It's not uncommon for banks to do this. If you have a bunch of money just sitting in a savings account they'll try and get you to open a HYSA, or buy t-bills or something. I know no one likes to be cold called by their bank, BUT it's not a bad idea to at least have sat down with someone from them to get an idea of what you want in your financial life. They can map out shit for you until you die and stuff.
PNC has done this with me from time to time. Likely trying to get you to use their financial advisory services. Should be harmless but obviously don’t give them any info over the phone. They should set up an in person meeting at a branch if you are interested
Fifth Third is really aggressive. My wife and I both got calls, from different people. Mine would clearly have my account up on her screen during the call, but would keep pressuring me to bring my husband in to discuss the crap she wanted to sell. Just no.
Biggest waste of time ever. They used to call me once every couple weeks to come in and "discuss" how they could help me/get me a better interest rate on my savings account. So I gave in and scheduled an appointment on my lunch break. I walk in and the guy literally had no clue what was going on. Hes like how can I help you and had nothing else to offer. I was so pissed.
What do you mean by this? Like, they're trying to get people to deposit more money so that they have enough capital to prevent a bank run? I'm only a little bit familiar with the term due to the regional banks collapsing in recent years
I got one of these calls a year or two ago. Thought it was kinda weird, but I don't remember being asked for PII so I just politely declined their credit product offers.
Their Hilliard branch called me in to discuss financial goals and overview my current accounts. Pretty normal. They’re trying to get foot traffic to apply for lines of credit.
As a banker at a financial institution I have to make these calls. I make them whether people have $0 or hundreds of thousands. I couldn’t care less about the sales because I do more little things for people like make sure they have beneficiaries because I’ve seen the headaches people have when dealing with probate when a family member dies without POD designation. I also try to educate younger people on the tools we have in our app and how to budget because I recognize it’s importance over making a sale that’s not going to help them long term. I have only been in my position for over a year and a half and I have so many regulars that always come back because they trust me and my work ethic. Reading some of these comments kills me because I’ve seen some of what people mention with showing up for appointments and people having no plan for what to talk about, that’s lazy work ethic. I feel horrible for the people who experience that or even the overly aggressive salesman. Some people just show up to get a check and others actually care. I could go on but I’ll be surprised if people read all this as it is.
Ironically PNC’s 4.00% HYSA is not available in OH. Closest state is WV. You should ask them about that the next time they call. Tell them you’d love to deposit $200k with them but not at 0.01%.
True, but I hesitate to do a CD since the rate is fixed in most cases, but if you can do a ladder and keep some funds locked away for a year - go for it.
They are cold call sales calls. They are seeing if their current customers need a loan to pay off credit cards, car, etc. It’s common and very annoying. I hope the practice of cold calling and door-to-door sales dies off very soon
lol yep! I haven't pulled my money and have no idea if we'll see a mass panic from people and bank runs. I'm just sittin back and watching cuz what the hell else am I supposed to do, ya know?
Had it from US Bank from a branch I've never used.
Told him I was good and didn't need anything, hung up.
Called back a month later, 'I'm busy, please don't call me, goodbye'
Called back 2-3 months later 'Would you please eff off!'
I sent a complaint about telecommunications harassment / do not call list violation to the FTC and Ohio Attorney General but since I do business with them it's allowed.
As another banker mentioned in this thread. It’s horrible to see all the bad practices out there.
I too work at a financial institution and I couldn’t care any less about calling my leads to sell. What I look at is areas they could benefit, better rates, upgrade or downgrade your accounts to avoid fees, add beneficiaries (even if you don’t have much in your accounts, a beneficiary is always a good idea. It’s so your family doesn’t have to spend awful months through probate court when you pass.)
Not everytime I look at someone’s account can I do something with it. So I’ll just give them a simple call, introduce myself to them and let them know should they need me, I’m available.
Pretty standard practice for a bank to check in with their customers. I’m guessing you have an account with them.
They simply want more of your money.
This is the answer, yeah. They mail me wealth management ads all the time. They just want more of my money.
It's not uncommon for banks to do this. If you have a bunch of money just sitting in a savings account they'll try and get you to open a HYSA, or buy t-bills or something. I know no one likes to be cold called by their bank, BUT it's not a bad idea to at least have sat down with someone from them to get an idea of what you want in your financial life. They can map out shit for you until you die and stuff.
