Monday, February 03, 2020

Banks have gotten bigger but stupider

I've written about JPMorgan and some of the stupid things I have experienced with them. U.S. Bank, which claims to be the fifth largest bank in the country, has now made the news by firing two employees who tried to do a good deed.

A customer got a new job and deposited his first pay check of $1,080 into his account at U.S. Bank. For some reason, the bank put a hold on it. Over two days,the customer tried to get access to the money so he could buy presents for his kids. But he was unsuccessful.

So, on Christmas Eve, he finds that he has run out of gas for his car. He calls U.S. Bank and speaks to a senior officer at a call center. She tries to get some money released so he could at least get home. She can't do so. It's Christmas Eve, the guy seems nice, she thinks the bank has screwed up. So, she gets her boss' permission to take a break, leaves work, meets the customer and gives him $20 that her boss had given her.

When she comes to work in the New Year, she gets fired because “She broke the rules, putting herself and the bank at unnecessary risk,” U.S. Bank said in a statement. The bank also fires her manager for approving her trip.

The news got to Nicholas Kristof of the NY Times. He calls the president of U.S. Bank to find out why the bank fired an employee who, with permission, rescued a frustrated customer on Christmas Eve. The bank ignores his call. So, he wrote this column in Sunday's Times. This caused the president to finally call him as the news is sweeping the web.

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