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Do I need to switch banks?
Old 03-25-2021, 01:11 PM   #1
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Do I need to switch banks?

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 CDís 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 itís a hard no for me. Which I then told him yesterday while my DH and I where at the bank. Well he didnít 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 wouldnít 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?
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Old 03-25-2021, 01:15 PM   #2
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I'd find myself a credit union and move there ASAP. Far less likely to try to sell you something you don't want.
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Old 03-25-2021, 01:22 PM   #3
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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.
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Old 03-25-2021, 01:37 PM   #4
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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.
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Old 03-25-2021, 01:49 PM   #5
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This week the guy I see almost every time we visit the bank
You still visit the bank? Other than putting a backup drive in my safe deposit box every month or two, I haven't been inside a bank branch in many years. In fact, my local branch was closed for months due to COVID and I didn't even notice.

I moved our savings accounts to an online high interest savings account at Discover. The rates have really come down over the last year, but are still much better than my local bank. I switched my mom's CD to Discover also a couple years ago after my local bank charged a crazy early withdrawal fee. However, the CD rates weren't much better than the high interest savings, so I moved the funds to savings once the CD matured.

If I didn't need the safe deposit box, I would probably switch our checking accounts to online banking also. I have no other reason to visit our local branch anymore. Especially if an employee was pestering me.

If you don't want to switch banks, can you switch to a different branch with different employees?
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Old 03-25-2021, 01:56 PM   #6
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You still visit the bank?
That was my first thought, too. I walk into a physical branch maybe once a year and that's usually because I need change for a craft show or something. The last time was when we needed a medallion signature guarantee because we were transferring an account we had elsewhere.


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.
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Old 03-25-2021, 02:04 PM   #7
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If you feel he insulted your intelligence, write formal letter to the bank president, board or his HR department. Personally, I would have told him in no uncertain terms to go screw himself and wouldn't have cared who heard it.

To answer your question, if I was happy with the banking services and fees, I wouldn't necessarily change banks but on the other hand, I wouldn't be opposed to it either. Banks are a dime a dozen.
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Old 03-25-2021, 02:25 PM   #8
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So do I move all my accounts, just ignore the guy? What would you do?
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.
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Old 03-25-2021, 02:27 PM   #9
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Old 03-25-2021, 02:38 PM   #10
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Ignore him and any others that push sales. Stay polite, with a firm "no thank you". Changing banks is a PITA and I wouldn't over this issue.
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Old 03-25-2021, 04:08 PM   #11
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Talk to the branch manager in person. Give him your story. Tell him that you will be leaving if this jerk bothers you even one more time.

For smaller banks, the investment guy is often not a direct bank employee, actually working for a brokerage firm. That may complicate the branch manager's situation but it's not an issue for you. It may also turn out that the branch manager has gotten enough complaints that he'll get the guy changed out.
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Old 03-25-2021, 04:18 PM   #12
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I wouldn't change banks because of one idiot/jerk but I'd let the manager know that his behavior is annoying and you will change banks if it continues. That should put a quick end to it. If not, then yeah, change banks.

And stop accepting his calls!
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Old 03-25-2021, 04:34 PM   #13
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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.


THIS!!!
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Old 03-25-2021, 04:36 PM   #14
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Funny thing is I don’t need to go to the bank. But DH hasn’t warmed all the way up to online banking. He gets a paper (pittance) check from my mom every month ( from her bank) to pay for her cell phone.
So off we go to the bank to deposit his $40 check. Lol

Now that we are retired we have the time.

Heck I just got back from the branch with my DD. She’s 21 so I closed her savings account and transferred the money to her college checking and savings so she can do her own banking. I have way too many accounts but this month I have eliminated 2. That leaves 5.

Maybe I just let DH go alone.
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Old 03-25-2021, 04:40 PM   #15
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The way I read it, you accepted 2 invitations to talk.
When I was a trainee in sales I was taught "no one is in the store just looking". If I was the bank guy, I'd interpret your willingness to talk a couple of times as an opening to sell.
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Old 03-25-2021, 05:11 PM   #16
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Funny thing is I donít need to go to the bank. But DH hasnít warmed all the way up to online banking. He gets a paper (pittance) check from my mom every month ( from her bank) to pay for her cell phone.
So off we go to the bank to deposit his $40 check. Lol
You can usually deposit a check using your cell phone. However, if you want to get out of the house you can always deposit the check at an ATM. It's like going to the bank without the social interaction.
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Old 03-25-2021, 05:18 PM   #17
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The way I read it, you accepted 2 invitations to talk.
When I was a trainee in sales I was taught "no one is in the store just looking". If I was the bank guy, I'd interpret your willingness to talk a couple of times as an opening to sell.
That's what the OP clearly does not understand.

There's no need to be polite or friendly or say "no thank you". He had his soul removed during sales training; nothing you say will offend him or change his behavior.

I would find the branch manager, escort him/her to the sales droid, then point at him/her and loudly say "Him. This is the guy that's been bothering me and I want it to stop." Then just walk away.
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Old 03-25-2021, 05:58 PM   #18
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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 CDís 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 itís a hard no for me. Which I then told him yesterday while my DH and I where at the bank. Well he didnít 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 wouldnít 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?
Well this has happened to me before. You try to be nice and they take it too far. No need to leave the bank if you like them. It's the bank sales person you seem to dislike. I am banking at one of the top 4 nationally and did a google search and found the name of the Chairperson. The next time the salesperson engaged me I whispered that Mr.X is a personal friend and he would be very worried about the exchange we seem to be having. (I had to remind him who Mr.X was and suggested he look it up). Ever sense then the employee and branch has been more than respectful. No one lost a job and no one got called out. Problem solved.
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Old 03-25-2021, 06:17 PM   #19
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I am sorry to say but in this world it's been my experience if you are an easy mark or are an overly nice person, a salesman will try to take advantage of you. I never have this problem, so maybe you should listen to my advice on this: Just be a headache for him and he will likely blow away. Do not answer his calls or answer his questions in any form. Drop him and he will drop you.
No need to switch banks IMO.
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Old 03-25-2021, 06:42 PM   #20
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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.
and a mildly annoyed conversation with the bank mgr would be another option. if you get push back from the mgr walk over to the cashier and close your accounts.
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