Do I need to switch banks?

[Markola]

What about using a branch with a drive-through teller for depositing your DH’s $40 check? He might get a thrill out of the pneumatic tube. I still do!

 

[rk911]

People still write checks

yup. the only form of payment some of the folks who do work for us will accept are checks.

 

[RetireeRobert]

Switching banks is work.

I'd just tell the person next time he tries to sell you, "Look, I'm not interested and I do not want to discuss this with you anymore. Thank you."

If he persists after that, just ask to speak to the bank manager and tell the manager this guy is bothering you. That should be the end of it.

+1

 

[CaptTom]

I'm a bit surprised, but shouldn't be, that bank tellers are now hard-sell salespeople. I'm saddened that they prey on older or less-informed people. Just like the phone scammers. No doubt the financial instruments they're selling net a large commission, but are not good for the victim. This sort of fraud should be illegal. I'd like to see a local TV news crew expose this scam.

I don't go into a bank often. Shortly after retiring, I had one years' worth of expenses in a low-yield savings account. I got a few raised eyebrows from tellers who suggested I should look at other options. I knew I was being overly conservative and appreciated the concern. That's as far as it ever went. Maybe I have one of the "good" banks.

 

[brett]

We only go to our bank to get access to our safety deposit box prior to, and after travel.

We pay all bills on line. IF we get a hard copy cheque we deposit it online. We have had a stack of cheques for years. At the most, we have used one a year.

We use an ATM when we travel, but seldom need one at home since we do tap and go.

I would not put up with any nonsense from a bank advisor. Moving investments is very easy. The hard part might be finding an a capable advisor that you are both comfortable with.

 

[jazz4cash]

I would not sever an otherwise productive relationship due to an idiot employee.

I almost never go into my bank but if a teller or anyone started making unsolicited investment suggestions I would be appalled and take it as a sign of having way too much on deposit at 0%. I do go into the credit union occasionally and it’s a surreal experience. I detect a slight raising of eyebrows when they pull my account up. That could be my imagination or because I don’t look the part. Those funds are locked up in CDs anyway.

 

[wrigley]

So 2 years ago the guys at my bank convinced me to sit down with them and go over their financial services offering. I did the sit down but gave them none of my funds to manage.

This week the guy I see almost every time we visit the bank called me and asked to schedule a phone appointment. I said sure I had some CD’s at another institution coming up this month and I was looking for options.

So he calls and wants to put all my money (401k & 403b) in a structured note inside an annuity.

I did some reading and it’s a hard no for me. Which I then told him yesterday while my DH and I where at the bank. Well he didn’t want to take no for answer. Really annoyed me. Kept debating the merits of the offering with me. Then made a comment that I probably wouldn’t transfer my money if they could guarantee a fixed return. Kind of implied I lacked the intelligence to make a good decision.

So do I move all my accounts, just ignore the guy? What would you do?

Find a credit union and move and manage your own money. I have been banking with NFCU for over 30 years. I'll tell them you are my long lost sister and you can then join!

 

[brett]

I cannot imagine remaining with a vendor or a service provider if I am not happy. Most especially if I was not happy over an extended period of time.

Why encourage or reward poor or unacceptable products or services with your business? That is...assuming they actually want your business.

Vote with your feet and with you wallet. Voice your concerns. If there is no improvement from your perspective simply change vendors. I do not understand the indecision.

Simply move forward with another bank or financial institution that meets your needs and service expectations.

 

[misanman]

Wow, 58 posts. Seems like much todo about nothing. Obviously others do not share my opinion.

 

[indiajust]

I would walk. Brokerage with billpayer is all i need. I have no idea why banks exist. Can't say that I've been missing them, Bob.

 

[imnontrad]

You could just go to another branch at the bank. Or just tell him that you have already decided on another investment and are not interested in investing more through the bank.
He may be working on commission and is just trying to make a sale to justify his job.

 

[msanniee]

I’d take time to file a written complaint with his manager, the bank CEO, and anyone else you can think of cc’ing the letter too. Changing banks is a hassle depending on your needs. I’d make darn sure that nothing is opened in your name by carefully checking your credit score reports. It has happened at WF so sales people made quotas.

 

[gayl]

....... So he calls and wants to put all my money (401k & 403b) in a structured note inside an annuity. ...... it’s a hard no for me. .... made a comment that I probably wouldn’t transfer my money if they could guarantee a fixed return.

A couple of things:
1. My bank is basically online which is how they're all going
2. When Fido pulled this on mom I filed a grievance and moved to Schwab -- so yeah. I moved
3. When anyone says "I probably wouldn’t transfer my money if they could guarantee a fixed return." My pat answer is "yes because that's what an annuity is, a fixed income stream locking in a low return rate. Case closed / goodbye"

 

[2177V]

That was my first thought, too.

I agree with telling this guy to leave you alone. Just say I'm not interested and if you approach me again, I'll be reporting you to management and filing a complaint through the Federal Reserve.

