Losing Customers Over Poor Service? Lessons From TD Bank & Big Ass Fans On Overcoming Indifference (2024)

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Losing Customers Over Poor Service? Lessons From TD Bank & Big Ass Fans On Overcoming Indifference (2024)

FAQs

Why do banks lose customers? ›

The trend: As big banks deploy aggressive growth strategies, customers are seeking the personalized service they feel smaller local banks have to offer, per the Wall Street Journal.

What do customers feel about indifferent and careless employees? ›

Research shows that 68% of consumers stop buying from a company because of perceived indifference – a lack of caring expressed by a company through their representatives and employees.

Why are banks closing customer accounts? ›

They close down checking and credit-card accounts in part to keep regulators, who are worried about money laundering and other criminal activity, out of their hair. The closures often happen without warning, and chaos ensues when people lose access to their money for weeks and can't pay their bills.

Why do banks exit customers? ›

A bank may decide to close a customer's account because of how that person has been operating it, or because of regulatory requirements, or because the bank also feels the relationship has broken down.

What are the 7 qualities of bad customer service? ›

8 Poor Customer Service Examples
  • Lack of empathy. ...
  • Rude customer service. ...
  • Difficult to reach. ...
  • Keeping the customer waiting. ...
  • Not using the right channels. ...
  • Poorly trained or uninformed representatives. ...
  • Lack of resolution. ...
  • Lack of human contact.
Feb 6, 2023

What is bad customer service behavior? ›

A simple definition is behaviors that fail to meet your customer's needs and expectations or further exacerbate their problems. Bad customer service can manifest itself as rude behavior, unwarranted delays, and poor communication, to mention a few examples.

What makes an unhappy customer? ›

Customer dissatisfaction is when a consumer is displeased with a company they've interacted with. This sentiment can arise from unmet expectations, poor product quality, unsatisfactory customer service, and several other factors.

Why would a bank drop you as a customer? ›

There are many reasons banks can close your account without notice. The most common reasons include suspicious account activity, too many overdraft fees and account policy violations.

Why do bank customers leave? ›

Consumers are increasingly exposed to fraudulent activity, and identity theft is a real threat. Poor handling of any fraud incidents that arise ranks very high as a reason consumers would leave their bank.

What is the most common cause of a bank failure? ›

The most common cause of bank failure is when the value of the bank's assets falls below the market value of the bank's liabilities, which are the bank's obligations to creditors and depositors. This might happen because the bank loses too much on its investments.

Why do banks decline accounts? ›

Know your banking history

There are a few reasons your bank account may be closed for cause: You failed to pay insufficient funds fees after overdrawing your account. You have a history of writing bad checks to merchants. You've committed fraud.

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