A Disappointed Banker

[myrdale]

I had a very interesting call a couple of weeks ago, I had been meaning to post, not so much to brag but just because I got a good laugh out of it, and I thought some of you might to.

So the phone rings and I pick up:

"Hello Mr. M.... my name is Soandso with Suchandsuch bank. I am calling today because I see you use to have a mortgage with us. Would you consider refinancing your current mortgage with us again?"

"Nice to meet you Ms. Soandso, but if you will review my file you will see I actually paid the mortgage off two years ago"

"Oh I do see that, good for you. How about a home interest loan? Do you have any projects around your house we could help you with?"

"Actually I just replaced my siding this past year, I saved up and paid out of pocket for it."

"Oh, ok. Well how about a car loan? Are you in the market for a new car in the near future?"

"Actually, yes I am, but I am currently saving. My current truck is running fine, it only has 260,000 miles on it. I am hoping for a minimum of 350,000 miles and I am planning to save up the cash to buy it outright."

"Alright Mr. M.... thank you for your time, please let me know if there is anything else we can help you with."

[disneysteve]

I love messing with people like that. Good for you.

[james.hendrickson]

Best thread of the day.

[Joan.of.the.Arch]

This post was worth logging in--- just so I could punch that "like" button.

[TexasHusker]

Banks are not the enemy. Borrowing money at favorable terms can make you very, very rich.

My mortgage co called me a few months ago offering to refi my 30 year loan to a 15 year loan “so you can pay your home off faster.” I told her at 3.25%, I’m in no particular hurry to pay off the loan. In fact, can I borrow more money at that rate? Crickets. Chirp chirp.

[bjl584]

Banks are not the enemy. Borrowing money at favorable terms can make you very, very rich.

My mortgage co called me a few months ago offering to refi my 30 year loan to a 15 year loan “so you can pay your home off faster.” I told her at 3.25%, I’m in no particular hurry to pay off the loan. In fact, can I borrow more money at that rate? Crickets. Chirp chirp.

I'd say the banker in this story was just being a typical salesman trying to sell to what he viewed as a typical potential client. Wanting his prospect to finance a car, a house renovation, or some other depreciating or non cash flowing asset. If he was calling to offer favorable financing on investment property or a business start up, then that would be someone you might want on your side.

[disneysteve]

If he was calling to offer favorable financing on investment property or a business start up, then that would be someone you might want on your side.

Even then, I'm not about to do business with anyone because they cold called me. I don't care who they are or how good their services might be. I am never, under any circumstances, going to choose a lender, contractor, or any other service based on an unsolicited phone call.

[disneysteve]

I know a few people who work at banks and they've said that the pressure to sell stuff to customers is intense. At least one person I know actually left her job because of that. She loved being a teller but hated that she had to try to sell stuff to every customer she dealt with.

[james.hendrickson]

I know a few people who work at banks and they've said that the pressure to sell stuff to customers is intense. At least one person I know actually left her job because of that. She loved being a teller but hated that she had to try to sell stuff to every customer she dealt with.

Yes, exactly. This was the major issue at Wells Fargo.

[~bs]

bankers do this from time to time. they're pushed by the company to try and drive some sort of business to make quotas, etf. this includes cold calling current customers.

[disneysteve]

bankers do this from time to time. they're pushed by the company to try and drive some sort of business to make quotas, etf. this includes cold calling current customers.

Definitely. I get calls and mail from our bank, our mortgage company, credit card companies, etc. I just tell them all I'm not interested.

[~bs]

I know a few people who work at banks and they've said that the pressure to sell stuff to customers is intense. At least one person I know actually left her job because of that. She loved being a teller but hated that she had to try to sell stuff to every customer she dealt with.

same thing like how retail tries to upsell or get you to use their credit cards or member cards or whatnot. The pressure for employees to make their companies a few extra bucks is kinda ridiculous... I'd much rather deal with a teller that's just doing their job and being nice than one that is compelled to view me as a potential means of making a quota.

[disneysteve]

same thing like how retail tries to upsell or get you to use their credit cards or member cards or whatnot. The pressure for employees to make their companies a few extra bucks is kinda ridiculous... I'd much rather deal with a teller that's just doing their job and being nice than one that is compelled to view me as a potential means of making a quota.

One more reason to do as much of your business as possible online. It's much easier to ignore a pop up ad than to have to deal with a person right in front of you trying to sell you stuff you don't want or need.

[dczech09]

Several years ago (before I got into my current industry), I had a "bridge job" as an outbound sales rep for a big bank. As you could imagine, I did not like the job very much and was not very good at it. But hey it was only temporary.

The pressure to sell was CRAZY! In fact, we had quotas based on points. Selling a home equity product netted the highest amount of points, but of course the process of selling those products was really long and not simple. Even if you did manage to sell a home equity product, the amount of points that you were awarded was enough to only cover one day. On credit card campaigns, you would need to sell 10 to 15 to hit your quota. For car loan campaigns, about 5 usually did the trick.

The quotas were so unrealistic that people were constantly leaving, and training classes were constantly being held. It is a tough job. Not saying I would buy anything if one of them called me today, though

[TexasHusker]

I have to disagree about not buying anything where I am contacted with a cold call. I wouldn't automatically discard any such call.

I was in a sales oriented position for 24 years.

One area that I worked in was physician recruitment. I cold-called lots of physicians about relocating here. Many of them had not even considered moving until I called and asked them about it. Many have moved here and done very well - several of whom I am personal friends with.

One doctor was from Philly. He said "Why did you call me, there's no way I'm moving to a desert in the middle of nowhere!" (I live on the High Plains of Texas). But he agreed to at least meet with me, so I flew to Philly and took him to dinner. Then, he agreed to come out for a weekend, but still assuring me that he was 99% sure he wasn't moving here.

Guess what? Six months later he was moving here. About two months after he moved, he and his wife had our family over for dinner. They were still uneasy about the move, but I told them "just give it a little time", it is a very different place than Philly.

That's been 10 years. He is now the VP of Medical Affairs at a large health system here. His wife is heavily involved in the Performing Arts here, his son is a very accomplished high school athlete, and his daughter is attending the University of Texas on a dance scholarship. All of them have invested in our community.

I saw them about a year ago eating out, and his wife Mary told me "Your calling us that day completely changed our life. We've never been happier and are so thankful that you stuck with Mike to get him to move."