Wednesday, February 16, 2005

Banks Upsizing

Went for a visit to the bank today, and decided to deposit my cheques at the teller rather than the quick drop box.
This is the third time I believe that a teller has tried to up-sell something at the bank.

"Do you know about the award saver? It's good to save you know, just save a little bit, it can be deducted automatically, only need $1 to start"

Well I know this, and anyone who has savings they don't need to access immediately tied up in a Commonwealth Bank of Australia Award Saver account should be hung upside down and shaken a little. The rate is so pathetic that it's not even listed on their website. Have a look at ING Direct, or one from St. George, they offer 5.25% on any balance, and no fees. The downside is that you don't have immediate access to your money (perhaps 2 days).

"Can I get someone to set this up for you?" "No I'm not interested thanks"

"Don't you want to save?" (started to get annoyed now) "I already have a savings account elsewhere!"

She then gives me some disappointed look. I feel sorry for the women who served me, she's probably getting a commission, and works in a branch that is going to close, there is another branch a few hundred metres away.

Previously I've also had someone try and tell me all about insurance with the bank (yeah, I'm going to get a great rate with them!), and a friend got asked whether he wanted to increase the limit on his credit card, which he agreed to, only to be rejected once the application was processed.

If banks want to improve how about they stop treating their customers like idiots.


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