Buying Off Your Customers… Sort Of…
I decided to leave my bank and go to a new one. They had been doing a lot of things I didn’t like, but the final thing that prompted me to change was a stupid thing: they’d ditched a logo that I loved. It’s petty, but it was the straw that finally pushed me to do it.
The bank I’d chosen to move to looked like everything I wanted. I signed the paperwork so they could legally take over and transfer my accounts without me having to do a bunch of in-person changes at my old bank. The biggest, most important fact in this all is that, despite the old bank trying every year, I had never taken a credit card out with them, or a loan, or even an overdraft, so they didn’t generally make money from me beyond standard account fees. I remain bad at confrontation, as well, or this call would have ended much sooner.
The old bank called, and I answered.
Me: “Hi, [My Name] speaking.”
Representative: “Hello, [My Name]! This is [Representative] from [Old Bank].”
Me: “Hello, [Representative]. What’s going on?”
Representative: “We have just had a request from [New Bank] to transfer your account and wanted to make sure this was correct.”
Me: “Ah, yes. That is correct. You should have the paperwork from them with my ID and signature.”
Representative: “Oh, yes, but I would like to see if you would stay with [Old Bank].”
Me: “I beg your pardon?” *Pauses* “Are the transfer papers not clear? I am going to [New Bank].”
Representative: “What if I offered you $2,000?”
Me: *Slight pause* “$2,000?”
Representative: “Yes, a $2,000 credit.”
Me: “A credit, as in an amount I would have to pay back?”
Representative: “Not right away, but you see, you could get so many things right away with that and not have to worry.”
Me: “Hang on. Are we talking $2,000 as in cash that would be mine, no strings attached, or $2,000 as credit I would have to pay back?”
Representative: “Credit! I could even get it as high as $4,000. What do you think? Would you like to stay with [Old Bank]? Haven’t we been good to you over the years?”
Me: *Pauses again* “You can see my account history, yes?”
The representative makes a noncommittal noise.
Me: “Can you note how many times I have asked you all to stop sending me credit card offers? How many times I’ve turned down overdraft offers? Offers to upgrade my account to where I would have to pay you more for no benefit to me? And you think, at this point, I would accept credit on my account to stay?”
Representative: “But it’s $4,000.”
Me: “Of credit that I have explicitly told you not to offer me.”
Representative: “But haven’t we been good to you?”
Me: “I am going to [New Bank], and that is final.”
Representative: “But we could give you cre—”
I cut him off by hanging up the phone and never got called by the retention team again. Somehow, I think they were losing a lot of people with this strange final straw.
My new bank has never attempted to sign me up for a credit card, and when I finally did decide to get an overdraft for various reasons, they made sure it was for an amount I was happy with and had no fees associated. I am very happy with my new bank.
To this day, that retention call still makes me feel grumpy about how hard they once again tried to push me into credit I didn’t want.