Deceptive FA

[Cayman]

Got this voice message from our bank "Hi, this is Mark (xxx) from ____ and I'm calling about the loan you inquired about. Please give me a call at your convenience, I have information about it."

What? We have no reason for any loans, nor have we inquired about any. Concerned about identity theft, I called the main office. After a few inquiries, found out that the new FA was making the false claim as a pretense to discuss investments/drum up business. Bank mgr. said they weren't aware he was doing this, and would be told to stop. Assured me they were sorry. I then called the FA and told him he wasn't ethical, and being deceptive was a surefire way for him to fail. Not sure I want to stay with this bank.

 

[Choices]

I agree with you. Is this The new WF ploy? Does this FA report to the bank manager. I think the “FA’s” at my old credit union are a separate entity, but then, I never used them. The one used to be in advertising!
There are lots of other banks out there

 

[Another Reader]

How about he would be fired for doing this? I would not have an employee that did that working for me. What other unethical sales ploys would he use? He should not even be calling you without permission. I routinely get solicitations from B of A Merrill and Chase Private Client. But they are marketing brochures that come in the mail.

 

[Luck_Club]

Possible--though not probable--their web tracking software caught you peaking at the mortgage rates, and kicked out a lead.

if not agree it is scam tactics, and he should be warned once, better trained, and then sent packing.

I received tons of direct marketing mail from banks that I had peaked at the HELOC page, when I was looking a few months ago.

 

[dallas27]

Deceptive FA? Isn’t that a tautonymy?

 

[LOL!]

... from the Department of Redundancy Department?

 

[JustCurious]

... from the Department of Redundancy Department?

It's more of a Division.

 

[jazz4cash]

I didn't think FA's were involved with bank loans.

 

[Cayman]

Deceptive FA? Isn’t that a tautonymy?

You two got that right!

 

[Milton]

Got this voice message from our bank "Hi, this is Mark (xxx) from ____ and I'm calling about the loan you inquired about. Please give me a call at your convenience, I have information about it."

What? We have no reason for any loans, nor have we inquired about any. Concerned about identity theft, I called the main office. After a few inquiries, found out that the new FA was making the false claim as a pretense to discuss investments/drum up business.

Literally right out of the Joe Girard playbook. Dated, sleazy salesmanship.

Bank mgr. said they weren't aware he was doing this, and would be told to stop. Assured me they were sorry.

Oh yeah.

How about he would be fired for doing this? I would not have an employee that did that working for me. Wh at other unethical sales ploys would he use? He should not even be calling you without permission.

Very likely he was operating with the manager's implicit knowledge and approval. At the very least, the bank probably pressures its staff to meet some ambitious sales targets, and doesn't care how they do it.

Not sure I want to stay with this bank.

If I were you, I'd take my business elsewhere ... there are plenty of other options, and they can hardly be worse than the one you're at: they now have a demonstrated tolerance for fraudulent business practices.

 

[Another Reader]

I'll bet his products are life insurance and annuities. I dropped a local credit union because their mortgage department was full of ditzy people that could not process paperwork timely and their financial advisers sold that garbage along with high cost mutual funds to working people that didn't know any better.

 

[Milton]

their financial advisers sold that garbage along with high cost mutual funds to working people

Well, at least they weren't peddling it to us retired people!

 

[DrRoy]

... from the Department of Redundancy Department?

+1

 

[misshathaway]

I think they all do it to a degree. Recently I wanted to upgrade my savings account to a slightly higher interest-bearing money market. I had just transferred in my spend for the year. Every other transaction including creating accounts and linking them to your checking can be handled online, but this one money transfer to the new account with the money already IN my checking account could not be done. I had to go to the bank in person so their FA could "make sure you are doing the right thing with your money to reach your goals". Ew.

 

[jwkde]

I would also file a complaint with FINRA.

 

[H2ODude]

I loathe banks and love the local credit union I've been with for 20+ years. Fidelity hasn't screwed up with me for about 30 years so between the CU and Fido I hope to never deal with a "bank."

 

[Another Reader]

I think they all do it to a degree. Recently I wanted to upgrade my savings account to a slightly higher interest-bearing money market. I had just transferred in my spend for the year. Every other transaction including creating accounts and linking them to your checking can be handled online, but this one money transfer to the new account with the money already IN my checking account could not be done. I had to go to the bank in person so their FA could "make sure you are doing the right thing with your money to reach your goals". Ew.

I would complain to the bank management and move my money out today. Never had Wells Fargo, B of A, or Chase pull anything like that nor have the on-line banks. Just that low class credit union that is supposed to "help" its' members.

 

[Texas Proud]

I know that some are saying to move your money.... but I think all major banks have sketchy people and sales tactics... nobody is 'clean'...

I remember going to the lobby to deposit a check... there was a line and one guy came up and said 'let me help you with that deposit'.... well, it was a FA so he could take a look at the accounts and try and sell me something!!! I shut it down quickly as I was not interested in using the bank for investments.... SO, all he did was walk to the front of the line and have the teller deposit my check.... really?

I think most people will have a similar story and we can cover all major and many minor banks....

 

[Milton]

I know that some are saying to move your money.... but I think all major banks have sketchy people and sales tactics.

If you're unwilling to vote with your feet, they have no incentive to change.

OP related that he caught an employee at his current bank leaving a fraudulent voicemail message, and the manager's only response was a weak apology and a vague promise to tell the employee not to do it again. That's certainly not the sort of place I would choose to do business with.

 

[Cayman]

I would also file a complaint with FINRA.

Thanks, I'll look into it.

 

[growing_older]

I got a similar call, but the hook was "talk about some issues with your accounts" When I quickly called back, the FA (who I had never heard of and never worked with) quickly backpedaled that he was new at the bank and just wanted to make a courtesy call in case I had any concerns or needs. FUME! I told him his sales call was deceptive and alarming, but maybe I should have escalated to the branch manager.

 

[MRG]

I got a similar call, but the hook was "talk about some issues with your accounts" When I quickly called back, the FA (who I had never heard of and never worked with) quickly backpedaled that he was new at the bank and just wanted to make a courtesy call in case I had any concerns or needs. FUME! I told him his sales call was deceptive and alarming, but maybe I should have escalated to the branch manager.

Hopefully someone will.

I know cold calling stinks however that's a b.s. tactic.