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Comments: (2)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 18 August, 2011, 19:43Be the first to give this comment the thumbs up 0 likes

As many - presumably GenXers and BabyBoomers - have realized, switching banks is more painful than undergoing a root canal. Willingness apart, wonder how many of the surveyed GenYers have experienced either of these pains! And it's not as though the next bank is guaranteed to provide any better customer service than the last one.

Hopefully, regulators have enough teeth while trying to get banks to comply with account number portability regulations.

Mobile RDC is a great example but isn't that a product? If my check doesn't get credited and I'm forced to avail myself of banks' customer service, I think I'd be on hold for 297 minutes with most of them!

I'd anyday prefer a bank that does things right first time so that I don't have to use their customer service.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 19 August, 2011, 11:12Be the first to give this comment the thumbs up 0 likes

Just came across this article about Wells Fargo's move to charge fees for using debit cards:

http://www.mybanktracker.com/bank-news/2011/08/16/wells-fargo-charging-debit-card-fees/

A few things are clear from the article and the accompanying comments:

  1. Fees, and not customer service, is topmost in the mind of Wells Fargo and maybe other banks hit with recent regulations around debit interchange.
  2. Many customers are upset about these fees and have already closed their WF accounts.  
  3. Are they switching to other big banks? Unlikely, since most of them have tarred all big banks with the same brushstroke and signaled their intent to switch to credit unions and community banks. 

It will be interesting to watch whether other big banks follow WF's lead with such fees.