In this era of sustained fall-out from the Wells Fargo fake accounts and downsizing of retail banking, financial institutions might re-think customer service. Here is the PWC research on that.
My recent trauma with PNC indicates, at least to me, that isn't happening. And probably won't happen.
The players, both in front-line investment guidance and in compliance, don't seem to mirror the ethos of George Bailey in "It's a Wonderful Life." Hey, does anyone in retail banking care out there?
It's now obvious to me why the global trust level, as documents the 2017 Edelman Trust Barometer, is so low.
Austintown, Ohio, where I went to PNC's financial specialist, Joel D. McBurney, is a lot like Bailey's Bedford Falls. Yes, small-town Americana.
I wonder: Was an underlying problem that I am a female who is 71 years of age? Was I profiled as, well, a fool when it comes to financial transactions? And/or was I being penalized because the funds I wanted to invest were only five figures? Peanuts?
Let's cut to the chase. It turned out the investment I assumed I had made didn't exist. The five figures I had transferred from my checking account into some PNC account was just sitting there. So, for 41 days the money which could have been making money for me wasn't.
Fortunately, I got my money back.
The facts, which may or may not have been on a recorded line: Last week, McBurney called. He informed me that there had been a problem with the paper work. Therefore, there had been no financial transaction.
The problem, though, was that what I assumed, perhaps wrongly (this is a he said/I said), is this: The investment was a done deal. I recalled the interest rate being quoted to me as what was locked in at the time. Not as a proposal to be presented to AIG for an annuity. (This did not take place on a recorded line so there is no evidence.)
What actually transpired was that twice McBurney proposed a rate and twice AIG rejected that. When he contacted me last week, he stated that he now had a better deal for me. The new proposal, though,was for an interest rate even lower than the first one.
The situation wound up in the office of Peter Brown, a PNC compliance officer in Charlotte, North Carolina. Long story short, he offered me $100 for the lost interest during those 41 days and my "inconvenience." I experienced that an insult and turned it down.
Of course, I will be communicating my concerns about a lot of things at PNC to the appropriate regulatory agencies. Right now, I am still reeling in shock. Trust has been so broken.
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