Bank offering meeting for "Full review."

A-Trak

Just had a call from someone in the branch I bank with.
They were offering an appointment for a "Full Review" of my accounts with them?

When I asked what exactly that was and how it'd be of benefiet to me, she advised I'd be on a "Better Offer," and was suitably vague.

Anyone any ideas on what this is?

As background, I've a car loan and credit card with the bank, both up to date and no payments ever missed. Credit card has a fair lump on it at the moment though. Otherwise nothing else of note.

Cheers,

coylemj

Last time I had a 'review' with the bank they set me up with a salesman from the Life division, he wanted to sell me illness/redundancy insurance even though they knew that I worked for a multinational and didn't need that type of product.

If you have a large balance on your credit card it's highly unlikely they are going to offer you any kind of additional credit on the basis that if you can't afford to pay off the credit card debt then why would they risk giving you more money to spend?

They're definitely going to try to sell you some sh1te financial product.

martinn123

A Financial Review is a mechanism for a Financial Institution to explore areas of your personal finance where they might sell you a product.Life Insurance, Pension Plans etc.They wont sell you a loan, or better credit card, just commission based products.each branch has pre set targets to set up appointments, and then the Financial Advisor has targets to sell products.Anyone considering such a meeting should realise the Banks can only sell products from their own Assurance Co, and so will not advise you on the suitability of any products you already have, I requested a review myself with my local manager, and he spent 1/2 hour trying to sell me stuff, before I dragged him around to the reason I requested the meeting, a review of my credit facilities.

A-Trak

That sounds about right, she did mention that the apointment would be with someone else, I didn't catch his name and that it would take 45 mins. She was quite eager that I avail of it though.

I've all my health/car insurance etc either through work or other providers, so possibly trying to upsell me something I already have elsewhere or don't want at all.

Cheers lads, you've saved me 60 minutes of my time, which I will now spend on the couch instead

mikemac

When I left secondary school and started working they seem to have flagged me as they saw me lodging money and the savings going up

As said, you get called in and they try to sell products. Don't worry, you're not in trouble

Some of the products were quite good but beware an early redemption penalty. I didn't check that fully and sold my product and got charged a mad sum on it, a crazy high fee

My own fault!

coylemj

The Irish banks retail operations made money in the past by lending. Now that their cost of money has skyrocketed, they are falling back on flogging these financial 'products' which for the most part are crap and offer very little benefit to the average punter but lots of commission for the sales people and usually a little kickback (a nice lunch or a weekend away) for the branch staff who arranged the meeting.

Just look at the scandal of payment protection insurance (PPI) in the UK, the banks over there even allowed students to take out these policies, then when they went to claim the customer discovered that you needed to be in paid employment in order to make a claim so students who fell ill or were injured in accidents and tried to claim back non-refundable college fees were told to p**s off and were left with big student loans to pay back after paying for what they thought was an insurance policy to cover them.

I agree with the OP, just don't go. Not giving him any solid details and calling it a 'review' means he is being setup.

Pablo Sanchez

I wouldnt be as negative as some of the previous comments have been.

Encouraging savings/pension/protection products definitly has its place, if only to highlight a need that you may have not considered previoulsy.

However it is true that they can only provide advice based upon products they issue or insurance that they have an agency for, perhaps you would be just as well setting up a meeting with a independent advisor who can impartailly advise you and quote you for products from a number of providers.

Not all financial products are 'sh1te' as described above, they may just be mis understood. Good advice is the key.

unclebill98

A review should be catered towards your needs. Yes, you may have been called cause they have a product in mind for you and during the meeting this will be discussed but not rammed down your throat.

You'll be surprised at what they find and generally they can save you money either short term or long.

theofficepest3

Take out a loan and use it to pay off the lump on your credit card man (if you can) unless the credit card is on a low introductory offer

coylemj

unclebill98 wrote: »

A review should be catered towards your needs. Yes, you may have been called cause they have a product in mind for you and during the meeting this will be discussed but not rammed down your throat.

That's not what happened in my case with BOI, I went into a room in a branch nominated by me near my place of work (not the branch where my a/c is located) and there sitting in front of me was a Lifetime salesman who waffled away on some peripheral topics but eventually got around to offering me permanent health/redundancy insurance. This was obviously the sole purpose of the meeting because he never asked me if I was thinking of building an extension to my house, saving to send my kids to college or upgrading my car, the only purpose of the 'review' was to sell me this product.

