How Bank of America Lost My Business

While researching an article for my ezine recently, I stumbled onto Clark Howard‘s crusade against Bank of America.  Since it’s my bank, I spent some time reading the background about a guy who fell for an Internet scam and got mistreated by BofA in the process. 

I’m a big believer in "two sides to every story," but it does look like the bank acted more like a machine than a company of people.  And it certainly didn’t embody its tag line of  Higher Standards, unless it was  using them against the poor guy.  Seems like this may have cost them $50 million in deposits, according to Clark.

If, as Michael Eisner has said, “a brand is … the product of a thousand small gestures,” then this  was the last one for me.  I’ve loved many things about my BofA banking experience – nice people, amazing in-bank service (I never even get to stand in line, they are so quick to help me), convenient online services – but small things have annoyed me.  Mysterious charges, no local phone number, a customer service phone tree that makes me want to scream, high fees for wire transfers and such. 

Just as you can build a brand with a thousand small gestures, you can destroy one with a thousand little paper cuts.  It wasn’t the scam victim BofA had arrested that lost them my business or the 0.04 cent charges for who-knows-what.  It was the cumulative result of so many little things that made me finally say, "I need a bank I can believe in." 

What could they have done to make things better?  (And what can any of us do to retain customers?)  I would like a small biz representative to call me occasionally, like my FedEx gal does.  Even though I am an incalculably small part of the FedEx behemoth’s business, I don’t feel like it when she calls and asks how they’re doing, and how they can be better at it. 

The best part for them is:  I will tell her how, and she can address my concerns, and it will be hard for any other provider (though many have tried) to poach me away from them. 

Oh well.  I’m in the market for a new bank now.  Any suggestions?

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