By Judy Berman
It is a squeeze play for more money. All the perpetrator lacks is a mask and a gun.
In the old days, such thefts took place by outlaws when robbing riders on stagecoaches or trains.
Now, it’s the banks, car-rental agencies and others who relieve folks of their money. Rather than luring customers in, they’re chasing them away.
My rant is the result of my bank using “statistics” to deny me a lower interest rate. In a letter, unsigned, the bank states that “our decision may have been based in part on a credit score.”
I told the loan officer that another bank has offered me a more attractive interest rate. In a standoff at the O.K. Corral, my bank does not flinch.
So I download my credit report. There are no red flags. No cautionary tales for the loan officer to “Run. Run in the opposite direction. Do not give this person any money.”
Instead, the report reveals that I have an excellent credit score.
My bank’s letter says I am approved for credit for the car loan. But it does not want to give me the reduced interest rate and repayment plan. Instead, the bank aims to go for $5 more a month – an additional $60 a year.
So, my bank decides to shake me down for $5 more a month on a car payment. It’s still willing to do business based on the original, higher interest rate.
Brilliant.
I’d love to meet the bean-counting genius that thinks it’s a great idea to wring a few dollars more from a customer when another bank is salivating for that customer’s business.
Short-sighted. Penny wise and pound foolish.
This also happened a few years ago with a car-rental place.
We turned the car in with a full gas tank. But we didn’t realize that the agreement we signed required a receipt to prove we filled it up that day.
Even though they could see the gas gauge read “FULL,” they dinged us for about $18 more.
They may have made a few dollars more, but they won’t see any repeat business from us.
What is it with companies that have lost any sense of treating their customers right?
We also never lose an opportunity to tell people to beware of what they’re signing.
Now, we have a decision to make. One our current bank should have foreseen.
I do appreciate the service they provided at the beginning of our banking relationship. But I’m not feeling very valued right now.
My next move? Undecided.
What would you do? Have you ever felt undervalued as a customer?
COPYRIGHT NOTICE: Judy Berman and earthrider, 2011-14. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to (Judy Berman) and (earthrider, earth-rider.com, or earthriderdotcom) with appropriate and specific direction to the original content.
Video clip: Shakedown – opening song in Beverly Hills Cop II sung by Bob Seger https://www.youtube.com/watch?v=pk-W_i7Z59I
Music Video: For the Love of Money by the O’Jays https://www.youtube.com/watch?v=GXE_n2q08Yw
Main Photo: Monopoly – moneybags – our Hasbro board game
Photo: Stagecoach – Concord stagecoach 1869 – public domain. “used by express companies on the overland trails. Soldiers guard from atop.” http://upload.wikimedia.org/wikipedia/commons/thumb/4/41/Concord_stagecoach_1869.png/799px-Concord_stagecoach_1869.png
Photo: “The Great Train Robbery” (1903) – screenshot. Author: Edwin S. Porter Public domain. http://upload.wikimedia.org/wikipedia/commons/b/b5/Great_train_robbery_still.jpg
