The thoughts of a writer.

Friday, January 16, 2015

Your Bank Might Be Lying

Your bank might be lying to you. My bank (TCF) was lying to me for years! I have two accounts. One is a checking account and used for paying for things. The other is a savings account used for saving money. For years, numerous bank employees have told me the "best" place for my savings was in a checking account—even though I was not using the checking features. Recently, precipitated by a letter that told of impending reductions in services—unless I paid additional fees, I found one woman from TCF (customer service via phone) who told me different. She actually tried to find what was best for me and not TCF. So with her recommendations, I went to my local branch to change my accounts. I was met with some serious opposition! The people there did not want to change my accounts and tried to come up with numerous reasons that I should not. None of the reasons actually pertained to my personal situation or needs. I persisted and made the changes. The first monthly statement I received showed that the interest I was now receiving with my savings account that was a savings account (not a checking account) was nearly double from what I was receiving in the past! This, even though I was shown in writing that the interest would be the same if I kept my old account! Unscrupulous? Yes! So why would my bank do this? The best answer came from a colleague of mine whose mother is a bank branch manager. He said that the branches are rated by a point system. They do not get the same number of points for a savings account as they do for a checking account. Also, he said that to close a checking account would reflect negative points on the branch. The bottom-line is that everyone I talked to for years and at multiple branches gave me misguided information in order to serve their own purposes—instead of truthfully answering my questions in order to help me to get the best deal. Don't trust banks!

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