Aren’t the best customers the ones who do the right thing and follow all the rules? Or are the best customers those who break all the rules? I’ve been thinking lately about hidden fees, especially from banks and financial institutions. Convenience fees. Late fees. Over-the-limit fees. Inactivity charges. Foreign transaction fees. ATM charges. Unbelievable interest rates, sometimes as high as 30%.
The video below is somewhat conflicting. I’m not certain the actions chosen by our “star”, Jackie Ramos, were the smartest things to do. But she highlights some underlying issues that are real.
Watch it. See what you think. I’d like your reaction to my comments on the other side.
There’s big money to be made from the bad behavior of customers. Banks have entire departments devoted to collecting these fees from misbehaving customers. A financial industry consultant estimates $20 billion in punitive fees were collected last year, and it’s growing.
So what’s the problem? These businesses aren’t charities after all. But are they doing the right thing when they levy these fees? Are they addicted? And how do their customers feel about them?
What do you think?
Wow! I applaud this young lady for standing up for what she believed in.
I recall my father being asked to provide his educational level when recently applying for a home loan. Not convinced that’s relevant or appropriate.
WOW. What a terrific video! A wonderful example of corporate insensitivity. I too know all of this about Bank of America. I also hope that the employees that they required to work through their lunch times – without the benefit of compensation – win their class action lawsuit. I pulled all of my money out of Bank of America. I hate the way they treat the very customers that helped them reach their success. They are a perfect example of “American Greed.” If there were more people like this young lady in this video – if there were more people that voiced their opinions – I wonder if all the voices could make a difference? I would hire this woman for my business in a heartbeat. I applaud her courage and her convictions. Her Mom and Dad surely did “the right thing.” They gave her values and a moral conscious.
Sorry, I am a bit more in the mixed feeling arena. What was the purpose? If it was just to make herself feel better, fine. We all know Corporate America sucks. I recently read an article by a VP of Blue Cross Blue Shield where he said “there is no such thing as long term employment”. My son has worked there for 4 years and was quite astonished to see this attitude in writing. Getting back, if she wanted just to make herself feel better, ok. To make an impact, come on, who doesn’t know the bank credit card companies are vicious. A reality of our times. Yes, nice person to be proud of. Jobs are hard to come by, I’d like to see her reaction in 6 months.