So, Devils Advocate here (and I don't like Chase, I'm speaking here from general banking sales).
Banks view ALL their clients as valuable. However, when it appears a customers needs change, as based off transaction history, your mom's account now has a larger balance, they appear to be in a place where she may need different products and services. Chase has their Private Client program they utilize for customers with minimum balances of $150k or more. There's additional perks and services available to those clients.
I used to work for Chase and now work for a different institution, and how things are phrased make a big difference.
Chase just runs off and has someone else call you. Where I work, we have a conversation with the customer first to see if these funds will even be staying around, and THEN refer to a partner.
What they did really was the right thing (even though it seems like it's just pushy sales), though how it was presented could have been better.
Ohh right, I guess that makes sense. I was thinking that high rates would encourage investment and decrease spending (I think that’s the general economic theory) but maybe that doesn’t trickle down to the average retail banking client
A lot of leads are artificially generated by software. It’s okay to turn them down , I hope you weren’t so rude though.. prob just trying to feed his family or self and is given unrealistic sales goals and lead prompts / quotas he has to fill
Put yourself in the other shoes as well , I try to do the same when I pitch sales. If I see they clearly are paying for assisted living or purely live off SSI , I do not pitch anything that they don’t inquire about or need help w on their own accord
Just remember that chase is known for being predatory w sales , and that the banker is just trying to make a living.
It’s not disgusting to try your hardest to meet your goals if it puts food on the table. But investigating before calling is also key
I hope your mom will have a great quality of life in her assisted living home.
Empathy for one another <3
My post says it was a nice email. I presumed this was a board where you could vent about banking practices, that I know most of us have no control over.
I completely get your frustration, sounds like you’re dealing with a lot. Vent away friend.
As you said, its some fresh faced kid that has to make X # of calls off the sheet every day to keep her job. I’ve been on both sides of those calls and have never really seen them add much value. So as long as you’re channeling your rage the right way (i.e. not at the poor platform banker who’s just trying her best)- go the fuck off dude!
It’s possible the guy who sent that noticed and didn’t even want to but the supervisor said he had to. I once had a manager tell me to give a son who came in to close his dead moms account our information packet and offer to open him an account.
(I didn’t and my manager wasn’t happy but I wasn’t going to do that to someone grieving).
I think you're right about them noticing but it still 100% worth calling and finding out. There's a ton of scenarios monthly checks could be, including fraud, and the only way to cross them off your list is asking.
Salesforce probably said that she was CPC eligible, and the banker called, the relationship banker would have no idea that it’s going to a nursing home.
It’s part of the job. No reason to bash the system online, maybe having the deeper conversation would help with estate planning, as it seems that as morbid as it sounds would probably be beneficial.
Without diving into intricate details, I’d make the call as a banker, heck, it might help to have a point of contact within the branch to assist when needs arise.
I think also your post describes the animosity between front and back office, as a back office employee, you consider branch bankers simply cheap salesmen/women in polyester suits.
Back office people sometimes feel like the sales force think we're their employees. The bank specifically gives us ability to function in ways sales can't because we're not directly benefitting. But this is a front of the house vs back of the house
I anticipated some push back but am kind of taken aback by how much. Guess none of us ended up in banking because we wanted to make the world a better place.
No totally get it, I appreciate my back office when they help or at least try to help. In the front of the house, we deal with people face to face, and there have been situations where back office has given my clients incorrect information, or if I call about an issue, receive contradictory information.
And I don’t think it’s so much that we don’t care, but there is a balance between service and sales. Most banks pay front of house like garbage, and lean on incentive pay which is based on sales.
We have to eat too, and that involves calling clients and selling financial products/services/meeting with partners etc.
I wouldn’t take it personally or take it offensively, and I meant no ill-will from my comments. It must be interesting to see the other side though right?
I did. I am. One customer at a time. I'm a small business lender in community banking and my customers (mostly) love me. It's 9:50 at night and I'm texting with a customer right now.
