Last week burglars broke into an apartment in the ground floor of the building where I live in Tel Aviv. The apartment has bars on the windows; nonetheless, the burglars were able to remove the bars and enter via the window. In addition to a laptop computer, a significant sum of cash was also taken. I've lived in the same building since 2007, and this is the third time the same apartment has been broken into! Amazing...
Why am I mentioning this? Well, it is simply a good reminder of why we have banks. People should never keep significant sums of cash in their homes -- whether stuffed in a mattress or under the floor tiles. And this is not only because of the fear of theft. There is also the threat of fire or some other calamity (earthquake?).
Another reason is that of inflation. Significant sums of cash saved in the home lose value over time simply due to inflation. In 2009 inflation in Israel was 3.9%. Now you may claim that is no big deal. But if that same rate continues for a second year the cumulative loss in value to your cash hoarding will amount to 7.97%. After a third year your loss in value is 12.2%. Basically, it is a loss that really isn't justified.
I mention the items above just because sometimes I really have a hard time understanding why I put up with the crap that the banks dish out to us. And there is no shortage of stories of the crap they dish out. Just in the last month I have two stories from two different banks that really highlight the lack of customer service on the part of the banks.
The first story relates to Bank Hapoalim. I currently am NOT a customer of Bank Hapoalim but I thought I would consider opening an account there. But first I want to know what their commissions are and how they compare to my existing bank. The obvious place to get this information is from the bank's website.
There are good websites in the world, and there are bad websites in the world. Well, the Bank Hapoalim website is off the scale when it comes to clarity and ease of use. To put it plainly, it sucks. To be fair, all the banks in Israel have the same problem, they overload their homepages with ads trying to convince us to open an account with them or to take a mortgage. Useful information is buried and you really have to hunt for it.
Fine, after perusing the Bank Hapoalim website for several minutes I still couldn't find the link to their list of commissions. So, I clicked on the "Contact Us" tab and wrote them a note. I asked them for a list of their commissions. I noted in my message that I understand the list of commissions may be on the website, and if this is the case, then to please send me the direct link. My message to them was short and precise.
The bank's response was equally short and precise: "Kiss my ass, we do not want you as a customer." Actually, this is my interpretation from the Hebrew. A more direct translation would be, "The price list appears on the bank's website." They did NOT provide a direct link to the commissions, but they added a phone number for Internet support. The message was signed "The Center for the Treatment of Public Inquiries".
Why am I mentioning this? Well, it is simply a good reminder of why we have banks. People should never keep significant sums of cash in their homes -- whether stuffed in a mattress or under the floor tiles. And this is not only because of the fear of theft. There is also the threat of fire or some other calamity (earthquake?).
Another reason is that of inflation. Significant sums of cash saved in the home lose value over time simply due to inflation. In 2009 inflation in Israel was 3.9%. Now you may claim that is no big deal. But if that same rate continues for a second year the cumulative loss in value to your cash hoarding will amount to 7.97%. After a third year your loss in value is 12.2%. Basically, it is a loss that really isn't justified.
I mention the items above just because sometimes I really have a hard time understanding why I put up with the crap that the banks dish out to us. And there is no shortage of stories of the crap they dish out. Just in the last month I have two stories from two different banks that really highlight the lack of customer service on the part of the banks.
The first story relates to Bank Hapoalim. I currently am NOT a customer of Bank Hapoalim but I thought I would consider opening an account there. But first I want to know what their commissions are and how they compare to my existing bank. The obvious place to get this information is from the bank's website.
There are good websites in the world, and there are bad websites in the world. Well, the Bank Hapoalim website is off the scale when it comes to clarity and ease of use. To put it plainly, it sucks. To be fair, all the banks in Israel have the same problem, they overload their homepages with ads trying to convince us to open an account with them or to take a mortgage. Useful information is buried and you really have to hunt for it.
Fine, after perusing the Bank Hapoalim website for several minutes I still couldn't find the link to their list of commissions. So, I clicked on the "Contact Us" tab and wrote them a note. I asked them for a list of their commissions. I noted in my message that I understand the list of commissions may be on the website, and if this is the case, then to please send me the direct link. My message to them was short and precise.
The bank's response was equally short and precise: "Kiss my ass, we do not want you as a customer." Actually, this is my interpretation from the Hebrew. A more direct translation would be, "The price list appears on the bank's website." They did NOT provide a direct link to the commissions, but they added a phone number for Internet support. The message was signed "The Center for the Treatment of Public Inquiries".
If this is the same kind of service I should expect as a customer, then I really have no incentive to switch over to Bank Hapoalim.
My second story relates to Bank Leumi. In this case I am a customer. I happen to have a rather contentious issue with the way the branch is managing my account. It is nothing urgent but I would like an answer, and perhaps a change in policy if possible. I once raised the issue with a clerk in the bank and he said he couldn't change the situation. Understandable. Clerks are limited in their powers. I believe the bank manager has much more control. So, I would have to reach the manager.
But for a simple peon like myself, access to the branch manager is unheard of. Fine, so I wrote an actual letter, addressed to the "Branch Manager", and sent it via the Israel Post. It has been over a month and I still have NOT received a response. Well, perhaps he is busy. So, I sent a copy of the letter to the "Public Inquiries" department at Bank Leumi's headquarters in downtown Tel Aviv. I only sent this letter a few days ago, but I hope they will be able to address my concerns, or perhaps get the branch manager to respond to my original letter.
What can I tell you? It truly is a struggle to get service from our banks in Israel. And the sad part is that all the banks appear to have the same disregard for their clients. We just gotta put up with it.
In a future post, I will tell you why I have TWO bank accounts...
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