The Musings Of An Opinionated Sod [Help Me Grow!]

It Doesn’t Do Them Credit ..
April 28, 2008, 7:30 am
Filed under: Comment

So last Friday I received a credit card replacement …

No big news there except when I looked at the form the card came in, I saw this …

Why do I have to use the card within 14 days of receipt?

Will the card self destruct?

Will the card be cancelled?

Will the card start spending by itself?

Of course it won’t – it’s just another way the banks have found to encourage people to start spending.

Banks go on and on about how they ‘care about their customers’ but all they actually care about is getting them to spend.

What makes me sick is that while they have almost single-handedly brought the current financial crisis on themselves, they not only are taking no responsibility for that, they have the audacity to still pay themselves high end-of-year bonuses.

Ironically with all this shit going on, it presents an incredible opportunity for a bank to stand up and mean something to society – however as this would require dispensing with their generic, bland statements and actually do stuff that mattered to people, the likelihood of this happening is low.

Of course not all banks or bankers are evil – just like not all agencies or ad people are wankers – but it does amaze me how the industry can, on mass, act like they are pillars and saviours of the community when their demonstrate a level of self interest that is bordering on criminal.

I’ve said this before, but if I could start another company, I’d start a bank.

No, I’m not mad, I just believe by changing a few things – things that bother the hell out of everyday customers – you could create a bank brand that is both profitable and liked.

To be honest, Bendigo Bank – a community bank in Australia – is already doing something like this however I believe there’s lots more that can be done so if you can be bothered, I’d love to hear what things you think a bank could do to make people change their opinion of them from foe to friend.

[If you want to know more about some of the scams financial institutions pull to make you go broke [which ironically makes them even more money] then buy Maxed Out – a real life, ugly, scary horror story]

8 Comments so far
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interestingly, the time when most in-house credit card fraud happens is the time between the card being reissued and the card owner getting the card and using it.

Comment by lauren

Is that true Lauren? Wow – well I don’t know if that’s the case in Asia because credit card fraud at hotels/restaurants is so rife here that most banks accept it is par for the course and reinburse you if you make an immediate query.

I’ve personally had over 50k put on my cards in the last 3 years in Asia – almost all exclusively done when visiting Malaysia – but I’ll now take a close look at my statements to make sure you or Dodd’s haven’t been buying up a storm at my expense, ha!

Comment by Rob

Well make sure you look out for a line from 6758995. It’s my numbered company with funds managed from Jersey in the Channel Islands.

[ASIO, I’m kidding. Really]

Comment by lauren

Did you hear how the head of Citibank said he doesn’t feel any responsibility for the financial situation they find themselves in? What amazing arrogance as well as a total disregard for his customers who are now facing far harsher times that he will.

Comment by Bazza

Yes I did hear that and was shocked … but then he probably is going to announce he too has suffered because his annual bonus is only in the low 8 figures, whereas before the crisis, he was getting the sort of money whole communities couldn’t make, even if they clubbed together and worked for 100 years.

His ignorance and arroagnce is astounding and explains why people no longer view banks or bankers with anywhere the same level of respect as they did just 20 years ago – when the industry was seen as both a pillar of society and an ally in achieving more out of your life.

Comment by Rob

No surprise about the 50k given the nature of the Malaysian establishments in which you flash your plastic.

Comment by John

Don’t judge me by your standards Mr D! 🙂

Comment by Rob

It’s a bit like a government training terrorists then taking no responsibility when those terrorists start fighting them.

Banks have had far too much power for far too long.

Comment by Rob Mortimer

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