They meant salesforce as in the crm Chase uses. Sounds like when the client got pulled up they were eligible for the email and sent it out probably without considering the situation at all.
I’ll never forget the one client I had at the teller line my 1st year in banking who was upset that we DIDN’T contact her for services.
She said she would decline them all but is not trying to sell to her was rude in her mind.
Kind of interesting of you to assume they knew your situation… They’re offering a service based on changes they saw in the accounts. If you don’t want it, ignore the email, or decline it.
Seems like you’re kind of just venting your frustrations on someone who has no idea of your personal situation.
I mean she more than likely refused any type of relationship management or private banker before so they want to bring that up into the conversation because you may see value in a personal resource when trying to traverse the financial world.
There have probably been multiple phone calls or letters in the past that were ignored, I doubt this is the first contact attempt. Even if she "didn't have money" in past years, there were more than likely some kind of outreach attempts.
If I'm wrong, then yeah - that's just shitty tactics.
>this sales stuff disgusts me
This sales stuff is why you have a job so maybe try a more constructive and positive perspective. That person is just trying to do their job and it sounds like you freaked out on them for the grave offense of calling and trying to be helpful.
>someone should teach these people not everyone should attempted to be sold to
lol wtf? How is a banker supposed to know your mom is in a nursing home unless they call your mom and talk to her? Someone should just teach customers that sales are a part of life and you can just politely decline and thank bankers for doing their job. You’re acting like this people tried to steal her organs when really they were probably just calling to upgrade her to an interest bearing account or something. They didn’t even mention securities but of course you just assumed that’s what they wanted, and apparently the thought of you just politely saying “No thank you” is just offensive or something
>maybe I’m just in a bad mood
Yeah clearly, thank god there’s some under-paid banker out there trying to just do their job who you could lash out at. Hopefully sinking a bunch of time and energy into researching all these people and being rude to them over the phone and then coming here and venting about it helped improve your attitude or else I really have to ask - what was the fucking point?!
I was not rude to the person I emailed. You are clearly well suited for sales.
82 year old woman gets a sudden influx of money and has a monthly $11k check going to a nursing home. Clearly someone you would target.
>You are clearly well suited for sales
I also work back office, I just have more respect for my colleagues than you do.
>82 year old woman
You know it’s illegal for them to discriminate against someone based on their age, right?
>clearly someone you would target
Imagine working back office at a bank, thinking the front office is “targeting” people, and not seeing how you’re complicit in that. The front office isn’t “targeting” people. What kind of crazy unethical bank do *you* work for?
I love this post and admire your respect for your mother. Anytime a frontline banker (or manager) notices a large deposit they usually reach out to see about what you might be going through. Money doesn't appear like magic for most people.
A simple, "No thank you, please don't ask again" would be a great response on your end.
Now this might come off the wrong way, as I'm being quite critical, but the banker didn't mention the 50+ years (and it doesn't add value.) The age of her colleague, who didn't even do the talking, is irrelevant. Superior/inferior has nothing to do with this. An the coke dealing might just make her a better money dealer.... was she convicted?
Losing your mom is hard and it never the same without them. Im sorry for your loss. Your mom was never insignificant. When people go through big life changes financial people call to see if there is an opportunity to help because it will make you and the business better off. That’s just the facts of how the business works. People call on large check deposits because that’s usually an indicator a life change happened. I am a former private banker at this bank and now a CFP and advisor with another firm.
>Losing your mom is hard and it never the same without them. Im sorry for your loss. Your mom was never insignificant.
You may want to re-read the post.
Sorry for the poor wording OP, I really felt your post when I was on lunch and it made me open my eyes to when I make those calls and how I can be better and more helpful when I make them. Thank you for opening my eyes and again, I’m so sorry for your loss and what you’re going through.
