Big Banks Swallow Little Banks
September 29th, 2008 | | Home, Politics |
The two “regional” banks that I do business with are disappearing. WaMu, which holds my mortgage, is disappearing into J.P. Morgan. Wachovia, where I do my regular banking, is being forced into CitiGroup’s chilly embrace.
It’s a disappointing trend; WaMu and Wachovia always offered great customer service. I’d had to do some managing of my mortgage the last few weeks, and WaMu reps picked up the phone as fast as my mother. They were ultra-helpful.
Wachovia has offered friendly service like I’d never dreamed of from a bank. For one, they always have a dedicated and empowered representative in the lobby to help with stray requests. I dropped in at one near the office when I worked at 45th and Madison, and the guy helped me out for twenty minutes or so. The next week I’m walking by on the sidewalk and the guy waves at me through the window. This is at a bank in midtown Manhattan.
Regional banks were making big gains with consumers because of the contrast they offered to the impersonal we’re-just-not-that-into-you service that bigger banks like, say, J.P. Morgan or CitiBank gave them. I understand why the FDIC needed to step in, but it’s a shame they had to screw it up by flirting with toxic securities, and I’m going to miss them.
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