but it the loan goes in default you still take the loss. And if you feel you need a high rate to justify the risk, you are kidding yourself.

 

[rockhopper46038]

If you don't need the money, that's cool. There are plenty out there who prefer to use OPM (other peoples money) to fund their ventures. A note on rate, I never bought the rate/risk argument. You can make a loan and charge 100% interest, but it the loan goes in default you still take the loss. And if you feel you need a high rate to justify the risk, you are kidding yourself.

I think the high rate vs risk model is how the payday loan places operate. At their interest rates, as long as the debtor makes 5 or 6 payments, it's all gravy after that. If the debtor defaults, the payday lender has already gotten their money back. I know used car lots operate that way; finance a $1000 heap to someone at $400 a month; if you get three payments you're golden, if they default you get the car back to "sell" to someone else. If banks are asking for a personal guarantee in addition to an interest rate, they aren't loaning you OPM, they are charging you interest against your own assets (at least in my mind). But anyway, I'm glad I don't need to use them.

 

[JettaKnight]

Just go to the First Citiwide Change Bank.

All the time, our customers ask us, "How do you make money doing this?" The answer is simple: Volume. That's what we do.

 

[hooky]

Really? Because I ask a bank to do me a favor (potential customer) makes me a Socialist? How does taking $100 bill and giving me five $20 bills cost them any money? With that logic if they send me a letter in the mail I should charge them for my time?

There is a diff not all banks are like that Chase does not ask if I have a account or not. They understand I am a potential customer and are working hard to earn my business. I can understand the credit union as it is a private own system.



My point is what happened to the America from 50 years ago when customer service was important and companies worked to earn my business. This is just the latest example (that has happened to me) of how screwed up the system has become.

It costs them money because they're paying the person who is checking the bill to make sure it isn't fake and then counting out your change.

When they send you the letter, do the same thing they did to you and toss it aside.

The bank is also a "private own system", btw.

 

[hornadylnl]

I was in Germany at the PX at the start of a 3 day weekend. I was using a bank atm when the power went out. I was afraid it would spit my card out when the power came back on if I wasn't there so I staid there for about 2 hours waiting for the power to come back on. The power came back on but my card didn't come out. I went to the bank office to tell them I needed my card back. The manager told me he'd get it out on Monday. I told him that I couldn't wait til Monday as I had no cash and that card was the only way I could get any. He asked if I had an account with him and I asked him back if he wanted me to. He then asked me if I'd drive him to the bank to get my card. I took him there and got my card back and drove him back to the bank. I should have made the dick walk back to the bank.

 

[VaGriller]

I have to wonder if people would feel differently if warhawk posted this:

Warhawk: So I went to a gunshop I've never been to before and was looking around and this happened.

Warhawk: Can I look at this gun?
Shop: Are you buying it right now?
Warhawk: Well no, but I'd like to check it out and think about it.
Shop: Then no, only people who are buying right now are allowed to handle them.

Both businesses service people and try to sell a product right? What the bank did is bad business, just like if the gunshop did that, most of yall would be in an uproar.

Why do most people change banks? Because something their bank did pissed them off whether it be fees or treatment or mismanagement.

Whats the chance of warhawk even considering swapping to that bank now?

Other scenarios:
I went to XYZ Collision Center to get an estimate on my car and they wouldnt write it unless I commited to them fixing it.
I called a three roofing companies for estimates but none would come out unless I commited to them replacing it.
I tried to shop a car loan with the 3 banks but none would deal with me unless I signed loan papers.
I tried to shop a mortgage around but none would deal with me unless I signed loan papers.

 

[PeaShooter]

I don't think a bank is obligated to make a loan to a start-up at all. But you make my point for me; since I don't need the bank to loan me money, why would I be willing to guarantee a loan the bank wants to make to me? The bank sets an interest rate it expects to receive in return for loaning me a sum of money. If that interest rate doesn't cover their risk, they shouldn't loan the money. I am willing to pay an interest fee to maintain a credit line, but it would be folly for me to eliminate the banks risk, and pay them interest for the pleasure of doing so. If they want to make me a loan that I don't need, the terms are going to have to be pretty favorable to me.