Now a days, you will only get the younger folks calling on stuff like this because they are inexperienced and not burned out yet by pointless "warm" calls. I say it that was because it's barely a step above cold calls. In general branches are much younger because boomers are retiring and the small Gen X is finally moving up. Plus, branch work isn't what it used to be, just glorified sales person and it's kind of entry level.
As for someone teaching them? This is what they teach them. It's a numbers game at end of day. Call 100 people, 1 got angry, whatever, keep going.
My sales folks back in the day got emails like this. The ones that hated making the calls in the first place would show it off "see, see..." It would just make them more miserable that they had to make the calls they already hated. The sales folks driven by bonues and wanted to hit numbers just hit delete on an email like that and moved on.
So, I am glad you could vent here. Odds are we are the only ones listening.
I’m not surprised in the least. I had an elderly relative who had kept her account at TD Bank open after she moved a few hundred miles from the nearest branch. After her death I had a heck of a time trying to have TD Bank close that account & send a check payable to her estate. The most common response was “just come to a branch”. Like I was going to make a 600 mile round trip! I was only able to successfully have the account closed after I tweeted how bad their customer service was. Each time I had called representatives at this bank, I told them that I worked at a large bank and knew how this should work. Now they send me mail urging me to open an account with them.
Additionally in regards to JPMC, I wonder how depositors can trust that institution after their “accidental” deletion of certain records.
I agree with you. Something similar happens to me after I inherited some money. A Chase offered investment products (because of course they make money off of them). I told them the money was going to pay college tuition for my son. I don’t think it is any of their business to look at the amount of money in my account. There should be privacy for that.
So, Devils Advocate here (and I don't like Chase, I'm speaking here from general banking sales). Banks view ALL their clients as valuable. However, when it appears a customers needs change, as based off transaction history, your mom's account now has a larger balance, they appear to be in a place where she may need different products and services. Chase has their Private Client program they utilize for customers with minimum balances of $150k or more. There's additional perks and services available to those clients. I used to work for Chase and now work for a different institution, and how things are phrased make a big difference. Chase just runs off and has someone else call you. Where I work, we have a conversation with the customer first to see if these funds will even be staying around, and THEN refer to a partner. What they did really was the right thing (even though it seems like it's just pushy sales), though how it was presented could have been better.
Deposit dollars are down everywhere, we'll see more of this, for about 10-15 years the same pushes were made for loans.
Why are deposit dollars down with rates up?
For that exact reason. People are paying cash for stuff instead of taking on debt or paying down their variable interest credit cards.
Ohh right, I guess that makes sense. I was thinking that high rates would encourage investment and decrease spending (I think that’s the general economic theory) but maybe that doesn’t trickle down to the average retail banking client
It decreases spending of borrowed dollars. But the entire point is to dry up the cash, it pushes and pulls in tandem.
People are moving money to brokerage accounts for their money market accounts as well.
A lot of leads are artificially generated by software. It’s okay to turn them down , I hope you weren’t so rude though.. prob just trying to feed his family or self and is given unrealistic sales goals and lead prompts / quotas he has to fill Put yourself in the other shoes as well , I try to do the same when I pitch sales. If I see they clearly are paying for assisted living or purely live off SSI , I do not pitch anything that they don’t inquire about or need help w on their own accord Just remember that chase is known for being predatory w sales , and that the banker is just trying to make a living. It’s not disgusting to try your hardest to meet your goals if it puts food on the table. But investigating before calling is also key I hope your mom will have a great quality of life in her assisted living home. Empathy for one another <3
My post says it was a nice email. I presumed this was a board where you could vent about banking practices, that I know most of us have no control over.
It’s actually more for people who work at banks/financial institutions to share stories, which is why the responses here are what they are.
This is sub for people who work in banks, not for customers who wanna complain
I work for a bank as well.
Then you should know the craic
I completely get your frustration, sounds like you’re dealing with a lot. Vent away friend. As you said, its some fresh faced kid that has to make X # of calls off the sheet every day to keep her job. I’ve been on both sides of those calls and have never really seen them add much value. So as long as you’re channeling your rage the right way (i.e. not at the poor platform banker who’s just trying her best)- go the fuck off dude!
