Saturday 1 January 2011

Banking on the Future

I was in my bank the other day paying a cheque in. I rarely gets cheques so actually being in my bank was quite a novelty.  The woman at the counter took this opportunity to tell me about all their products that would enrich my life. Soon I was battling for my freedom and the easiest way out was for me to agree to go in for a review. You could see the frustration on her face as I explained I could only manage Saturdays and would not be free for several weeks. But, eventually we had a “date”.

Looking back I could have easily refused but but felt agreeing to the meeting could actually be quite entertaining.

One reason I may have been “assaulted” was that I had ticked a box once stating that I did NOT want to receive sales/marketing/product information through any channel, e-mail, phone or post.

Amusingly, they once contacted me by letter explaining that this was the situation and that if I would just “tick here” they could better advise me, for I had surely made a mistake. I think not!

My position with banks these days is: I wouldn’t trust them as far as I could throw them.

This “review” they have booked me in for WILL be a sales presentation. Facts will be presented to me that will show that “buying” their products will benefit me. My doubts will be countered with logical arguments and where I can demonstrate other peoples products being more competitive they will probably be able to do me a “deal”.

I hope I am being cynical and will be proved wrong.

Through personal experience and media coverage (we can trust the media, can’t we?) my opinion of banks is lower than ever. The simple fact is that they are a business, responsible to shareholders, who want to make a profit, a fact I never forget. I always question their motives.

Any financial decisions I make will be made by me using information from more than one source, looking at products from many providers, ignoring information from people/companies giving me advice I haven’t asked for. When I ask for advice it will be independent.

Of course, this assumes that I will not cancel the appointment. Smile

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