HEY BIG BANK-REMEMBER WHO YOUR CUSTOMERS ARE!

How many times has this happened?

Ring ring
Ring ring
Ring ring

“Thank you for calling Big Bank, Inc. Your business is important to us! Press 1 for…”

For the third time.

OHHHHHH that ticks me off. Not that people or companies use voicemail-that’s just part of the modern world-what ticks me off is the banks and mortgage companies who have nothing BUT voicemail on the other end of the phone whenever you call. And who don’t call you back after you leave a message for the third time…or the fifth.

If you’re a customer trying to get your loan reworked or trying to do something to forestall foreclosure, working with the banks today is an absolute nightmare!

I’ve been lucky, being on the investor side of the short-sale and foreclosure transactions that I take part in, banks tend to return my calls. But many of my friends and colleagues here in the Bay Area have been sharing horror stories with me about their experiences with trying to reach their banks or mortgage companies to work on modifying their loans or trying to get something worked out BEFORE they go into foreclosure. And these banks have GOTTEN MONEY from all of us, in the form of government bailouts, to do exactly what they are avoiding doing by sending these callers into voicemail hell, and by not following up and returning calls.

What makes me mad is the total lack of respect this shows that many banks and mortgage companies have when it comes to their customer. I think it’s ridiculous that YOU, the person who bought their product (a mortgage, a line of credit, whatever), doesn’t even rate a return call when you are reaching out to them. Have they forgotten that you are a buyer who may be in difficulty today but down the line will have return business? It’s not like you don’t have a whole lifetime of profitable banking relationships to be had!

Even if your home goes into foreclosure, eventually you’ll rebuild your credit, buy another house or take out a student loan or open more credit card accounts-all business that Big Bank will spend billions in advertising to try to get from you. But they won’t return a phone call…or five phone calls…when you need some help today…and that could ensure your loyalty tomorrow.

THAT IS JUST RIDICULOUS!

I’ve even been hearing stories from the national stage about this, which means it’s not an isolated thing for a few people. I can’t even TURN ON THE RADIO with hearing an NPR story about people who have been trying for months to get their bank to work with them BEFORE they go into foreclosure but they just get voicemail and customer service “hold” muzak again and again. Even the Federal Government has noticed-a few days back Treasury Secretary Geithner sent a letter to batch of mortgage companies insisting that they step up their programs for re-working troubled loans.

I’ve been a businessman for more years than I care to share, and I’ve had to make tough decisions and handle all kinds of financial issues. I’ve had to cut off lines of credit and send customers into collection. But I can’t imagine running a business where one of my customers, even one who owed me a lot of money, wouldn’t get a return call to work out their account issues, ESPECIALLY when that customer was calling me to get ahead of any problems they saw on the horizon. And no matter what, my customers have always gotten the respect and consideration from me that any human being deserves.

Come on Big Bank! Remember who put all those profits into your pockets in the good times (heck, just remember who’s paying for your bailout TODAY, in the tough times) and step up to provide the customer service you always promised.

Sheesh.

To my fellow rebels-
If you’re looking at foreclosure, I’d love to hear your bank horror stories-drop me a line or post up in the comments section. Remember, even if you’re a customer of a bank looking at foreclosure, you’re STILL a customer and deserve respect and consideration.

Stay rebellious!!!

Larry