Bank cust

EVERY TIME (well, ‘almost’
every time) I weigh myself I
remember Commonwealth:
Trust. te,
/ The: company, ‘gave. me
bathroom scales when 1 opened an

Jaccount | “there many “years ago.

/ Commonwealth Trust is'long gone.:
Bit the scales still. tell, me ;if my
personal deposits: are” “likely to
result ina front-end load. -
Other‘ financial institutions con-
tinue’ to tempt people to open’an
account or. take out a loan by of-
“fering . radios, . blankets,’ cuddly

bears,” cash bonuses or a'chance to .
VCR or’

win a car,
dream vacation.

microwave,

new customers. But’

‘raise that revenue elsewhere’’

whatever hap-

pened. to good ‘service?’ I haven't ”
‘ ‘do. promote and offer special ser-
“vice sto their’ special . customers,
. These individuals are the big savers
- and “investors, » possibly.” the: big
a spenders and so big borrowers... .

We would eather reward the ser- .

vice. provided inthe restaurant

.with an appropriate tip.

Shouldn't we take a similar ap-
proach ‘to financial . institutions?

We can reward special service’ by *’
doing ; more © business. with
. company and telling others. |
“Tf Ottawa has its way, “many :
‘service: charges: will be reduced. or —
_¢liminated.. ff the financial institu-

that

tions: complain’- ‘‘We must now
- let
them reduce spending instead.’
“Cut back on some of those
promotions. | Shift the emphasis to
upgrading .. service... When’ banks

BusINEss|

4

overall has improved, At least in
the 30 years'I have been dealing»
with the various banks, trust com- :
panies, credit unions.and other fi-:

and the rest do advertise, they ":.,

. Should stress the personal care and
. attention they provide - and really

mean it.’

Service’ does sell. Many places

* They rate special service because

’ their business brings in big bucks. :.

together, also™ represent big bucks.
to the banks ‘and other Don’ we

1 _ Altractive because we think we are
. getting a'special deal. as

But in the: business world, “peo-.
ple i

nancial. place
trend toward’ friendlier;:
- competent service. * ‘

f calculating interest and’servic
; differ from one institution to ‘anothe

I also don’ t get as many ‘letters

about. banking. problems, as. used -
to, although these problems ‘are,
nowhere near extinct, 2

The level:.of service depends

both on head office policy and the °
branch manager.. in-my 30 years >

experience, several managers stand
out for both the: examples they set
personally and the standards ‘they

“set for their staff.

it's time the financial: institu-

tions’ shifted more time, . energy “

and resources to improving service.
Then, perhaps, they could. justify
some of those service charges m more
easily.” . \

* J e

No-fee. financial’ ‘products sound

rf

“and take more risk by ‘tnaking’ such. *

omers deserve service

‘there are NO costs involved when;

you put money into a term deposit. ,
But while the financial institu-
tion .is “payirig you nine or.10 per
cent interest, it. has taken “your
money and -is lending it out at il
or-{2 per cent,
Instead of choosing a ‘term 1 de-

posit land “earning nine per cent,

you could bypass the. financial i in-
stitution and“ lend. your money ’
directly to a borrower’ who needed
a’ mortgage,’
could then carn IIpescent.. 0 os.
But you would both\work ! harder. .:

a direct Joan: Only yoil can decide’
whether this is worth the ¢ extra two

_ per cent interest. .

Do you have a | financial or con
sumer. question ‘Tor. Mik 2: Oi :

said in a recent column: business is -

business and there's nothing wrong: :

“with that.

Still, ‘you should find out how. a E
a... financial institution: and individual

do carn their.living. Only. then can *
you decide if you are getting good.

*. value for your money.

‘ For’ example “you ‘might think 7

© of your, letters as Yan
‘The, North Shore News. °

to contact. yo ut

full-before. intorca | is charged. a
how the interes! charges a are calculated

‘or example. : ‘You. .