Hyperbole
I apologize, I think calling my Bank of America situation a ‘tragedy’ is a travesty. It is more like ‘problem’ or ‘issue’. I should not have engaged in this hyperbole. My bad, especially because two things on my list of “things I detest” are:
1. Hyperbole
2. Megalomania
Bank of America Customer Service Tragedy – Update
Based on my recent problem with the bank, I wrote it’s PR/Communications team to give them a chance to respond. This is what one of them had to say:
Harsha – neither **** or I are in customer service. I did forward your email to our customer relations team. I will let you know what we hear back.
The reason I reached out to the PR team was because one cannot “buy” this kind of publicity (negative or positive) for 39 bucks. You’d imagine that a PR person would take notice – little drops make an ocean. I also figured that they are probably the ones authorized to make a statement and I wanted them to have a chance to respond.
(I have blanked out the other person’s name in the email)
The Power of Blogging
I am touched by all the supportive comments and the email messages I have received from all of you. You can’t buy this type of unity with all the money in the world and it speaks directly to the power of blogging in connecting us all.
Thank you!
Bank of America Customer Service Tragedy
I thought about writing this post for quite a while. The incident is still fresh in memory – it happened just last week. But I think the Bank has had an acceptable window of opportunity to respond and they still have not.
First up, as a generally creative but grounded-in-processes kinda fellow, I really appreciate how complicated it is for a large organizations to work well. I’ve never been in one, but as a pioneer in most of the stuff I’ve done at my current small business gig, I can imagine how much planning and management goes into developing a customer service process at a bank. Think about the meetings that managers would have had in the past and in the present as well, about what happens when a customer calls into the 800 line. Now that process must adhere to their internal Service Level Standards (SLA) where they might say that 98% of issues must be resolved in one call, or something to that effect.
They must also deal with a myriad of types of calls, all being funneled through the same system and routed accordingly. The complexity amazes me. So whenever I call into any such organization with an issue or complaint, I generally approach it with as much respect as I can. I am never that irate caller who will jump down the throat of a poor little representative. I adopt a much more consultative approach.
But all that got thrown out the window when I called into Bank of America last week.
Here is some history on the problem, without going into too much detail: I opened a 0% APR American Express card with Bank of America less than a year ago and transferred a large loan balance to it and have been paying it off $1000 a month. The statement closes every 22nd and the minimum is due by the following 11th. I’ve always made this payment well in advance of the 11th deadline. This time, I ended up making it even before the 22nd statement close so basically my payment got tagged to the previous month.
When I called to clarify this, I was rudely informed by the representative that it is my fault for ‘paying late’ and that I will lose the promotional 0% APR. Then I asked her to check with her supervisor and she came back a little while later saying that they have decided to reinstate the 0% APR as a courtesy. I was delighted and thanked her and realized after I hung up that I had not asked about the $39 late fee. To me, it makes sense to roll it back because they ‘forgave’ the ‘late payment’ by reinstating my 0% APR, so why should I pay the late fee? Mind you, I absolutely agree and understand a late fee for late payments – no argument there.
When I called back, I said that if the Bank has rolled back the 0% APR because I am forgiven for the ‘late’ payment, then why would I pay a late fee? The representative talking to me couldn’t for the life of her understand my logic. So we started arguing back and forth and she said the same thing repeatedly and so did I – classic stalemate situation. So I asked her to connect me to her supervisor. What she did next was appalling – she actually threw me off the line and I ended up at the beginning of the call where you give the machine your card details to find the best route for the call. You’d think I would have given up, but I did not.
When the next representative came on the line (now I’m angry and my voice is louder) I told him about the way in which I got bumped off the previous call and said that I realize none of this is his fault but, come on! getting kicked out is just unacceptable! Since I was angry, after hearing why I called, he offered to cut my fee down to half but no more because representatives are not authorized to do so. In fact, he said that he was not even supposed to offer me half off on the fee, but was doing it because I was upset. I was unable to wrap my head around the fact that half of the fee was being refunded as a ‘courtesy’ but the other half wouldn’t be. So I asked him if he was being half courteous and half rude. Of course, such rhetorical questions only incite the flames of anger, and it did. We started arguing and I said that if he could roll back half my fee while not technically supposed to, then why not roll back the entire fee? Why partially commit the crime? And so on and on we went… Finally I said to him that half off was not acceptable and asked him to connect me to his supervisor. Thankfully he did. I left a message, in a super angry mode, hoping to evoke a response, but I have none so far.
My issue is NOT with the $39 fee. My issue is with the LOGIC of this whole situation. First of all, I did not make a ‘late’ payment. I ended up making two payments in the same month, a day early. In this tough economic environment, I am making multi-thousand dollar payments on-time (except this once), have a checking and savings account with Bank of America and am poised to buy a home next year. Despite all this and the threat of me switching to Discover (which is flooding my mailbox with offers), I am unable to fathom why the fee and worse still, why half the fee? If there was ANY logic to this, and I was indeed a payment too late, then for sure, I will not argue if the Bank starts charging me a high APR and fine me $39.
But when they have reinstated the 0% as a courtesy, why should they charge me $39 or even half of that? A pissed off customer with options is the worst kind of customer. Or am I too small for a large Bank like Bank of America to give a rats ass about? To add insult to injury, they are yet to respond to me.
Check out Bank of America Sucks. I am not that mad at the Bank – all I want is my fee refunded because it is illogical to charge it in the first place. Will someone from the Bank PLEASE respond?
Another One Bites The Dust
The TechCrunch Deadpool is a great read. This one is about TripHub. Doesn’t their blog post sound just like stuff we heard from Web 1.0???
“Certainly we made mistakes, and unfortunately we were impacted by factors beyond our control including the current economic environment and state of the travel industry. We came close to realizing a different outcome for our venture but, as the saying goes, close doesn’t count. At the end of the day, despite a well-received, market-leading product and early success with strategic partners such as Orbitz and Alaska Airlines, we simply ran out of money to continue executing on our vision.”
(quote from TechCrunch).
How to Answer a Question Correctly
Trey Hollingsworth of Hollingsworth Capital Partners shows his smarts in his response to Inc Magazine’s question in their Inc 5000 special issue, to entrepreneurs about their biggest mistake in business.
While many others copped to big time screw ups, Trey says:
I am sure my biggest mistake is yet to come
The Joker
Here is a piece on BusinessWeek.com about Facebook’s valuation.
I think deal meister Bruce Jaffe (ex-Microsoft) had put together this really stupid deal together among others.
Come on!! I don’t think the idea of Facebook is unworthy of much money, but the monetization of it is what is impossible. I agree with the vision that say in 20 or 50 years from now, ideas like this will be commonplace in our lives like utilities and cars are today (read “The Big Switch”).
But I am skeptical on how money is going to be made. Now you can argue if Google is being smart by putting to work its one trick pony for the millions of things they invest in like Docs, Blogger, Youtube.com etc. I think at the face of it, they’ve gotten into so many things, changed the game in so many ways that they may be able to develop new revenue models in the future. Unfortunately another side of me thinks they are going to fizzle out in 10 years. Who knows? Do you????
Facebook is a one trick pony when it comes to the idea – that is the crucial difference between them and Google. Facebook does not have a revenue stream, forget those ad deals, they are measely. Its like Youtube.com – a money suck and fund-able only by a giant parent company.
I think anyone with a bit of common sense would have figured that Facebook will implode sometime soon. I forget, what’s that age-old saying about common sense?
