I am writing this complaint because I find the lack of ownership that consumers take to be really disappointing. Businesses can make mistakes but I do not believe "the customer is always" right. A customer should always be treated with respect, but I see a trend where the consumer wants it for free, never reads their terms, complains about reps, places blame elsewhere, etc... We live in a great country but the consumers have equal blame as the politicians and banks for where the economy is. Why? Read some of the posts on this board. Attitudes and behaviors.
We all make money and we spend money. Hopefully, we make more money and spend less money. So if money comes in, it inevitably goes out. Why is it that people forget banks are businesses that have to make money too. I have never heard so many people complain about paying for a service as they do with a bank.
You don't think your cell phone service is free, your electric or internet isn't necessarily free, right? But people forget banks are not mattresses or piggy banks. Rent on buildings need to be paid, employees need to be paid, processing items in an account cost money, and the FDIC (the fed) receives money as well. However, banks are one of the few places that give you options to avoid maintance fees; maintain a balance (as explained in your disclosures) or be enrolled in another available program like direct deposit. These are ways the banks say they will help you to avoid their fee. Yet, customers who don't do this, still complain about a fee. My cousin told me a story yesterday that prompted me to write this. She works in a bank call center. Not only do the complain about the fee but the amount (lady told her $2 would have been reasonable, not $12... On a business checking account).
Business accountholders have even less reason to complain. They are in business to make money and know the cost of doing business. At least with consumer accounts, we can say they are just ignorant to the facts. My cousin tells me the woman was closing her acct because the bank was "horrible" to charge her $12 a month for 'nothing'. She used her account to deposit (with a teller), occasional checkwriting but mostly electronic transactions. Why do people think that is nothing? Statements being produced and mailed have no cost involved? There is overhead for that bank she made the deposit, the checks written have to be handled, and the other transactions have to be processed; piggy banks don't have the option of electronic transactions. She gave my cousin a hard time saying she was going to network and complain about the bank. She never met the balance qualifications and didn't use the other program offered (she admitted it). So what does she have to complain about? And as a courtesy, she was given 2 months fee credit but she wanted the whole year!
The press has vilified banks to the point that people think the above scenario is a valid complaint against a bank. Or an excuse for not wanting to pay what is due. Overdraft fees are a different situation and should not be used as a reason by consumers to expect 'free banking' from the big bad banks. My stance on overdraft fees remains the same: be aware of your bank policies and if you overdraft your account, you have to live with the consequences. If you pay your electric bill late, you receive a late fee. Try arguing that with a rep. They may give you one courtesy credit but you were late and cannot blame the electric company.
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