My Bank Doesn’t Get It?<< Contact-less Cards and No Signature Payments | Main | Web-to-Bank >> Asaf Buchner | May 31, 2006, 12:46 PM American Banker [subscription] covers an interesting initiative by HomeStreet Bank. The Seattle thrift created a new website, where horror banking stories can be shared. HomeStreet advertised the site offline, but only exposed its affiliation to the initiative 2 weeks into the campaign. It’s not clear yet if the campaign is successful (the site got 7,000 hits so far) but it’s quite telling to read the stories, assuming that they are genuine. I went over 20 of the 72 stories currently posted on the site. It is not a surprise that half of the complaints are around fees. While everybody hates paying fee, I believe that creating a clear and easy-to-understand fee structure can address some of the consumer resentment. Other complaints revolve around the quality of service or lack of flexibility. |
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