HSBC Now Charging Customers $12 to Deposit Money – Even From a Competitive Bank

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Big Banks Are Inherently Evil

A friend of mine just received a letter from Eesh Bansal of HSBC who is EVP and Head of Customer Experience at HSBC.


HSBC’s brilliant marketing strategy is to charge his loyal and faithful customers $12 every time they want to move money from another bank — from a competitor.  I couldn’t believe this and so I checked into it and read the letter (email) he sent out under his name.  Upon further investigation, I learned that this guy went to George Washington University and I wondered — don’t they teach business strategy there.  Who in their right mind could implement, let alone consider, such an idiotic strategy… especially when consumers are leaving the big bank in droves.  

Continue reading “HSBC Now Charging Customers $12 to Deposit Money – Even From a Competitive Bank”

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A Fish Stinks From The Head. The BBB Needs To Change.

The manager of the L.A. BBB is paid $409,000 a year, much more than the already over compensated BBB national President.  What organization would pay its local manager more than the national leader?  Moreover, this is not corporate compensation – the BBB is a non-profit.   

In fact some BBB chapters spend as much as 71% just on salaries.  Nationally, its 63%. Those $400 annual “fees” are collected from small businesses, many who are just barely able to hold on it today’s economy.  Now they find out that vast majority of their payment is used to fund overly compensated non-profit mangers.

 Small retailers have long complained how the BBB uses high-pressure tactics to get them to pay up.  And those that do sign up, get better ratings it has been reported.

 Steve Cox, national president of the BBB said they would no longer enhance ratings for small businesses who “paid up”.  That is like rearranging the chairs on the deck of the Titanic after hitting an ice berg.

After repeated requests for a list of the BBB board members, BBB leadership (national and local) has elected to ignore our requests.  It is the board who sets policy and compensation.

Action Steps

Following is what the BBB board needs to do to remain relevant long term.  The first step is to rebuild trust of the BBB organization among business leaders and consumers.

  • Reorganize as a for profit.  A stock company with one elected board of directors with one leadership team who makes national decisions.  This is no different that their competitors who are in the “trust” business.  Examples are VeriSign, Comodo and McAfee.
  • With this in place, reduce headcount and overhead by closing most “chapter” offices.

 

  • Align compensation to normative levels using a nationally recognized organization such as Hay Associates. 

 

  • Divest the BBB to a strategic buyer such as VeriSign, Comodo, or McAfee or license the name.  There are significant synergies that would accrue.  Any of these organizations would be better suited to properly market the BBB as a trust brand – they have the knowhow, resources and organization that the BBB lacks.  My observation from being a local BBB board member, is that the BBB views themselves as being in the BBB business, not the trust business.  As a result, they have significantly limited the value of the BBB mark.

    As President of The CareGiver Partnership, a national direct to consumer retailer of medical supplies, we have conducted three years of quantitative research on the BBB with our customers.  Our findings show that the mark has little to no effect in purchase motivation.  As a result of these findings (which have been shared with the BBB) and the current publicity, we cannot justify spending $390.  Especially when it has been revealed that up to $278 of it is going into someone’s pocket.  

 

 

Tom Wilson

President, The CareGiver Partnership

A BBB Accredited Member

Consumer Advocate and Author of

Negotiate Anything!  Secrets to Make Businesses Treat You Fairly

Negotiate Anything!

“You can’t always get what you want, but if you try real hard,

you might get what you need.”

– The Rolling Stones

Consumers are leaving billions of dollars on the table by not getting their money’s worth when things go wrong, which they inevitably will from time to time. Whether you are dealing with a credit card company, home improvement, auto repair, airline or even a non-profit, you will learn simple steps that will make your money work a lot harder for you by ensuring that organizations you do business with give you what you deserve. Guaranteed.

This book is dedicated to every consumer who puts their trust in a organization – whether it be for profit, non-profit, medical or government agency – by laying down their hard earned money with the expectation of receiving good service, honesty and their money’s worth.