Needless to say I was none too pleased but I just told him I wasn't interested because I worked for a multinational who had a sickness scheme and a policy of no forced redundancies.

What I did not say to him but probably should have was that he had done a very bad job in profiling me as a potential customer for this type of product because I was probably the last person in the world who actually needed this type of protection which was far more suited to a self-employed person with no safety net to cover their income if they fell seriously ill and couldn't work.

From what I've heard, this type of product is sh1te because there are lots of exclusions and when you figure out the hefty commission paid to the salesman and the profit made by the insurance company, they are like extended warranties on consumer goods, they are crap value for money and should be avoided.

unclebill98 wrote: »

You'll be surprised at what they find and generally they can save you money either short term or long.

You make it sound like these people are financial experts who can help you manage your finances to the long term betterment of you and your dependants. They do not, they are paid to sell a narrow range of products from a single company and as such (being tied agents) they are the last people in the world you should listen to for financial advice.

unclebill98

coylemj wrote: »

That's not what happened in my case with BOI, I went into a room in a branch nominated by me near my place of work (not the branch where my a/c is located) and there sitting in front of me was a Lifetime salesman who waffled away on some peripheral topics but eventually got around to offering me permanent health/redundancy insurance. This was obviously the sole purpose of the meeting because he never asked me if I was thinking of building an extension to my house, saving to send my kids to college or upgrading my car, the only purpose of the 'review' was to sell me this product.

Needless to say I was none too pleased but I just told him I wasn't interested because I worked for a multinational who had a sickness scheme and a policy of no forced redundancies.

What I did not say to him but probably should have was that he had done a very bad job in profiling me as a potential customer for this type of product because I was probably the last person in the world who actually needed this type of protection which was far more suited to a self-employed person with no safety net to cover their income if they fell seriously ill and couldn't work.

From what I've heard, this type of product is sh1te because there are lots of exclusions and when you figure out the hefty commission paid to the salesman and the profit made by the insurance company, they are like extended warranties on consumer goods, they are crap value for money and should be avoided.



You make it sound like these people are financial experts who can help you manage your finances to the long term betterment of you and your dependants. They do not, they are paid to sell a narrow range of products from a single company and as such (being tied agents) they are the last people in the world you should listen to for financial advice.

While I do not doubt what you say, all i can advise is do a UB full financial review. Very customer focused and all about what you need not what they can flog ya. After all some people are un aware of what services a bank can offer them.

Rebel1977

I had one of those before with AIB I found it worth while, doesnt cost you anything to go for a chat

phormium

C'mon, are you for real, Mr. Ryan would be pleased with your belief in their system being for the good of the customer. Bottom line is you are doing the review to sell them something now or diary them forward for something in the future, it's a nice fancy computer programme that sounds like it's interested in your life, how often you go to theatre etc!, but if you're not generating sales or referrals from your 'reviews' then questioned will be asked at your next review.

ferga_com

One answer would be to tell the bank that while you're willing to meet them, you'd like a written agenda of the meeting by e-mail before you confirm the appointment.

unclebill98

phormium wrote: »

C'mon, are you for real, Mr. Ryan would be pleased with your belief in their system being for the good of the customer. Bottom line is you are doing the review to sell them something now or diary them forward for something in the future, it's a nice fancy computer programme that sounds like it's interested in your life, how often you go to theatre etc!, but if you're not generating sales or referrals from your 'reviews' then questioned will be asked at your next review.

ferga_com wrote: »

One answer would be to tell the bank that while you're willing to meet them, you'd like a written agenda of the meeting by e-mail before you confirm the appointment.

Come on yourself! Banks are a business. Yes, your stating the obvious. A proper review will let the bank understand your needs and then they will try meet them and then you decide if you want something. Like I said your initial call may be due to them having a certain product in mind for you.

Have you any idea how many people simply do not know what are they are getting on their savings? Some folks have life cover over ten years and their circumstances change and they never reviewed it and now it simply does not meet their current needs. Others have high balances in current accounts earning nothing. These people are out there, yes the bank will make something but so will the customer, it would be more than what they had been making.

Lastly, it's free! It could save you money, it could get you thinking about your future. Sure take the advice, think about it and then shop around for better or go back to sitting on the couch and let the bank make money on your hard earned savings sitting in your zero % current account.

phormium

Alright, maybe I am just getting old and cynical but if any good comes of a review for the customer it is a happy coincidence.