I absolutely detest phoning the bank for anything as I can never get a straight answer - they have to try to upgrade my account, get me to open a savings account, apply for a credit card, get a quote for home insurance, ask if I've got life insurance, and only then, when I've said a categoric NO to everything, will they give me my sodding balance.
RBOS is particularly bad for this, I've found. I keep a lot of money around in an accessible account because I've got to pay my tax bill twice a year, and that always attracts their attention. The other thing they have is customer satisfaction surveys (which I generally tear up anyway) - every time I go into the branch, they ask if I've filled it in. It's as if I'm too thick to know what to do with my own money! :mad:
I have to say, I did wonder that myself. Someone should be looking after all this, it's clear that the OP isn't able to do so.
I know, i think it is wrong OP is in this situation,
OP can you not go into your bank again with someone who can assist you, get everything reverted to normal and get someone to explain to them your situation so that this doesnt happen again to you
you should not be worrying about selling your belongings because you are unsure where YOUR money is being held
That's also true. There were a lot of points during that interview where the discussion could have been stopped and there would have been no pressure.
It shouldn't take long for someone selling financial services to see that the person they are speaking to doesn't understand? At this point the salesman representing a REPUTABLE bank should stop the interview. And even interview is the wrong word for what has happened! This smacks more of a hard sell rather than offering good financial advice.
In this case it looks like the staff at a bank have cynically exploited someone who doesn't understand what they are buying. It probably breaks every rule in the banking code and indicates that the bank is not to be trusted.
Recommending changing accounts to one that pays higher interest may be considered helpful and ethical. Selling life insurance at the same time suggests otherwise.
The original intention of the bank was helpful, a lot of people have too much money in low interest accounts
And need life and medial protection insurance to help them spend most of it!
if the manager didn't know the OP well, they'd just assume that the OP's apparent agreement meant they were happy to go ahead.
If the bank manager was aware of the OPs learning difficulties then he has seriously abused his position within the bank. If the manager didn't know of the OPs finances should he have sold insurance which the OP is doubting that can be paid for without cancelling a Sky subscription? Obviously the manager of the bank was more interested in selling rather than establishing the true financial position of the customer.
In my experience, they're all pretty good with cooling-off periods when you change your finances.
Wouldn't it be better if the banks didn't try and "frighten" people that there is something wrong with their accounts in the first place!
The first time RBOS did it to me they left a message on my answer phone " Please contact us urgently about your account" followed the next morning with a letter in the post with the same short message. This resulted in a letter of compliant to head office and an apology in writing from the branch manager.
They still leave messages on the answer phone and occasionally send me a letter with the wording changed to (paraphrase) “Please contact us at your own convenience to discuss your account”. I know this is to get me to change from free banking to an account that costs £100+ in fees and to discuss the excess in my account.
I recently had 6 calls on my answerphone in a period of 3 days when I transferred £10k from a maturing savings account into a pension fund via my RBOS current account. The money was only in my account for 3 days, where they felt in necessary to call me twice a day.
I'm thinking of going back next week, to have everything returned to how it was.
Don't just think about it OP, go straight to the bank a.s.a.p and DO IT.......You have a cooling off period but it won't last forever. You are quite within your right to change your mind about the products. Take someome with you and stand your ground.
Because it will also give the banks more interest.
It won't though. The banks do what they like with your money (within regulatory limits). If you put it in a low interest account it just means that they have to pay you less of what that make from it. That would apply for instant access accounts. If you're tying up your money with them for a longer time it means that can do more with it because they know they'll have it for a certain length of time.
I accept the point that people have made regarding salesperson commission.
they have to try to upgrade my account, get me to open a savings account, apply for a credit card, get a quote for home insurance, ask if I've got life insurance, and only then, when I've said a categoric NO to everything, will they give me my sodding balance.
Every other time I go into my bank, to cash a cheque or pay some money in, the cashier will say "Do you know, you can have a Credit Card on this account" :rolleyes:
Banks really are the scum of the earth. If it wasn't mandatory to have a bank account in this day and age, I really wouldn't.
I'm sorry they're putting you through so much stress, OP. There is no excuse for their behavior. It's completely disgusting and I continue to be horrified by what banks can get away with when it comes to how they treat their customers. This sort of thing is much more sinister than just "hard sell" tactics, and should be disallowed by law.