Soooooo, you don't think that banks should collateralize a car on a car loan or a house on a mortgage? Personal loans are becoming a thing of the past. No bank is going to loan you money without some protection on the back end. Be it a house, car, or line of credit. I am someone who knows. My house is pledged for our line of credit. We used to give loans to the company to cover large expenditures, but stopped as it was inconvenient an the business needed to get a credit rating.

 

[hooky]

I have to wonder if people would feel differently if warhawk posted this:

Warhawk: So I went to a gunshop I've never been to before and was looking around and this happened.

Warhawk: Can I look at this gun?
Shop: Are you buying it right now?
Warhawk: Well no, but I'd like to check it out and think about it.
Shop: Then no, only people who are buying right now are allowed to handle them.

Both businesses service people and try to sell a product right? What the bank did is bad business, just like if the gunshop did that, most of yall would be in an uproar.

Why do most people change banks? Because something their bank did pissed them off whether it be fees or treatment or mismanagement.

Whats the chance of warhawk even considering swapping to that bank now?

Other scenarios:
I went to XYZ Collision Center to get an estimate on my car and they wouldnt write it unless I commited to them fixing it.
I called a three roofing companies for estimates but none would come out unless I commited to them replacing it.
I tried to shop a car loan with the 3 banks but none would deal with me unless I signed loan papers.
I tried to shop a mortgage around but none would deal with me unless I signed loan papers.

Hey, I have this $100 bill, can I see some twenties?

Do you have an account?

No, but I think I'd rather see your 20's.

apple's to oranges

 

[Benny]

I was in Germany at the PX at the start of a 3 day weekend. I was using a bank atm when the power went out. I was afraid it would spit my card out when the power came back on if I wasn't there so I staid there for about 2 hours waiting for the power to come back on. The power came back on but my card didn't come out. I went to the bank office to tell them I needed my card back. The manager told me he'd get it out on Monday. I told him that I couldn't wait til Monday as I had no cash and that card was the only way I could get any. He asked if I had an account with him and I asked him back if he wanted me to. He then asked me if I'd drive him to the bank to get my card. I took him there and got my card back and drove him back to the bank. I should have made the dick walk back to the bank.

He should have told you to **** off and you could have your card back on Monday.

 

[actaeon277]

I have to wonder if people would feel differently if warhawk posted this:

Warhawk: So I went to a gunshop I've never been to before and was looking around and this happened.

Warhawk: Can I look at this gun?
Shop: Are you buying it right now?
Warhawk: Well no, but I'd like to check it out and think about it.
Shop: Then no, only people who are buying right now are allowed to handle them.
...

How about this scenario.
You run a gun shop and someone comes in and ask for change.
You, being a nice person, change their money, and they walk out.
Different people, different times of the day, same thing.
You have to send a paid employee out to make change.
These people are taking up employees time, that could have been used with someone at least "looking at" guns. The person "looking" may or may not buy. But they are at least interested.


Yup, not making change is kinda silly. I agree with you.
But, maybe you could place yourself in their shoes.

 

[warhawk77]

I have to wonder if people would feel differently if warhawk posted this:

Warhawk: So I went to a gunshop I've never been to before and was looking around and this happened.

Warhawk: Can I look at this gun?
Shop: Are you buying it right now?
Warhawk: Well no, but I'd like to check it out and think about it.
Shop: Then no, only people who are buying right now are allowed to handle them.

Both businesses service people and try to sell a product right? What the bank did is bad business, just like if the gunshop did that, most of yall would be in an uproar.

Why do most people change banks? Because something their bank did pissed them off whether it be fees or treatment or mismanagement.

Whats the chance of warhawk even considering swapping to that bank now?

