Tuesday, July 22, 2008

Bank "upgrades" Fees

I really dislike marketers sometimes.

I understand they want to make their product sound appealing, but I'm so sick of seeing announcements that say things like new fees are being introduced to "serve you better", or features are being removed from a service to "address customer needs". Just call a spade a spade: features are removed, prices are raise, to make more money. The changes probably still wouldn't make me happy, but at least I could respect the company for respecting me.

The latest example of this comes from President's Choice Financial, Canada's big "no fees" bank. PCF services have been gradually reduced since it's inception -- I used to get free cookies and "P.C. Points" for my transactions. Now, I get ever increasing fees for "special services". The newest special service will be depositing cheques drawn on US banks (which I do often, given that I work in the US part of the year). What really gets me though is this sentence from their notice: "Please select the “view fee changes” button below for the upgraded costs." They need a dictionary: upgrade = to improve what was old or outdated (WordNet). I guess these fees are "upgrades" from their point of view, but certainly not the customers'.

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