Here in the UK, banks have been in the news this week for all the wrong reasons. The big news story, which became headline news because it marked the tipping point of paying customers vs the smarmy arrogance of the banking industry, coincided with some housekeeping that I did on my own bank accounts.
I closed a US credit card account that I hadn’t used in years. About a week later, I got the usual monthly billing email from BoA saying that the $50 annual fee on this card was now due. Uh-oh. Seemed like the credit card wasn’t fully “closed” in their systems yet. So I called BoA’s designated collect number for overseas callers. A lovely lady answered in two rings, with no hold time. I explained to her what had occured and she very cheerfully went into the system and cancelled out the $50 annual fee while making sure the card was closed in all of their systems. Just like that. This was at 3 AM her time. No arguments, no interrogations, no excuses and no trying to bring me back as a customer. I got it sorted with a smile in 60 seconds.
Could you imagine that happening with a British high street bank?
Part of my housekeeping has also been trying to do some better record-keeping. (Rest assured that Idea15’s finances are tidy, methodical, and completely organised. My own personal ones, typically, are in a pile.) It’s nobody’s fault but my own that my records are in such disarray, but I lost my right hand man when I moved here. In the states, I used Microsoft Money to keep on top of my finances with Wall Street precision. Every evening, I’d pull up the program and click a button. That would download my investment portfolio’s performance up to the minute, allowing me to identify trends before they impacted the bottom line. That same click would connect to all my bank accounts - checking, credit card, and so forth - and download the latest balances and transactions, even that day’s groceries, which would then be automatically categorised as to what they were (food, clothing, and so forth.) Another click would bring up a pie chart of where my money was going, and one more click would compare it with the previous month’s spending to tell me where my credit card was leading me astray. With just a few clicks I had a friendly, birds-eye view of every penny to my name, where it was being spent, and where my financial future was headed. It helped that BoA had so many features integrated online that the only time I ever had to physically walk into a branch was when I needed a roll of quarters for the washing machine.
…Then I moved here and put that same Microsoft Money program on my husband’s computer, and learned that “online banking” here meant printing and filling out a form, which you then snail mailed in, to be granted an “online banking” account, which means you can check your balance online. That’s about all you can do with it. As for instant downloads, when I asked about that, they looked at me like I was speaking Martian. A very offended bank staffer later confirmed that they had no intention of allowing such a thing, as that would involve their usual excuses (Data Protection Act, systems integrity, staff availability, etc.) When we moved, I had to take a stack of paperwork to the bank to prove that I am who I am and I have indeed moved to this new address and there was the paperwork to prove it, when BoA had let me change my address myself online in seconds. If I want to put some extra cash into my savings account, I have to schlep to the bank, stand in the queue, and hand the “passbook” to the clerk, who manually adds an entry to it. Way to make you feel like you’re about 67 years old. And because there is a time lag of days, not hours, between putting funds in your account and the funds actually appearing in your account, I went £3 overdrawn last year even though I appeared to have a positive balance, and was slapped with a £64 penalty charge.
Did you know that the cheque clearance process in the UK is still manual? Cheques go to a central clearing house, where several women all named Margaret physically read each one and decide where they need to go. This takes three to four days. What year is this again?
To have gone from my one-click investment portfolio and instant budgeting to hand entries in a physical book and useless “online banking” has been a step down that I’ve never adjusted to, and I never will. And although it’s time for me to kick myself up the backside with my financial record-keeping, it wouldn’t kill our banks to meet me halfway by moving out of their poky little cubby holes and into the 21st century.