Wednesday, November 23, 2005

Payback

Financial Freeeeddoooooooooooom!I think we all dislike banks unless we have an abundance of cash. They serve as a reminder of the money we don't have. They also seem to be making a concerted effort to chip away at our meager savings through service charges and depressing interest rates. We watch them post ever increasing, record breaking profits, while reducing service levels and outsourcing labour. What's a person to do? Put your money in a mattress? Sure, you can do that, but what about getting even in stead.

That's exactly what Dan did when he found out his accounts at the Citizens Bank of Canada, whose name would imply Canadian labour and support, was outsourcing their transaction processing to the US. Don decided that after a year's worth of phone calls and questions that the bank didn't really care what he thought when he received a letter saying that they weren't going to change their processing arrangements. (What!?! A bank not caring about the customer? "Impossible!" you say.) He then figured that if you are to get someone bigger to listen to you then you need to hit them where they are weak. Rogers figured the weak link was in its computer system and with that in mind he began a deluge of tiny transactions and very quickly received a call from the bank's technology department saying the volume of transactions was creating trouble with the system, even making them process some of the transactions manually.

His Visa statement arrived with a mighty thump when the mailman delivered the The 35-page statement comprised of 985 entries and a combined length of nearly 10 meters. The sum of this immense shopping spree amounted to a mighty balance of $257.60 since most of the transactions were for one or two cents each.

He is my new nominee for hero of the people. Can you imagine if we as a people stop bending over and taking what the banks have to deal out? There would be chaos on the streets. Entire boardrooms would be filled with expensive tie wearing folk, scared to go outside into the crazed new world that is forming beneath them. Maybe I'll take my mattress and empty the $25.49 I've spent my life accumulating and open an account somewhere just to join the craze. I could be like a modern day William Wallace, overthrowing the oppressive masters who rule us. I'll likely meet the same sort of untimely end once the bankers get a hold of me, but at least I might initiate some change. Who's with me?

9 Comments:

Blogger Caribbean Colors said...

I hate banks, its their business to make money from "handling" your money. I would place them one step up from the loan shark, except the loan shaark has better customer service. Everyone has their own bank-screw-up-which-ruined-my-life story. Mine is... I recently had my identity stolen (even though I don't even live in the U.S.) and trying to deal with my bank long distance at $50 a phone call has been ridiculous. They have taken so long in investigating this that the video tapes showing the person withdrawing at ATM machines- all over Detroit - the tapes have been recorded over.
Thank you Rainey Pete for being psychic enough to post about banking today.

9:38:00 AM  
Blogger bounce said...

I love that - note to self... it is possible to spend less than my overdraft and line of credit combined... just purchase 2 cent items instead.

10:48:00 AM  
Blogger Martini said...

May I suggest depositing your $25.49 in two thousand four hundred and nine separate deposits of one cent each?

2:20:00 PM  
Blogger t~ said...

i would love to say i'm with you... but i use the credit union. I can't say i'd ever go back to using a traditional bank again after the great service the credit union offers.

2:42:00 PM  
Blogger Charlie Gordon said...

Having worked for a couple of community banks, I have to say that this is the funniest thing I've ever seen.

Banks constantly preach to themselves that customer service is the only thing that will seperate them from the competition, but then they do everything they can to screw the customer.

4:58:00 PM  
Anonymous Anonymous said...

Oh how I agree with all of you! I was a banker for years and the only thing that matters id the cash and how much they can make off you. My kudos to Dan for taking a stand!!!
E

6:42:00 PM  
Blogger deni said...

I consider banks on the same as level as the rip off life insurance industry, which I worked in at one time.

My daughter recently made a mistake on her checking account to the tune of .58 cents, the bank charged her $29.00 for it, then froze her account until she deposited $29.58. Unbelievable, huh? And that is only one horror story, I have had quite a few of my own.

7:16:00 PM  
Blogger Rowan said...

still LMAO! This was a truly great post, and not a bad idea is it? too bad i'm not brave enuff....I too hate banks, there are too many reasons to list them all, but lets just say, they love u when you make them rich and if you aren't? They're happy to get rid of you as thier customer.

8:51:00 PM  
Blogger Jayleigh said...

I love it when people stick it to the man like that.

:-)

11:18:00 PM  

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