Bank (Fees) Robbery!
Oh the banking institution, a simple idea in theory, but not in reality.
I have had an account with a Canadian financial institution since I was sixteen years old.
For thirty six years, I have deposited money into my checking account weekly, and my savings account monthly, I have paid mortgage payments, RRSP payments, plus bought Canada Savings Bonds from time to time. This bank, has had my money to work with, and every month I am required to pay a service charge.
The other day, I received a letter informing me my service charge was going to be increased in the new year. I, was curious about why, so I called my bank branch.
Of course, it was answered by an automated message system. I knew I would have to listen to their spiel before I could speak to a live person. I opted for a customer service representative.
I heard a cheery voice on the other end say "Hello, how can I help you today?" I explained my query and waited for her reply. There was silence for a few seconds and then she said "That's the policy of the bank, for handling, transferring, investing, etc." That was an unacceptable answer as far as I was concerned. "Oh, so the banks policy is to steal from its clients, while using their money, and making interest, while their clients make nothing. The bank is charging us for using our money to make them more money, and now they are charging more money for doing the job we entrust to them. Okay, that clears it up now thank you."
The customer service representative could hear the sarcasm in my voice, so she transferred me to the branch manager. I then heard the cool voice of a man who was short and to the point. He asked me how he could assist me. I asked him the same question, "Why do we need to be charged a higher service charge fee when nothing has changed?" He prattled on about higher costs of running the bank, so therefore us the clients need to pay the difference. "Such as? What are the higher costs?" I could hear him draw in his breath, and he told me I could make an appointment to come into the bank and discuss the matter further. I told him "No, I would have to charge him a service fee if I did, what with needing to put on my shoes and coat, and drive over there. That's a handling and transfer fee for sure. No, it will be cheaper for your branch to talk to me over the phone." He explained he had a client scheduled so he could no longer talk to me. I told him that was perfectly fine, but transfer me to someone who can talk to me.
I was on hold, for a minute and then, I was listening to a woman with a very thick accent asking how she could help me. "You could transfer me to someone I can understand for one." "Ma'am, or mom...ae___ , itt__" I couldn't understand a thing she said.
"I see, they're playing hard ball. That's okay, I can play too." I began jibbering in nonsensical speaking, total jibberish. The lady on the other end said very clearly "Ma'm I can't understand you, I'm transferring your call, please hold." I waited a couple of minutes, and then there was another voice on the other end of the phone, asking "You have a question?" Aha! It worked, "Yes, I do."
Once again, I voiced my concern about paying more for service fees. He listened and said rather flatly, "This is our new policy, it's to cover extras." "Like?" I asked. "Well, for instance, our bank gives a lot of money for women's cancer, such as Walk for the Cure for breast cancer research." I said, "You mean your clients donate their money, do we get a tax receipt for that? No, your bank gets the glory and we have to pay. I don't recall anyone asking if that was okay to give to causes on my behalf. So, your bank is using my money, then charging me to donate?" The voice on the other end said "Well, the bank donates money to charities." I said "Yes, with my money." We talked in circles for a few minutes, and I told him I didn't think it was acceptable to be charged for allowing the bank to have access to my money, and then, donating it without my permission, or receiving a charitable tax form.
The voice on the other end of the phone asked me what I wanted, so I told him I didn't want to pay as much in service charges. I heard clicking on the keyboard, and then he said he adjusted my monthly service fees. Instead of paying more, I had it reduced by four dollars. Whoohoo!
I hung up the phone, and felt vindicated. It does pay to complain, at least this time. The idea that banks use our money and then charge us to do so is ludicrous, but they do, everyday and we allow it. How crazy are we?
I have had an account with a Canadian financial institution since I was sixteen years old.
For thirty six years, I have deposited money into my checking account weekly, and my savings account monthly, I have paid mortgage payments, RRSP payments, plus bought Canada Savings Bonds from time to time. This bank, has had my money to work with, and every month I am required to pay a service charge.
The other day, I received a letter informing me my service charge was going to be increased in the new year. I, was curious about why, so I called my bank branch.
Of course, it was answered by an automated message system. I knew I would have to listen to their spiel before I could speak to a live person. I opted for a customer service representative.
I heard a cheery voice on the other end say "Hello, how can I help you today?" I explained my query and waited for her reply. There was silence for a few seconds and then she said "That's the policy of the bank, for handling, transferring, investing, etc." That was an unacceptable answer as far as I was concerned. "Oh, so the banks policy is to steal from its clients, while using their money, and making interest, while their clients make nothing. The bank is charging us for using our money to make them more money, and now they are charging more money for doing the job we entrust to them. Okay, that clears it up now thank you."
The customer service representative could hear the sarcasm in my voice, so she transferred me to the branch manager. I then heard the cool voice of a man who was short and to the point. He asked me how he could assist me. I asked him the same question, "Why do we need to be charged a higher service charge fee when nothing has changed?" He prattled on about higher costs of running the bank, so therefore us the clients need to pay the difference. "Such as? What are the higher costs?" I could hear him draw in his breath, and he told me I could make an appointment to come into the bank and discuss the matter further. I told him "No, I would have to charge him a service fee if I did, what with needing to put on my shoes and coat, and drive over there. That's a handling and transfer fee for sure. No, it will be cheaper for your branch to talk to me over the phone." He explained he had a client scheduled so he could no longer talk to me. I told him that was perfectly fine, but transfer me to someone who can talk to me.
I was on hold, for a minute and then, I was listening to a woman with a very thick accent asking how she could help me. "You could transfer me to someone I can understand for one." "Ma'am, or mom...ae___ , itt__" I couldn't understand a thing she said.
"I see, they're playing hard ball. That's okay, I can play too." I began jibbering in nonsensical speaking, total jibberish. The lady on the other end said very clearly "Ma'm I can't understand you, I'm transferring your call, please hold." I waited a couple of minutes, and then there was another voice on the other end of the phone, asking "You have a question?" Aha! It worked, "Yes, I do."
Once again, I voiced my concern about paying more for service fees. He listened and said rather flatly, "This is our new policy, it's to cover extras." "Like?" I asked. "Well, for instance, our bank gives a lot of money for women's cancer, such as Walk for the Cure for breast cancer research." I said, "You mean your clients donate their money, do we get a tax receipt for that? No, your bank gets the glory and we have to pay. I don't recall anyone asking if that was okay to give to causes on my behalf. So, your bank is using my money, then charging me to donate?" The voice on the other end said "Well, the bank donates money to charities." I said "Yes, with my money." We talked in circles for a few minutes, and I told him I didn't think it was acceptable to be charged for allowing the bank to have access to my money, and then, donating it without my permission, or receiving a charitable tax form.
The voice on the other end of the phone asked me what I wanted, so I told him I didn't want to pay as much in service charges. I heard clicking on the keyboard, and then he said he adjusted my monthly service fees. Instead of paying more, I had it reduced by four dollars. Whoohoo!
I hung up the phone, and felt vindicated. It does pay to complain, at least this time. The idea that banks use our money and then charge us to do so is ludicrous, but they do, everyday and we allow it. How crazy are we?
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