Do I need to switch banks?

[yakers]

I would be likely to talk to the manager, he/she would get important information/feedback that the employee is trying, I don't want the pitch and maybe corporate will get the feedback. Worst case, move the account but I would probably not do that, so many corporate policies I don't like all over the place.

 

[Al in Ohio]

The worst place for investment vehicle advising are banks. Considering the pressure and insult, yes I would definitely pull all my funds from the bank. It’s a matter of principle. And let another bank employee know why. It’s not as much trouble as some say.

 

[idledancer]

I’d switch banks. It’s not my job to tell the manager how to manage their staff, and I don’t need a disgruntled branch employee with access to my financial information.

I’d move, and let them know while closing my account that the sales staff was overly aggressive and made me uncomfortable banking at their institution.

 

[Ncc1701]

No reason to ever go in a bank branch. Banks like Schwab Bank give you no minimum balance and no fees, free atm withdrawals anywhere, no currency conversion cost, free checks and free online bill pay. Deposit checks via mobile app or deposit to your brokerage account at a branch. Oh and no pushy annuity sales either.

 

[ATXFIRE2034]

Moving banks is a real pain in the @$$. So unless you have a compelling reason do so outside of having to deal with this one human being, don’t. You have two options IMO: a) disengage and ignore the guy or if he won’t leave you alone make it very clear he NEEDS to leave you alone b) quit going to the bank. The only reason I ever go to my bank is to get a cashiers check for home purchases.

 

[RetiredAt55.5]

I think there's different takes on how much work it is to switch banks.

For our one bank, EVERYTHING is tied to the checking account (tax returns/stimulus, mortgage payment, automatic utility and tax payments, various credit card payments, etc.).

It would be a big PITA. Plus, having to buy new checks.

 

[ATXFIRE2034]

People still write checks

 

[Al in Ohio]

I wrote one check last year for nostalgia sake. Paper checks are the new stagecoaches.

 

[Vacation4us]

Changing banks is a pain. I actually switched banks during my divorce then switched again a few years later. The second switch only lasted 3 months as the new bank bounced one of my checks to DD school team despite having thousands more than the check in the account. No one on the team told me or mentioned it I figured it out when reviewing my account. I was beyond embarrassed. When I asked the team treasurer why she didn’t let me know she just replied it happens and they would never force a parent to pay what they couldn’t afford.

I wasn’t very nice at the bank that day. So I switched back to my current bank and other than this one incident I have been pretty happy.

I guess trying to be nice and allowing them a second chance is my fault. I really was focused on my upcoming CD’s only ,not giving them all my money.

I did convince DH to start paying our bills on line but he so far refuses to download the app on his phone. Mr Security as I call him isn’t interested in apps or even the atm although he has used the atm.

We have been pretty glued at the hip since our retirement in November I’ll just decline or wait in the car the next time he wants to go.

 

[frayne]

Could someone please enlighten me on why it would be such a big PIA to change banks ?

Full disclosure, I haven't been inside a brick and mortar bank for years as everything is basically done on line.

 

[Vacation4us]

People still write checks

No but their banks do when they pay an individual via online banking!

 

[dirtbiker]

Could someone please enlighten me on why it would be such a big PIA to change banks ?

Full disclosure, I haven't been inside a brick and mortar bank for years as everything is basically done on line.

I haven't personally written a check in a couple of years. I have everything set up automatically withdrawn from my bank. I also don't receive bills in the mail, unless I'm late or there's another issue. The last time I changed banks I thought I had everything changed over, then I get a late notice from this location, then the next location, and then I have to go and make the change, and it really was a giant pain that lasted a few months until everything got straightened out. In the grand scheme of things, I guess it's not a giant deal, but I sure do hate changing banks. And I came dangerously close to having a 30 day late notice on one particular bill that emailed me rather than mailed me the late notice, and I completely missed it. Fortunately I did get it squared away before it impacted my credit, but still...

 

[Chuckanut]

I write a check to pay my property tax. Otherwise, I have to fork over an extra fee. I don't mind Blowing the Dough, but I do mind wasting money. I refuse to give anybody the right to go into my bank account and take money out of it purely on their word that I owe it to them.

I also received several checks from my auto insurance company to compensate for all the driving risk I was not taking thanks to Covid. And, my so-called stimulus payment will be a check that will me mailed to me. Why not deposit it into my account like the previous ones? I have no idea.

So, yes, there are times when I can truly say "The check is in the mail."

Note: I use the bank app's deposit feature to deposit the checks I receive.

 

[RetiredAt55.5]

People still write checks

Yes, I refuse to pay a 3 percent convenience fee to use a credit card. That's for the quarterly condo fee, tax payments, son's monthly apartment payment, etc.

Until recently, our DMV didn't accept credit cards. Check or cash only.

 

[RetiredAt55.5]

Yes, I refuse to pay a 3 percent convenience fee to use a credit card. That's for the quarterly condo fee, tax payments, son's monthly apartment payment, etc.

