Thursday, August 1, 2013

More Financial Mis-Advice

I had the displeasure of speaking with another "financial adviser" today.

This one called with "our mutual customer" on the line, to discuss a balance transfer promotion "they" had been offered earlier. There was a lot of "us" and "we" used during the conversation. It seemed a bit too personal to be professional, in my opinion. It also bothered me that the "adviser" monopolized the conversation. I don't think she understood that while she had my customer's permission to remain on the line during this exchange, she is not authorized on this account...therefore I will need verbal confirmation and permission from my customer.

In any case, I was able to offer the same promotion which "they" had rejected earlier today. Given that her "financial adviser" was making such a show of working to reduce "her client's" debt; the customer currently revolves a balance higher than $40,000 with my bank; and the customer's profile showed external revolving balance in excess of $10,000...I thought surely we would be using the remainder of her rather large credit line to pay off this external balance at a lower rate.

The balance to be paid was a little over $1200.  

I asked whether this amount was the statement balance or a payoff amount. First, the "financial adviser" told me it was the amount on the bill. When I informed her that it might be wise to account for any additional interest which has accumulated since that billing cycle closed out, she was thoroughly confused. 

When I asked her what date the billing cycle closed, she said, "Well, this bill was due July X, so that would be the same day."  More confusion as I tried to explain thatno, that is not correct.

Next she changed her story and claimed that this amount was a payoff. I asked her how long that payoff estimate was good for, and she flat out said, "I don't know what you're talking about." Cue additional confusion as I attempted to educate this "financial adviser" that a payoff estimate is not extended permanently...there must be a date after which additional interest will be charged if payment is not received.

She had no idea what I meant and made a poor attempt to mask her ignorance in condescension and disdain. Lovely. 

I just really want to know where these people get their "qualifications" can you give someone advice on credit cards if you don't know how interest is calculated and charged? The worst part is that we devote half a page on every billing statement to the explanation of these charges!

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