His function is to sell you a product so he can make a commission. I suspect your balance in this bank is a large amount for him to pester you. Write a short letter to cease and desist. The short letter is your documentation to a formal complaint to the federal reserve. Here is a link to the federal reserve complaint system.

https://www.federalreserveconsumerhelp.gov/about/ready-to-file-a-complaint

 

[LarryMelman]

Wow, 58 posts. Seems like much todo about nothing. Obviously others do not share my opinion.

Shows how we feel about predatory commissioned salespeople.

 

[Catmandu]

So 2 years ago the guys at my bank convinced me to sit down with them and go over their financial services offering. I did the sit down but gave them none of my funds to manage.

This week the guy I see almost every time we visit the bank called me and asked to schedule a phone appointment. I said sure I had some CD’s at another institution coming up this month and I was looking for options.

So he calls and wants to put all my money (401k & 403b) in a structured note inside an annuity.

I did some reading and it’s a hard no for me. Which I then told him yesterday while my DH and I where at the bank. Well he didn’t want to take no for answer. Really annoyed me. Kept debating the merits of the offering with me. Then made a comment that I probably wouldn’t transfer my money if they could guarantee a fixed return. Kind of implied I lacked the intelligence to make a good decision.

So do I move all my accounts, just ignore the guy? What would you do?

Don't sweat it! It's not worth the hassle. No need to talk to them about their services or go into the bank at all. Just continue your banking and handle everything else yourself. Good luck!

 

[gooddog]

As someone else said - switching banks is work. In addition, if you have your credit cards with the bank and wish to change those your credit score will take a hit. The length of current accounts impacts FICO. Just ignore the guy, or go to another branch if that is an option. Annuities = commissions for the sellers. With the higher interest environment that is likely coming up, locking you in to a low % investment as rates rise would be great for the bank.

 

[JLoft]

Have never used bank's investment services and never will. Opinion was solidified when an elderly widow family member was recommended corporate bonds by her banker. She had a net worth of $50k with $30k of it in CD's. Guess the 30 something VP thought that was appropriate. Fortunately, family members discouraged her.

Exactly. The local little bank wouldn’t let my mother renew a CD until she talked with the new 30-something investment guy. He wanted all her money in an annuity. She was 87! That’s actually a crime. She told him where to stick it. OP, you can do the same.

 

[bigriver]

My mom really liked and trusted Jeff at the bank. She now has 2 annuities that don’t pay out until she reaches late 80s and 90. She’s 84 now. I’d strangle Jeff. I mean at least have them pay out earlier if you rip my mom off, that was probably 15 plus years ago when she bought them.
I’d run and take my money with me and take it to a credit union. Annuities are a high commission sale.

 

[klscaz]

I would say, "Look, I know you have sales goals but I'm not biting. Do not approach me again."

 

[Gary 1958]

My stepfather died about 5 years ago so I helped my 80 year old Mother organize their investments. We consolidated her money into one account at one bank. The bank idiot tried the same hard sell on me but I said no. After several weeks of this guy approaching me when ever we entered the bank or calling my Mother's home I flat out told him to take a flying leap. About a 3 weeks later my Mother went to the bank alone and he pounced on her and before she left he had all her money and some from other places all moved to his control. I had been encouraging my Mother to make her own decisions so when this happened I didn't say much because she was proud that she handled it on her own. To this day I want to expose this con-artist for what he is but refrain because of my mother. He works for 3/5 Banking in Michigan so beware of them.

 

[klscaz]

After several weeks of this guy approaching me when ever we entered the bank or calling my Mother's home I flat out told him to take a flying leap. About a 3 weeks later my Mother went to the bank alone and he pounced on her and before she left he had all her money and some from other places all moved to his control.

Bank employees have a fiduciary responsibility to act in the best interest of the customer. If the product is inappropriate for your mother's situation, you should report the employee to the proper governing body. I'm not sure of which agency that might be but research FINRA or the SEC.

 

[gayl]

Bank employees have a fiduciary responsibility to act in the best interest of the customer. If the product is inappropriate for your mother's situation, you should report the employee to the proper governing body. I'm not sure of which agency that might be but research FINRA or the SEC.

+ 100% [emoji818]

 

[jazz4cash]

My mom really liked and trusted Jeff at the bank. She now has 2 annuities that don’t pay out until she reaches late 80s and 90. She’s 84 now. I’d strangle Jeff. I mean at least have them pay out earlier if you rip my mom off, that was probably 15 plus years ago when she bought them.

I’d run and take my money with me and take it to a credit union. Annuities are a high commission sale.

I’d file a complaint in a case such as this. I was surprised how many hoops I had to jump through just to buy a 5yr MYGA, but It did make me feel like they took suitability seriously at the annuity co and their broker.

 

[sadie1958]

Stop meeting with him, stop saying he can call you, stop taking his calls, stop saying hi to him at the branch. When he stops seeing you as a likely mark, he'll stop bothering you. You've done nothing but encourage him so far.

+1