Bank Of America announces being nice better than being mean.
October 19, 2010
(ChattahBox Op/Ed News) – If someone were to offer you a choice between an ice cream cone (Ben and Jerry’s Cherry Garcia of course) or a whack with a stick, which would you choose? It’s easy right? Most of us would choose the ice cream. For those who chose the stick there’s always therapy or a dominatrix. It seems we’re not the only one’s who have come to the conclusion that people prefer something pleasant over something hurtful. Bank of America announced today in an AP report, published in the Washington Post “a change in its consumer banking strategy to focus on providing customers with incentives to do more business with the bank instead of generating revenue through penalty fees such as overdraft charges. The bank is already starting to implement some changes, and has cut overdraft fees on small amounts that customers charge to their debit cards.”Imagine that! The genius’ at BOA have changed their “banking strategy” to increase revenue from one which penalized customers to one which offers incentives to customers to do more business with the bank. Now, I don’t know what kind of customer relations/banking wizard, MBA from Harvard these guys just hired but they better do all they can to keep him. Think about it. This strategy is revolutionary. Treat customers well, give them incentives to do more business with you and you’ll make more money. The very thought of if boggles the Wall St. mind.
Actually, I did some research on this and discovered that it’s not so revolutionary of an idea after all. As it turns out every Mom and Pop store, every car company, ever restaurant and virtually every other business on this planet has figured out this one simple concept, except the banks and financial industry on Wall St.
The men and women who run the banks and trading centers on Wall St are so completely out of touch with reality they actually have to announce a change in strategy when they decide that penalizing people is bad for business. These are the same people who knowingly sold garbage to each other and then bet against it being garbage. Then once it was known to the public to be garbage went to Washington for hundreds of billions of dollars in bailout money. Then the survivors bought out the weak and to celebrate they’re giving themselves huge bonuses!
These people truly live in a different world than the rest of us. Their greed so intense, so all consuming I don’t believe we have a word which can accurately describe it. But at least for now BOA isn’t hitting us repeatedly with the stick for a two dollar overdraft on our debit card. I know I should’ve brought cash with me, but I really wanted that pint of Cherry Garcia.
Photo: WikiMedia “D Sharon Pruitt” credit: original owner of the photo