Choice is always good. But, what happens when our choices define our class? If there was only one type of checking account, and one type of banking account then we would all be equal. The elimination of different monthly bank account packages would eliminate the banking classes. It is bad enough that the amount of money we have determines the level of service we receive, but our monthly bank account package can also determine our banking class. If you don’t have enough money, you will be caste out of the bank world.
Just like most things in life, with banking, you get what you pay for. If you want a superior service then you must have a superior (more expensive) monthly banking package. This week I was standing behind the tellers to provide overrides for their clients. I was shocked to realize that tellers offer different levels of service to different clients.
The biggest client (most profitable) in my branch can walk in at any time on any day and he will bypass any line up in my branch. Everyone seems to stop what they are doing and take the time to say hello to him. He is very demanding, and at times he can be a very difficult client. He does hassle our tellers regarding his fees, and they quickly process a refund without hesitation. I found this weird because banks make money on charging our clients monthly fees, yet we waive fees for him no problem. This client is a millionaire many times over, and therefore he can afford to pay the fees. Should his amount of money give him the right to be demanding?
Clients with large amounts of money are generally professionals and therefore treat our bank employees with respect. However, if there is a problem with their account, clients do not hesitate to mention the amount of money in their accounts. “I have over a million dollars in this bank.” is a phrase often heard in my branch. I work in a residential area where there are a lot of homeowners, small independent businesses, as well as clients who own multi unit rental properties.
Is the Modern Day Banking System just another way for our society to separate into different classes? People with lower amounts of money are considered to be worth less as clients. Therefore, they are caste out onto an island where excellent customer service does not exist. A client who is cashing a cheque is considered to be less valuable than a client who is depositing money.
Why is our banking system so divided by classes?
(Photo By Francesco)
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
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