Bank Pestering For A Review (again)
Discussion
My bank want me to go in and give them an opportunity to sell me products. They do this from time to time. So I will go in and tell them that I'm happy with all my financial products and don't want to buy anything else from them, and then they won't bug me for a while.
I assume everybody else's bank does this - do you go, tell them to FRO, what?
I assume everybody else's bank does this - do you go, tell them to FRO, what?
otolith said:
My bank want me to go in and give them an opportunity to sell me products. They do this from time to time. So I will go in and tell them that I'm happy with all my financial products and don't want to buy anything else from them, and then they won't bug me for a while.
I assume everybody else's bank does this - do you go, tell them to FRO, what?
Er.... no. They only do that if they think you have money knocking round they can splurge on some useless financial product from which they will generate substantial commissions (except commissions are now banned in the UK, so it has to be an upfront fee, which no-one wants to pay).I assume everybody else's bank does this - do you go, tell them to FRO, what?
Usually you're more likely to be considered fair game if you've already wasted money on financial products with them in the past.
I ignore all requests from my bank to spend any money whatsoever with them, so they seem to have decided it's not worth their while to pester me (or they think I'm too poor...... either way). So the only time I have ever been inside a branch of my bank is when I wanted to pay money in, or needed to borrow some from them.
Change banks if it annoys you.
I had this at work one day. Took a call from my bank saying I needed to go in and speak to them. Not would I or would I like to but I needed to.
I asked why and they said to discuss your mortgage.
Except I haven't ever had a mortgage with them as they have never been competitive.
I more or less politely told them to FO.
I asked why and they said to discuss your mortgage.
Except I haven't ever had a mortgage with them as they have never been competitive.
I more or less politely told them to FO.
otolith said:
My bank want me to go in and give them an opportunity to sell me products. They do this from time to time. So I will go in and tell them that I'm happy with all my financial products and don't want to buy anything else from them, and then they won't bug me for a while.
I assume everybody else's bank does this - do you go, tell them to FRO, what?
Are you with Lloyds by any chance, they ring me for a 'review' every couple of months, but no other bank I'm with has ever done this. I assume everybody else's bank does this - do you go, tell them to FRO, what?
Otolith,
Sometimes we get too close to something, or become so convinced with our own sense of logic that what we are doing is right, we lose sight of objectivity. I'm an IFA and I'll always take a thought or suggestion from a (credible!) fresh set of eyes. But if you remember that a bank is a money shop - nothing more, then 30 minutes of your time might be worth the pitch.
Generally, accept the process with your bank as a sales one but don't fight it - see through it, use it to your advantage. If you are well informed, then what do you have to lose, apart from 30 minutes or so?
Assuming that the products are in house/ white labelled and vanilla, oh.. and obscenely over priced, then they at least might provide you with the catalyst for fresh thought and an update on latest legislation and allowances. And if they do provide you with expensive quotes, at least you have a benchmark - time spent in reconnaissance is seldom wasted.
Sometimes we get too close to something, or become so convinced with our own sense of logic that what we are doing is right, we lose sight of objectivity. I'm an IFA and I'll always take a thought or suggestion from a (credible!) fresh set of eyes. But if you remember that a bank is a money shop - nothing more, then 30 minutes of your time might be worth the pitch.
Generally, accept the process with your bank as a sales one but don't fight it - see through it, use it to your advantage. If you are well informed, then what do you have to lose, apart from 30 minutes or so?
Assuming that the products are in house/ white labelled and vanilla, oh.. and obscenely over priced, then they at least might provide you with the catalyst for fresh thought and an update on latest legislation and allowances. And if they do provide you with expensive quotes, at least you have a benchmark - time spent in reconnaissance is seldom wasted.
It's a warm sales pitch, you can always say no. Every so often I write to people who I don't advise any more, but am still the named servicing agent for a policy they hold. Once in a blue moon one of them calls up because circumstances have changed, but very rarely does anyone get upset because I wrote. I guess I'm not pestering!
I get the pitch every so often when I go in to the branch, would I like a mortgage review etc etc. As I'm a practising mortgage broker and IFA the conversation stops fairly quickly. As I also know their lending criteria better than the cashier it can be fun road testing them a bit before putting them out of their misery!
I get the pitch every so often when I go in to the branch, would I like a mortgage review etc etc. As I'm a practising mortgage broker and IFA the conversation stops fairly quickly. As I also know their lending criteria better than the cashier it can be fun road testing them a bit before putting them out of their misery!
otolith said:
Well, quite. If I were looking to buy new products, I'd get on the internet and look at all the options.
You have answered your own question right there.So if it annoys you be rude (personally i find sales people rude invading my personal time / space with their 'im only trying to earn a living selfishness')
If not offended just state when you want something you go looking not sit at home praying someone will find you.
You could ask how to opt out of this pestering, or if they don't stop you will move your accounts.
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