I think this must be some sort of directive from head office, I too am being pestered by Llloyds. I'm more than capable of standing up for myself, though it gets a bit wearing telling them to bugger off about 3 times a day.
Because they are SALESPEOPLE and earn COMMISSION for opening new accounts! It's wrapped up as being helpful and "for your benefit", but don't be misled, there is no altruistic motive here - it's purely so they can hit their sales targets.
I work for a bank and yes it is about hitting targets but at the same time it is also about "Treating Customer's Fairly" and letting them know of the products available which could be of benefit to them. We have had custome'rs complain about branch staff NOT keeping them up to date with latest savings accounts with higher interest, home improvement loans int rates etc so we have to TCF aswell.
Although from the OP Lloyds did seem very controlling. You're supposed to give the customer the info in an informative, non biased way.
I used to work for a bank and this is the main reason I left on maternity leave in the 90s and never went back. Even then we were under pressure to sell stuff- at one branch there was a league table and I was always at the bottom because I hate selling and I'm very bad at it! My last job was overseeing the lending of the managers in my area but I knew that if I went back after having my baby I would have been given a small branch manager's job with all the associated sales targets and pressure to make people take up things they neither need or want.
Maybe things have improved these days but there was some very questionable stuff done in the 90s- I had one manager refuse to sign off a repayment mortgage I had agreed unless I changed it to an endowment one even though capital repayment was right for the customer....
We have had custome'rs complain about branch staff NOT keeping them up to date with latest savings accounts with higher interest, home improvement loans int rates etc so we have to TCF aswell.
You only get complaints for the poor way you (collectively) treat customers. I suspect that in these instances the complaints are as result of the sharp practices your bank adopts, such as advertising accounts with an interest rate of, say, 3% but once it has attracted enough money it is closed and the interest rate goes down 0.3%. The bank will then start off another account type paying an interest rate of 3% rather than keeping all the previous customers on the higher rate.
Or there was the Santander offer with a headline figure of 6%, but only on a limited monthly amount and dependant on opening an account with a monthly fee. Result for an average rate tax payer = pay £125 in fees and get £100 back in interest = a loss of £25.
Most of the products banks are pushing at the moment seem to have large commission rates that are paid up-front or from the first years of payments by the customer. If the customer finds that in the first years the product is inappropriate and cancels he is the only loser as the bank has already taken all of the commission on the product. I wonder if the banks would select their products better if they were paid only if the customer remained with the product on a long term basis?
People have to be wary of buying financial products from bank employees who will not have a job in 12 months time such as the staff at RBOS. When Santander take over all the UK RBOS branches they will not want to be running two buildings which are often next door to one another. The staff at these branches know this and will go out to get as much commission as they can before they get the sack.
Comments
RBOS is particularly bad for this, I've found. I keep a lot of money around in an accessible account because I've got to pay my tax bill twice a year, and that always attracts their attention. The other thing they have is customer satisfaction surveys (which I generally tear up anyway) - every time I go into the branch, they ask if I've filled it in. It's as if I'm too thick to know what to do with my own money! :mad:
I know, i think it is wrong OP is in this situation,
OP can you not go into your bank again with someone who can assist you, get everything reverted to normal and get someone to explain to them your situation so that this doesnt happen again to you
you should not be worrying about selling your belongings because you are unsure where YOUR money is being held
It shouldn't take long for someone selling financial services to see that the person they are speaking to doesn't understand? At this point the salesman representing a REPUTABLE bank should stop the interview. And even interview is the wrong word for what has happened! This smacks more of a hard sell rather than offering good financial advice.
In this case it looks like the staff at a bank have cynically exploited someone who doesn't understand what they are buying. It probably breaks every rule in the banking code and indicates that the bank is not to be trusted.
Recommending changing accounts to one that pays higher interest may be considered helpful and ethical. Selling life insurance at the same time suggests otherwise.
And need life and medial protection insurance to help them spend most of it!
If the bank manager was aware of the OPs learning difficulties then he has seriously abused his position within the bank. If the manager didn't know of the OPs finances should he have sold insurance which the OP is doubting that can be paid for without cancelling a Sky subscription? Obviously the manager of the bank was more interested in selling rather than establishing the true financial position of the customer.
Wouldn't it be better if the banks didn't try and "frighten" people that there is something wrong with their accounts in the first place!
