US Banking System - That Isn't Working on Main Street Either, From PNC to Bank of America

It's not only up there at 30,000 feet - the macro level - that the US banking system isn't serving us.

I KNOW THIS ISN’T BEDFORD FALLS

Right here on Main Street, I have been through the wringer.

Not that I expect the Beford Falls ethos of community banking with the caring of a George Bailey in "A Wonderful Life." I am too cynical for that. But can't the system at least work and can't the ground forces such as in the local branches at least pretend concern? 

The ordeals extend from a complex financial transaction such as purchasing an annuity to having a duplicate of a credit card to the supposedly simple matter of ordering checks. About the latter, some dino businesses still demand them.

HAD TO TALK LIKE A LAWYER

My ordeal began seven years ago in Austintown, Ohio. At a local branch I assumed I had put in motion the investment in an annuity. Months later the "they" notified me that the order was never made but, lucky me, a better deal was in the works.

Although not a lawyer, I know how to talk like one from my contract assignments with law firms Marler Clark, Paul Weiss, and so many more. Effective I was: There were settlements with PNC's investment and compliance units. But what about those without my kind of background?

WHAT IS PREVENTING THEM FROM LISTENING?

More recently I talked on the phone with Bank of America for a duplicate credit card. I knew from the get-go that wasn't going to happen. Despite detailed and repetitive instructions with the Bank of America call center representative about my multiple addresses and which one to ship it to, the dup never arrived. That was several months ago.

MARRIED TO YOUR BANK, UNTIL DEATH (which unfortunately won’t happen fast enough)

Today should have been the tipping point. I should have simply pulled my accounts from Bank of America.

But, as we all know, it is almost reckless to get a divorce from one's long-term bank. So many accounts are looped in.

CALLING BANK OF AMERICA’S 800-432-1000 (smirk)

At the Bank of America branch at S. 51st Street, Tulsa, Oklahoma, I begged the clerk in charge of business accounts Christian and the manager Jo Elle to help me order checks. The complexity (and I had learned from the credit card fiasco that can doom the transaction) was this:

• On the check should be printed my new address, as of May 1st, in OH. (The relocation is business-driven.)
• The checks should be shipped to my current in OK since I have only a few checks left and relocation involves writing checks right now.

Both Christian and Jo Elle told me to do what I told them I had done last night and it didn't give me access to anything: That is, call the customer service number provided by Bank of America 800-432-1000. They did not listen. That links into credit card services. Not to the bank per se or to checking.

I had no choice but to start at that point again. They "allowed" me to sit in their lobby and go about this journey of extreme frustration.

Yes, it was the credit card number. For 16 minutes Drew kept informing me he would help me, taking in copious details. He never informed me that he was not authorized to help, though. He was in credit cards. However, after 16 minutes he told me that he would pass me on to someone who could. He indicated he would brief someone with the details.

That didn't happen. It was a cold transfer. From there was another cold transfer to business checking at 800-234-6147. In business checking there was Emily. Why didn't Christian or Jo Elle give me that direct number to business checking?

Was Emily successful in accomplishing that mundane task of getting checks from me? I will know that in 10 business days. For express shipping the fee is over $70. Plus the almost $30 for the checks per se.

 IS IT NAÏVE TO HOPE HELP IS ON THE WAY?

 Those in Congress, regulators, and consumer advocates need to look into banking for the little guy like me.

 BRING ON THE WHISTLE-BLOWERS

 In my coaching business, yes, I recommend in these chaotic times for clients to downsize expectations of how organizations should function. The meme is: Don't take it personally.

However, beyond a certain point maybe some whistleblowing should kick in. Law firms such as Sanford Heisler help protect those seeking to make things work again.

 A boomer, I recall when most things did work. And businesspeople in the neighborhood cared.

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