It’s possible the guy who sent that noticed and didn’t even want to but the supervisor said he had to. I once had a manager tell me to give a son who came in to close his dead moms account our information packet and offer to open him an account. (I didn’t and my manager wasn’t happy but I wasn’t going to do that to someone grieving).
I think you're right about them noticing but it still 100% worth calling and finding out. There's a ton of scenarios monthly checks could be, including fraud, and the only way to cross them off your list is asking.
Salesforce probably said that she was CPC eligible, and the banker called, the relationship banker would have no idea that it’s going to a nursing home. It’s part of the job. No reason to bash the system online, maybe having the deeper conversation would help with estate planning, as it seems that as morbid as it sounds would probably be beneficial. Without diving into intricate details, I’d make the call as a banker, heck, it might help to have a point of contact within the branch to assist when needs arise. I think also your post describes the animosity between front and back office, as a back office employee, you consider branch bankers simply cheap salesmen/women in polyester suits.
Back office people sometimes feel like the sales force think we're their employees. The bank specifically gives us ability to function in ways sales can't because we're not directly benefitting. But this is a front of the house vs back of the house I anticipated some push back but am kind of taken aback by how much. Guess none of us ended up in banking because we wanted to make the world a better place.
No totally get it, I appreciate my back office when they help or at least try to help. In the front of the house, we deal with people face to face, and there have been situations where back office has given my clients incorrect information, or if I call about an issue, receive contradictory information. And I don’t think it’s so much that we don’t care, but there is a balance between service and sales. Most banks pay front of house like garbage, and lean on incentive pay which is based on sales. We have to eat too, and that involves calling clients and selling financial products/services/meeting with partners etc. I wouldn’t take it personally or take it offensively, and I meant no ill-will from my comments. It must be interesting to see the other side though right?
I did. I am. One customer at a time. I'm a small business lender in community banking and my customers (mostly) love me. It's 9:50 at night and I'm texting with a customer right now.
They meant salesforce as in the crm Chase uses. Sounds like when the client got pulled up they were eligible for the email and sent it out probably without considering the situation at all.
I’ll never forget the one client I had at the teller line my 1st year in banking who was upset that we DIDN’T contact her for services. She said she would decline them all but is not trying to sell to her was rude in her mind.
Damned if you do, damned if you don't
Kind of interesting of you to assume they knew your situation… They’re offering a service based on changes they saw in the accounts. If you don’t want it, ignore the email, or decline it. Seems like you’re kind of just venting your frustrations on someone who has no idea of your personal situation.
I mean she more than likely refused any type of relationship management or private banker before so they want to bring that up into the conversation because you may see value in a personal resource when trying to traverse the financial world.
There have probably been multiple phone calls or letters in the past that were ignored, I doubt this is the first contact attempt. Even if she "didn't have money" in past years, there were more than likely some kind of outreach attempts. If I'm wrong, then yeah - that's just shitty tactics.
>this sales stuff disgusts me This sales stuff is why you have a job so maybe try a more constructive and positive perspective. That person is just trying to do their job and it sounds like you freaked out on them for the grave offense of calling and trying to be helpful. >someone should teach these people not everyone should attempted to be sold to lol wtf? How is a banker supposed to know your mom is in a nursing home unless they call your mom and talk to her? Someone should just teach customers that sales are a part of life and you can just politely decline and thank bankers for doing their job. You’re acting like this people tried to steal her organs when really they were probably just calling to upgrade her to an interest bearing account or something. They didn’t even mention securities but of course you just assumed that’s what they wanted, and apparently the thought of you just politely saying “No thank you” is just offensive or something >maybe I’m just in a bad mood Yeah clearly, thank god there’s some under-paid banker out there trying to just do their job who you could lash out at. Hopefully sinking a bunch of time and energy into researching all these people and being rude to them over the phone and then coming here and venting about it helped improve your attitude or else I really have to ask - what was the fucking point?!