The first time RBOS did it to me they left a message on my answer phone " Please contact us urgently about your account" followed the next morning with a letter in the post with the same short message. This resulted in a letter of compliant to head office and an apology in writing from the branch manager.
They still leave messages on the answer phone and occasionally send me a letter with the wording changed to (paraphrase) “Please contact us at your own convenience to discuss your account”. I know this is to get me to change from free banking to an account that costs £100+ in fees and to discuss the excess in my account.
I recently had 6 calls on my answerphone in a period of 3 days when I transferred £10k from a maturing savings account into a pension fund via my RBOS current account. The money was only in my account for 3 days, where they felt in necessary to call me twice a day.
Don't just think about it OP, go straight to the bank a.s.a.p and DO IT.......You have a cooling off period but it won't last forever. You are quite within your right to change your mind about the products. Take someome with you and stand your ground.
It won't though. The banks do what they like with your money (within regulatory limits). If you put it in a low interest account it just means that they have to pay you less of what that make from it. That would apply for instant access accounts. If you're tying up your money with them for a longer time it means that can do more with it because they know they'll have it for a certain length of time.
I accept the point that people have made regarding salesperson commission.
To which the correct answer is "No you're bleeding well not!!"
How did they manage to do all this, without you signing the forms
I did sign the forms.
Every other time I go into my bank, to cash a cheque or pay some money in, the cashier will say "Do you know, you can have a Credit Card on this account"
Why, if you didn't want to do these things
I feel very sorry for you, KK
You probably have a short time to cancel all this - but I am not sure. You need to get your sister to go in with you, and sort it immediately.
You have to be careful, as the banks can manage your money in ways you don't really want, that aren't suitable, and will cost you.
Don't try and do it on your own - they will confuse you. I hope you get it sorted.
Thanks ever so much.
I've been given 30days to cancel.
Yes I'm going to get it sorted next week.
They were addamant I did. They also were talking so quick, I couldn't stay concentrated.
Even more reason to tell them to stop so you can think about it rather than not knowing what you were signing.
I do hope you get it sorted out quickly,please dont think you have to cancel things and sell your computer to get access to some money
let us know how it goes
Thanks.
I'm determined to nip it in bud. I've got 30days to get things on track.
I'll be totally lost without my Computer and Sky.
you will get it sorted,good luck
Hopefully, thanks ever so much.
It's your money. Don't trust banks
Hope you get it sorted
I'm sorry they're putting you through so much stress, OP. There is no excuse for their behavior. It's completely disgusting and I continue to be horrified by what banks can get away with when it comes to how they treat their customers. This sort of thing is much more sinister than just "hard sell" tactics, and should be disallowed by law.
I work for a bank and yes it is about hitting targets but at the same time it is also about "Treating Customer's Fairly" and letting them know of the products available which could be of benefit to them. We have had custome'rs complain about branch staff NOT keeping them up to date with latest savings accounts with higher interest, home improvement loans int rates etc so we have to TCF aswell.
Although from the OP Lloyds did seem very controlling. You're supposed to give the customer the info in an informative, non biased way.
Maybe things have improved these days but there was some very questionable stuff done in the 90s- I had one manager refuse to sign off a repayment mortgage I had agreed unless I changed it to an endowment one even though capital repayment was right for the customer....
You only get complaints for the poor way you (collectively) treat customers. I suspect that in these instances the complaints are as result of the sharp practices your bank adopts, such as advertising accounts with an interest rate of, say, 3% but once it has attracted enough money it is closed and the interest rate goes down 0.3%. The bank will then start off another account type paying an interest rate of 3% rather than keeping all the previous customers on the higher rate.
Or there was the Santander offer with a headline figure of 6%, but only on a limited monthly amount and dependant on opening an account with a monthly fee. Result for an average rate tax payer = pay £125 in fees and get £100 back in interest = a loss of £25.
Most of the products banks are pushing at the moment seem to have large commission rates that are paid up-front or from the first years of payments by the customer. If the customer finds that in the first years the product is inappropriate and cancels he is the only loser as the bank has already taken all of the commission on the product. I wonder if the banks would select their products better if they were paid only if the customer remained with the product on a long term basis?
People have to be wary of buying financial products from bank employees who will not have a job in 12 months time such as the staff at RBOS. When Santander take over all the UK RBOS branches they will not want to be running two buildings which are often next door to one another. The staff at these branches know this and will go out to get as much commission as they can before they get the sack.