I dropped over to money.com to see that they had finally written an article that most of you reading this blog already know: Online banks pay much higher interest rates.
I began reading the article and through the first 3/4 of it there was nothing exciting or new, but when I reached the last section, I found a little gem: ING fires their high maintenance customers. from the article:
And if you’re looking to have your hand held, online accounts are not for you. ING Direct, for instance, closes an average of 3 percent to 4 percent of accounts a month, when customers require too much personal service.
“We fire our customers is a colorful way of putting it,” said ING Direct’s Kuhlmann. “While the banking business says the customer is always right, we’re online guys and you can only do business with us in a certain way.”
He added that it just isn’t cost effective to maintain high maintenance customers that need more personalized attention.
Considering that one of the reasons many people stick with ING even with their lower rates is because of the ease of using their site compared to other online banks, this caught me a bit by surprise (and also made me laugh – not sure if that is a good statement to be making from a public relations standpoint even if it is true).
I guess overall it does make sense, but it’s not often that you hear about a bank turning away money and customers.