Don't Mess with Your Customers' Money!

Posted Wednesday, April 3, 2013 in Customer Experience by Patricia Seybold

Talk about customer unfriendly moves! The recent threat by Cyprus to tax savings' depositors on their savings—essentially removing money from their savings accounts—in order to bail out troubled banks is a TERRIBLE idea.

Even worse is the contagion this idea has triggered around the world.

Similar bills are being considered in New Zealand, Italy, Greece, Spain, Portugal, and France. If you want to see a REAL customer revolution, try taking peoples' money out of their bank accounts. If the banks are insolvent, they should fail, and their shareholders and bondholders should suffer the consequences, not the customers.

Expect a stampede to "save havens" for consumer deposits—like grocery store interest-bearing accounts, like Tesco, Wal-Mart, etc., and other services like Klarno that provide payment services for customers and let them earn interest on their deposits. So long, banks!


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