And You’re Surprised? Why?

The recent announcements by many of the large National Banks to increase fees seem to come as a surprise to many, and there is a sense of outrage from the customer base.

While these actions are outrageous and ill-timed with consumers struggling like never before, they may actually be beneficial business decisions for those banks.

Let’s face it; the largest banks have never had you, the customer’s best interest at the heart of their business plans. It was always about size and scale and algorithms… The phrase “you’re only a number” didn’t start yesterday, but long ago when banks starting crossing markets and serving customers who they did not know or share a connection with. When you could no longer enter a branch and have someone answer any of your questions, and instead were given an 800 number to answer even the most basic question, you had to know the relationship part of the business was gone…

So, why the outrage today? These banks have accumulated a lion’s share of the market of depositors and now use spreadsheets, algorithms and analysis to decide how to suck every last penny out of each transaction without regard for any individual. It’s all based on math, retention rates, decay rates and profits. But their marketing certainly won’t tell you that…

By continuing to do business with these banks, you are succumbing to the passive inertia that they are counting on as they continue to allow machines to make decisions about people.  

But here is the good news… You have a choice. There are more than 7,000 Community Banks in just about every city, town, and hamlet across America…

They understand relationships, and treat each customer as an individual.

At our own bank, NJCB, we have never charged the types of fees that everyone is outraged about, have always dealt with our customers on a one-on-one, face–to- face manner (in fact, we know our customers by name…) and have never made decisions about our clients using a spreadsheet or computer program.


So, don’t perpetuate this cycle of abusive behavior with the big banks.

The choice is always yours… do you want to have a productive relationship with your bank?


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