Business leaders, you’ll learn how to use customer service as a secret weapon for driving sustainable growth by taking care of customers better than your competitors.

Ask yourself…

Does it make you furious when you call a company and are forced to push buttons, make choices and then wait on hold forever only to be connected with someone who can’t help anyways?
Do you tire of calling your credit card company for overdrafts, penalties and late fees that shouldn’t be on your statement? They assume you are guilty until you prove your innocence.
Does it upset you that you have to call to “request” a refund when your cable company has a service interruption? Shouldn’t it be automatic?
Do you find it irritating when you are forced to call a company that has out-sourced their customer service to another country and you simply can’t understand the person?

How do you feel when checking out of a store and you say “thank you” to the clerk and all you hear in return is “yup”, “no problem” or simply nothing at all?
Customer service in the U.S. has deteriorated in the past 30 years and the advent of new technology, such as FAQ’s on an organization’s website, voice recognition on phone systems, ticket kiosks at airports, self-service gas stations, and outsourcing of customer service, has made it worse, not better.

We guarantee that you will save at least two times the cost of this book in the first year alone if you follow the simple steps provided. If not, you get your money back. These steps will make your money work a lot harder for you by ensuring that organizations you do business with will give you what they promised. We’ve saved well over $30,000 using this process.

You will learn the four bad customer service words: “behind”, “should”, “shortly” and “try.” These key words almost always signal that there is trouble ahead for you. Examples:

Unfortunately, he won’t be there today because we’re running behind.

He should have checked that when he fixed your furnace.

I’m hoping that we’ll be able to send that out to you shorty.

I am going to try to find out what happened.

“Negotiate Anything!” is chock full of real world examples explaining what went wrong, what steps were taken to get our money’s worth, lesson’s learned and what the organization should have done.

Here is a preview of what’s inside:

WHY A PRIMER ON CUSTOMER SERVICE? – HELP ME, PLEASE! – GREAT CUSTOMER SERVICE IS ALWAYS IN STYLE – THE FOUR BAD CUSTOMER SERVICE WORDS – THE CUSTOMER SERVICE GOLD STANDARD – THE STING: HOW IT ALL BEGAN – LOSS OF A 25-YEAR LOYAL CUSTOMER – GROUNDED BY THE AIRLINES – DROPPED BY THE WIRELESS COMPANIES – JUST PLAIN DUMB BUSINESS PRACTICES – VACATION MELTDOWN – MEDICAL MISSTEPS – HOME REPAIR – REWARDS. REALLY? – CREDIT CARDS – A LEMON INTO LEMONADE – A RIGHTEOUS NOT-FOR-PROFIT – NOW, GO GET YOUR MONEY’S WORTH!

In 2004, Lynn Wilson co-founded The CareGiver Partnership, along with her husband Tom, as a natural extension of her many years of experience caring for loved ones and providing excellent customer service in the world of retail. Lynn prides herself on offering Personalized AttentionSM to help her customers in any way she and her team can Lynn grew up in Naperville, Illinois, and attended Northern Illinois University and University of Illinois-Chicago, where she majored in marketing and psychology. Now that her children are grown, Lynn enjoys spending two days each week with her granddaughter, helps provide care for her mother, and is raising the next generation of her family, a poodle named Stella.

Along with wife Lynn, Tom Wilson co-founded The CareGiver Partnership in 2004. Tom has 36 years of marketing and executive-level experience building consumer packaged goods businesses with Kimberly-Clark and Colgate-Palmolive. Tom was formerly President of Kimberly-Clark’s global Feminine Care and Adult Care products business segments.  An entrepreneur at heart, in his mid-20s he co-founded Wilson Manufacturing Company manufacturing underground coal mining equipment. Later they sold the company to Alco-Standard Corporation. Over 30 years ago, Tom and Lynn began documenting customer service issues they encountered with various companies and organizations. They used these experiences to create The CareGiver Partnership; offering a whole new level of service to caregivers and their loved ones.