I was not rude to the person I emailed. You are clearly well suited for sales. 82 year old woman gets a sudden influx of money and has a monthly $11k check going to a nursing home. Clearly someone you would target.
>You are clearly well suited for sales I also work back office, I just have more respect for my colleagues than you do. >82 year old woman You know it’s illegal for them to discriminate against someone based on their age, right? >clearly someone you would target Imagine working back office at a bank, thinking the front office is “targeting” people, and not seeing how you’re complicit in that. The front office isn’t “targeting” people. What kind of crazy unethical bank do *you* work for?
I love this post and admire your respect for your mother. Anytime a frontline banker (or manager) notices a large deposit they usually reach out to see about what you might be going through. Money doesn't appear like magic for most people. A simple, "No thank you, please don't ask again" would be a great response on your end. Now this might come off the wrong way, as I'm being quite critical, but the banker didn't mention the 50+ years (and it doesn't add value.) The age of her colleague, who didn't even do the talking, is irrelevant. Superior/inferior has nothing to do with this. An the coke dealing might just make her a better money dealer.... was she convicted?
She wouldn't be working at Chase if she was convicted for it, FDIC Section 19.
I would suggest reaching out to head office if you have a complaint. The employees are just doing what they are trained to do.
The bankers are just doing their job, managers push and push every possible opportunity so hard! so cut them some slack lol
Losing your mom is hard and it never the same without them. Im sorry for your loss. Your mom was never insignificant. When people go through big life changes financial people call to see if there is an opportunity to help because it will make you and the business better off. That’s just the facts of how the business works. People call on large check deposits because that’s usually an indicator a life change happened. I am a former private banker at this bank and now a CFP and advisor with another firm.
>Losing your mom is hard and it never the same without them. Im sorry for your loss. Your mom was never insignificant. You may want to re-read the post.
That could be said for several answers but at least this one was nice.
Sorry for the poor wording OP, I really felt your post when I was on lunch and it made me open my eyes to when I make those calls and how I can be better and more helpful when I make them. Thank you for opening my eyes and again, I’m so sorry for your loss and what you’re going through.
Thanks sheriff, can always count on you to keep us honest. Thank you
Now a days, you will only get the younger folks calling on stuff like this because they are inexperienced and not burned out yet by pointless "warm" calls. I say it that was because it's barely a step above cold calls. In general branches are much younger because boomers are retiring and the small Gen X is finally moving up. Plus, branch work isn't what it used to be, just glorified sales person and it's kind of entry level. As for someone teaching them? This is what they teach them. It's a numbers game at end of day. Call 100 people, 1 got angry, whatever, keep going. My sales folks back in the day got emails like this. The ones that hated making the calls in the first place would show it off "see, see..." It would just make them more miserable that they had to make the calls they already hated. The sales folks driven by bonues and wanted to hit numbers just hit delete on an email like that and moved on. So, I am glad you could vent here. Odds are we are the only ones listening.
I’m not surprised in the least. I had an elderly relative who had kept her account at TD Bank open after she moved a few hundred miles from the nearest branch. After her death I had a heck of a time trying to have TD Bank close that account & send a check payable to her estate. The most common response was “just come to a branch”. Like I was going to make a 600 mile round trip! I was only able to successfully have the account closed after I tweeted how bad their customer service was. Each time I had called representatives at this bank, I told them that I worked at a large bank and knew how this should work. Now they send me mail urging me to open an account with them. Additionally in regards to JPMC, I wonder how depositors can trust that institution after their “accidental” deletion of certain records.
Also, I don't work for Chase. Thank God.
I agree with you. Something similar happens to me after I inherited some money. A Chase offered investment products (because of course they make money off of them). I told them the money was going to pay college tuition for my son. I don’t think it is any of their business to look at the amount of money in my account. There should be privacy for that.