Until recently, our DMV didn't accept credit cards. Check or cash only.

And sometimes we have to write out a check for one of son's who think they don't need to have checks (until they do).

 

[youbet]

I'd make sure to go back into the bank and go full Karen on him the next time he pushes your buttons. Have a couple of good zinger lines ready that you make sure everyone hears. And if that doesn't work for sure I'd move everything.

I think the "zinger lines" and "making sure everyone hears" tactics are not the most effective way to eliminate the problem. Those types of things just spur on a true blue sales person. As others have already said, there's no need for emotion here. In fact, emotion just aggravates the situation. Just calmly tell him you don't want to be bothered with any sales pitches going forward. If he seems to sincerely agree and perhaps apologizes, there ya go. If he's still pushing back with statements like "I was just trying to help" and that sort of thing, just calmly mention it to the branch manager and it'll likely end.

 

[brett]

We did not switch banks.

What we did do was pull ever dime of our investments away from our bank of 30 plus years. Poor service, poor advice, high fees....etc

We still bank there....but only have a no service fee seniors checking account plus a safety deposit box. We even moved our HISA account to an on line bank that pays 3X interest.

They still keep calling...do we want a heloc, do we want this or that. We stopped answering their calls when their number pops up on our screen.

 

[youbet]

I'd find myself a credit union and move there ASAP. Far less likely to try to sell you something you don't want.

Possibly. Although, the credit union I belong to (left over from my working days) is no better than my bank in this regard.

In either case, bank or credit union, it's a very competitive racket and they're all reaching out to find new revenue streams and sources of profit. So, the occasional sales pitch is to be expected until you stop presenting yourself as a target or learn how to handle sales folks in non-confrontational but quick and effective ways.

 

[youbet]

We did not switch banks.

What we did do was pull ever dime of our investments away from our bank of 30 plus years. Poor service, poor advice, high fees....etc

What I've done is to seldom mix "investing" and "banking." I invest via my brokerage house. I bank through my bank. Any overlap is minimal.

 

[OldShooter]

Could someone please enlighten me on why it would be such a big PIA to change banks ? ...

Probably different for different folks.

In my case the biggest hassle would be reprogramming the 30+ bill pay and automatic bill pay accounts. Utilities, doctors, internet, garbage hauler, etc. Undoubtedly some changes would get screwed up and require attention. I would also lose the payment history for all those vendors.

I bank at Schwab, so I would lose the overdraft protection I have by backing my checking with assets in one of our cash accounts. Transfers in and out of Schwab would take an extra day. Possibly I would end up with something weaker than Schwab's blanket indemnification against fraud. I rarely give vendors access to my checking but I know PayPal has it. Probably one or two others. So I'd have to change those.

Is that enough explanation?

And (gasp!) I do write checks occasionally -- maybe three or four a month. Small charities, a couple to my wine guy for whom credit card fees are a bit of a burden, sometimes a medical co-pay. Checks happen. Cars, too. Nobody will take a credit card as payment for a car. At least not the cars I buy. No real estate taxes can be paid by card without a surcharge.

 

[pacergal]

You invited this guy to share/discuss with you, so of course he is going to keep at it.

Is it so difficult to just say "NO, Thank You, I am not interested" anymore?
No need to change banks, talk to manager, etc, just decline and go live your life.
Now, IF after you have distinctly said NO, and he persists, then I would inform the branch manager.
But I am not moving/switching banks if I like where I am at.

 

[RetiredAt55.5]

And (gasp!) I do write checks occasionally -- maybe three or four a month. Small charities, a couple to my wine guy for whom credit card fees are a bit of a burden, sometimes a medical co-pay. Checks happen. Cars, too. Nobody will take a credit card as payment for a car. At least not the cars I buy. No real estate taxes can be paid by card without a surcharge.

My church has weekly envelopes, for a check or cash. No, they don't do Venmo, credit cards, or ACH numbers. I guess I could put in cash, but checks give me a paper trail for tax purposes.

Hey, by avoiding those CC convenience fees, I can buy an awful lot of dryer sheets.

 

[brucethebroker]

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.

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.

 

[RetMD21]

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

Bad advice. I have deflected the sales people at the bank. If the bank is in a convenient location I would keep it. You could quite unemotionally tell him that you heard his recommendations but can do better elsewhere.

 

[jazz4cash]

Could someone please enlighten me on why it would be such a big PIA to change banks ?

Full disclosure, I haven't been inside a brick and mortar bank for years as everything is basically done on line.

As much as I hate big banks and prefer credit unions, I am stuck to BofA due to their excellent billpay. I can pay any company or individual and all my regular recipients are setup for me to push payments from my checking account. If it’s a tiny infrequent vendor like my dentist/doctor they will snail mail a check timed to arrive on a scheduled date. I have also set up several credit union and online banking accounts on billpay to transfer funds in and out as necessary without fees. It is the hub for nearly all of my transactions so it would be a huge deal for me.