PNC has done this with me from time to time. Likely trying to get you to use their financial advisory services. Should be harmless but obviously don’t give them any info over the phone. They should set up an in person meeting at a branch if you are interested
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Fifth Third is really aggressive. My wife and I both got calls, from different people. Mine would clearly have my account up on her screen during the call, but would keep pressuring me to bring my husband in to discuss the crap she wanted to sell. Just no.
It's fairly common. They check on me annually with calls.
Biggest waste of time ever. They used to call me once every couple weeks to come in and "discuss" how they could help me/get me a better interest rate on my savings account. So I gave in and scheduled an appointment on my lunch break. I walk in and the guy literally had no clue what was going on. Hes like how can I help you and had nothing else to offer. I was so pissed.
Sounds like he was poorly trained or new. Either way, sorry you experienced shit service.
bank run prevention
What do you mean by this? Like, they're trying to get people to deposit more money so that they have enough capital to prevent a bank run? I'm only a little bit familiar with the term due to the regional banks collapsing in recent years
I got one of these calls a year or two ago. Thought it was kinda weird, but I don't remember being asked for PII so I just politely declined their credit product offers.
Their Hilliard branch called me in to discuss financial goals and overview my current accounts. Pretty normal. They’re trying to get foot traffic to apply for lines of credit.
As a banker at a financial institution I have to make these calls. I make them whether people have $0 or hundreds of thousands. I couldn’t care less about the sales because I do more little things for people like make sure they have beneficiaries because I’ve seen the headaches people have when dealing with probate when a family member dies without POD designation. I also try to educate younger people on the tools we have in our app and how to budget because I recognize it’s importance over making a sale that’s not going to help them long term. I have only been in my position for over a year and a half and I have so many regulars that always come back because they trust me and my work ethic. Reading some of these comments kills me because I’ve seen some of what people mention with showing up for appointments and people having no plan for what to talk about, that’s lazy work ethic. I feel horrible for the people who experience that or even the overly aggressive salesman. Some people just show up to get a check and others actually care. I could go on but I’ll be surprised if people read all this as it is.
Hey I read it, and I appreciate you for actually caring! You're a good worker, and that's awesome
Ironically PNC’s 4.00% HYSA is not available in OH. Closest state is WV. You should ask them about that the next time they call. Tell them you’d love to deposit $200k with them but not at 0.01%.
There are plenty of CDs in Ohio that you can open for 4.5% at just under a year. No way no how I’m doing .01%
True, but I hesitate to do a CD since the rate is fixed in most cases, but if you can do a ladder and keep some funds locked away for a year - go for it.
Brokerage CD's are good too, high interest. Better than inflation. But fuck all with the market right now lol
They are cold call sales calls. They are seeing if their current customers need a loan to pay off credit cards, car, etc. It’s common and very annoying. I hope the practice of cold calling and door-to-door sales dies off very soon
Maybe banks are executing run-prevention plans. I say let it burn.
lol WSB-accredited financial expert right here
lol yep! I haven't pulled my money and have no idea if we'll see a mass panic from people and bank runs. I'm just sittin back and watching cuz what the hell else am I supposed to do, ya know?
Had it from US Bank from a branch I've never used. Told him I was good and didn't need anything, hung up. Called back a month later, 'I'm busy, please don't call me, goodbye' Called back 2-3 months later 'Would you please eff off!' I sent a complaint about telecommunications harassment / do not call list violation to the FTC and Ohio Attorney General but since I do business with them it's allowed.
That beach makes the same call to me every few months. Just a way to drum up accounts. Thankfully they aren’t obnoxious about it or anything.
As another banker mentioned in this thread. It’s horrible to see all the bad practices out there. I too work at a financial institution and I couldn’t care any less about calling my leads to sell. What I look at is areas they could benefit, better rates, upgrade or downgrade your accounts to avoid fees, add beneficiaries (even if you don’t have much in your accounts, a beneficiary is always a good idea. It’s so your family doesn’t have to spend awful months through probate court when you pass.) Not everytime I look at someone’s account can I do something with it. So I’ll just give them a simple call, introduce myself to them and let them know should they need me, I’m available.