Jeff Kagan writes an opinion piece on how several companies breach trust with their customers. Many banks engage in various practices designed to take money from the customer. Some of these practices are illegal. Online stores charge restocking fees, or fail to provide effective customer support. LA Fitness failed to inform him that his account was still open, after his son asked to cancel it. He was charged for years of membership he did not use. He knows he should have kept on top of it, but the company obviously was not trying to be helpful.
- When customers who don’t have a lot of money in all their accounts write a check, they sometimes cross the line and experience a service charge.
- To make matters even worse, those costs typically were incurred by customers who already were financially strapped.
- The Consumer Finance Protection Bureau just slapped the bank with the largest fine in the bureau’s history for those tactics — US$100 million.
“Bank after bank keeps screwing its customers — but it’s not just banks that are breaching customer trust. Every industry is full of players trying to separate us from our money.”