Recently we had a nice windfall. Rather than have it sent to the gentleman who handles our retirement investments, we had it deposited into our bank acct. to give us some time to decide where to allocate the money.

I called our Bank today, to ask if there was something they could do, to earn more than the anemic .5% we are earning.

Looking for something short term, the next 6-12 months while we make some decisions.

We need to have the money somewhat liquid, for a couple of events coming up in early to mid 2022.

So, I explain our situation to the guy at the bank.

His says he can offer 3, 4 and 5 year fixed income opportunities, paying 1.45, 1.9 and 2.3% respectively.

I ask if there are any other opportunities and he says, no, not if you want a guaranteed return.

I ask how the money is invested. He replies, “It is really none of your business, as it has no relevance on your return”. Then he goes on to tell me it is invested in annuities.

Ok, so maybe it is a fact that it is none of my business, if I am only seeking a guaranteed return. However, he gets an F- for his delivery.

This is a bank with a National presence.

Needless to say, I will be moving the money sooner rather than later, from this bank.

Rant off.

quote:

Originally posted by P-220:
Recently we had a nice windfall. Rather than have it sent to the gentleman who handles our retirement investments, we had it deposited into our bank acct. to give us some time to decide where to allocate the money.

I called our Bank today, to ask if there was something they could do, to earn more than the anemic .5% we are earning.

Looking for something short term, the next 6-12 months while we make some decisions.

We need to have the money somewhat liquid, for a couple of events coming up in early to mid 2022.

So, I explain our situation to the guy at the bank.

His says he can offer 3, 4 and 5 year fixed income opportunities, paying 1.45, 1.9 and 2.3% respectively.

I ask if there are any other opportunities and he says, no, not if you want a guaranteed return.

I ask how the money is invested. He replies, “It is really none of your business, as it has no relevance on your return”. Then he goes on to tell me it is invested in annuities.

Ok, so maybe it is a fact that it is none of my business, if I am only seeking a guaranteed return. However, he gets an F- for his delivery.

This is a bank with a National presence.

Needless to say, I will be moving the money sooner rather than later, from this bank.

Rant off.

I had some similar bad service from Corporate Wells Fargo,,

when I pulled funds and moved them to another bank, they did not care,

no concern, listened to my reason why and processed the transaction,


no apologies, no remorse, no concern what so ever

Too Big To Care.

quote:

It’s not what you say, it’s how you say it.

In this case, it's also, 'how hard you don't listen.'

quote:

Looking for something short term, the next 6-12 months while we make some decisions.

quote:

says he can offer 3, 4 and 5 year fixed income opportunities

The disconnect happened before the 'none of your business' blunder.

You are well shut of a bank that doesn't care about what you want, only what corporate tells them to push.

quote:

Originally posted by P-220:
I ask how the money is invested. He replies, “It is really none of your business, ...

Did he literally say "none of your business?!?!"

My response to that would have been "None of my business?!?! It's my money I'll be investing. It damn well is my business!" and that would have been the end of that conversation.

quote:

Originally posted by P-220:
This is a bank with a National presence.

I was quit of banks decades ago. I've seen nothing, from anybody, since then that has caused me to reconsider. Near as I've been able to tell they all suck--just different degrees of suck.

Btw: Any such windfall we received would go into our retirement account. They make it trivially easy to put money in and take it back out as we wish.

I have been in this situation a time or two myself.

Like many other members I found that my local bank and credit union (two separate institutions) gave me the best service.

That's a bullshit move. I'd be moving everything out of that bank, closing credit cards, and being a pain in the ass by demanding cash withdrawals for my accounts.

quote:

Originally posted by MikeGLI:

That's a bullshit move. I'd be moving everything out of that bank, closing credit cards, and being a pain in the ass by demanding cash withdrawals for my accounts.

That is exactly what I did when SunTrust aggravated me. Asked for cash. They said that it was not a good idea for me to walk out of the bank with that much cash. I told them that was none of their concern, just give me the money.

Manager wanted me to discuss it in her office; I told her that was fine, as soon as I had the cash in hand. She stomped off.

I went across the driveway, to the BB&T bank, opened accounts to replace the closed SunTrust accounts, and all was good. UNTIL, couple months later, SunTrust and BB&T merged to form Truist. Not sure how that's going to work out, might have to go a few hundred yards north to Navy Federal Credit Union.

^^^^^^^

Good luck. I had Suntrust and was starting to get more and more pissed with their service. Their merger with BB&T was the last straw as I had an account with them before and absolutely hated them.

I took my money to 5/3 and have been very happy with their services.

Something that I did like about BB&T, the "Personal Banker" who was assigned to my accounts.

She has been around the business for quite a while, knows how to get things done, and is very customer oriented.

It's more about the people you deal with, than it is about the bank.

If she is taken out of the picture when the BB&T / SunTrust merger is complete, I will probably move my money elsewhere.

Sounds like Huntington around here.

P-220...I would investigate Alliant Credit Union for your banking needs. I transferred EVERYTHING out of my Chase savings and only keep a minimal checking account with them just in case I have to visit a B&M branch. In less than 6 months, my interest earnings with Alliant surpassed the total interest I had earned with Chase over a 15+ year span.

If you don't need a physical branch building in which to do business, transfer it all. Good luck!!

In this case, it's not only how he said it, but also what he said.

quote:

He replies, “It is really none of your business,...

Wow, what an asshole.

quote:

go a few hundred yards north to Navy Federal Credit Union

^^^^ This!

My personal banker tried to talk me into investing through them and I stopped it very quickly by asking one simple question.

"Are you a millionaire?" If not, I'm not interested in your investment advice.

I was a registered broker for over 10 years (coincidentally worked mostly with annuities). What he said is not only wrong, it was probably illegal. It most certainly is your business if it’s your money.

Absolutely, your business. (by the mere definition, alone).

If the money were invested in promoting a thing you were directly opposed to supporting, for example.
Say you and your livelihood is in oil or coal production and the money were invested in eliminating oil/coil production (renewable/green energy), that would be contrary, and certainly, "your business".

Certainly, we cannot expect to be completely isolated from some "involvement" as we are in a closed system on this planet, but one has every right to be be given information that pertains to them, and walk if it is undesirable of if such information is refused.

I appreciate you sticking to your principles. It's a big deal, even from one person.

I have been floor planning cars for a small time dealer making 8%. Of course there is risk, but I cherry pick what I finance for him and I hold the titles.

Thank you all for your comments.

Yes, that is a direct quote, I still cannot believe it.

This bank has been purchased by several larger banks over the years. It was originally Provident Bank, with which we had a wonderful relationship. My first accounts with Provident Bank go back to the 80's. Provident has been sold several times.


I do plan to move much of our money to a local Credit Union.

I got a phone call a while back from a jerk that had all my personal information. Like my bank balances. I was kind of pleasant with him. But when I got off the phone, I got up from my chair and walked out the door, checkbook in hand. Went into the local branch, and began screaming. It was at the ass manager. He had no clue why I was so upset. He then explained they "retain" investment firms to "help" their customers. Probably for a nice fee, too.

But I'm a nice guy. OK, sometimes. I didn't close my accounts, but I stopped using that branch. Yes, I still hate them and that was over 20 years ago. I'm not the forgiving type. I have no interest in them stealing my meager funds.