Other scenarios:
I went to XYZ Collision Center to get an estimate on my car and they wouldnt write it unless I commited to them fixing it.
I called a three roofing companies for estimates but none would come out unless I commited to them replacing it.
I tried to shop a car loan with the 3 banks but none would deal with me unless I signed loan papers.
I tried to shop a mortgage around but none would deal with me unless I signed loan papers.

I would think in your first example it is closer to if the gun shop asked if i have my federal form filled out, when I say no the don't offer to let me fill one out and tell me they can't help me.


I am needing another bank account but I can't wait a few more weeks no problem. I had not started thinking about which bank to use for that account yet. But after this I know who I won't use.




I think the bank has a silly policy but if is how they want to do business they have to answer to the stock holders.

 

[MrsGungho]

I'm actually in the process of moving to a credit union, but I've found they really aren't much better. One way or another, you're going to pay through the nose for the privilege of letting a lending institution earn investment capital off of your money.

We pay $1.95 a mth fraud protection, earn a very small percentage on checking and savings and as long as I use ATM's in the network, no ATM fees.

Which Credit Union are you thinking of?

 

[Grizhicks]

They're hardly freebies. As a bank customer, I routinely pay banks for the privilege of letting them use my money. I pay a per-transaction fee at the ATM when I withdraw money, I pay a teller fee if I talk to a teller more than twice a month, I pay a monthly fee if I don't let the bank use enough of my money every month, I pay to be allowed to pay my bills electronically, etc. I'm not looking for freebies. I'm looking for value. With a checking account that earns no interest, I'm basically paying the bank for everything and the only thing I get in return is the convenience of not having to mail an envelope full of cash to my mortgage company.

you need a new bank or a credit union; we use 2 credit unions, and they cost next to nothing

 

[LegatoRedrivers]

My point is what happened to the America from 50 years ago when customer service was important and companies worked to earn my business. This is just the latest example (that has happened to me) of how screwed up the system has become.

No offense on this, and I'm not in any way implying that this is what you were doing; but from what I've seen the customers are what happened to the system.

I hate to say it. I've worked in a lot of jobs dealing with customers, and the amount of entitlement the average customer has these days is astounding.

For example, people will call in and say, "I bought this from you 10 years ago and I know it's out of warranty, but I dropped it in the bathtub and it's not working any more. So I want you to provide me with a brand new one to replace this one, and a refund of my original purchase price, adjusted for inflation, because this one should never have broken." And expect you to just give it to them, because they're the customer, and the customer is always right. And when you don't give in to their ridiculous demands, they want to speak with your supervisor. And then your supervisor's supervisor. And then they threaten to call the CEO and file a complaint with consumer affairs, because you are treating them completely unfairly.

Sorry, I deal with "escalated issues", and I seriously have to deal with customers like this on a regular basis. They actually exist, and will yell and scream because they think you're eventually going to give in.

So the next time you have to deal with a customer service person who may not be the bubbliest person in the world, the last guy they talked to may have demanded free cupcakes for life because their laptop screen cracked when they tripped over their dog.

Whenever you come across a customer service policy that is not 100% geared toward the customer, it's because someone else ruined it for the rest of us through repeated and ridiculous abuse of the previous policy.

Nothing to do with a bank, but I think anyone who calls customer service should read this article: 5 Idiotic Misconceptions About Calling Customer Service | Cracked.com
Warning: The above link contains harsh language.

Sorry about the threadjack,

 

[jason765]

I use a CU and the closest branch is 30 miles from my house. There is a bank literally 2 blocks from my house but I wont open an acct with them because of the stupid ammount of money they want you to put in and keep in to have an acct with them. So one day, I received a $7.00 rebate check in the mail, and I was not taking a 60 mile round trip to cash the check, so I take it to the local bank. I was fully expecting to pay a fee to cash the little check but they said "We have a $10.00 flat fee to cash checks for non-members, you would have to pay us $3.00 to take your check" I understand the policy but thought this was stupidly funny. I left and just waited until I was in the area of my CU to deal with my little, baby rebate check.