my bank: "just following up" : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Last Friday I called my bank about selling stocks and buying T-bills. They had a guy call me to discuss why this was not a good idea (market is going to skyrocket, y2k is going to be nothing, etc.)and why he would be reluctant to help me do it (some of you may remember my post). Well, yesterday, the bank called me! The woman said, "No need for alarm," she was just checking to make sure the guy called and that all my questions were answered. She prodded me for some info about what we had talked about and decided. I told her I was probably going through with my original plans (which I did last evening), even though their adviser thought differently. She asked me if there was "someone I was working on with this." I told her I was working with a friend who shared my perspective on y2k. She stammered a little bit, then said, "Well, thank you. I just wanted to follow up."

I guess this could just be coincidence and that they really were calling as a customer service follow up. But I also found it kinda interesting. The bank calling me, indeed! My questions are answered all right. Thanks to everyone who responded to my original post.

-- nance (, November 24, 1999


Response to my bank: "just following up"

Withdrew from Key Bank yesterday. "Lotta people doin' this?" I asked the teller. "Yes, there are." She offered traveler's checks; I demurred.

-- Spidey (free@last.Amen), November 24, 1999.

Nancy, no offence, but you need a bank that works 'for you' not 'against you'. You shouldn't have to ask twice or explain why you are doing things. Sounds like they are more interested in their own interests than your welfare.

-- John (, November 24, 1999.

I am not only a registered representative but also a registered principle with the N.A.S.D., and I can tell you without equivocation that if he stated to you that he "was reluctant to help you do it" he violated several securities laws. Remember one thing my friends no one has more intrest in your best intrests than you. Registered reps (stockbrokers) will tell you to do what is best for their commision base, if you make money it is only a coincidence. I disparage my former colleagues because i hated their practices and have since left the retail side of the buisness. Follow your best instincs and err on the side of caution these days as too much can go wrong. All my opinion folks, best of luck.

-- (, November 24, 1999.

Given the blurring of financial services roles with the repeal of the Glass Stegall (sp?) act, I suspect you had a customer support rep who was just doing what the script says in terms of drumming up business. I suspect that a bank who is looking out for your interests is an oxymoron.

I attended a financial seminar a couple of weeks ago and heard two OT financial tip jewels. 1. do your own research (with the web you have access to almost as much as a broker) 2. Do not be best buddies with your broker. They make money whether you buy or sell and are also comped on pushing the latest shiny thing. It can be hard to say no if you are friends.

Good luck and good for you to follow your own course. Everyone should make Y2K financial plans that make them feel more comfortable (whatever they may be).

-- another Nancy (, November 24, 1999.

Sorry folks, the good Catholic nuns back in the Bronx would rap my knuckles good for my spelling and punctuation errors above.

intrests= interests i=I

-- (, November 24, 1999.

hope my bank doesn't call me up nd ask embarrassing questions about my overdraft anyway they're about to be taken over by the Scots (there's a moose loose around the hoose)

-- dick of the dale (, November 24, 1999.

Hey, IOP, whereabouts in da Bronx? I grew up in the Parkside Projects.

-- Ron Schwarz (, November 24, 1999.

Grand Concourse and 195 St. Ron. Still go by the old apartment house once and awhile to reminisce. Damn shame the way it went. Everything in life is a circle, is it not.

-- (, November 24, 1999.

Did you finally do it all? (I fear spiking oil prices and GDP will trigger something ugly.) Email me or send the info in with "Mr. Nance" when he comes to work tomorrow.

-- Dave (, November 24, 1999.

Sounds like one of those Y2K bank scams, to me!!! Let's be careful out there!!

another Nancy: Do you like to mudwrestle?

-- King of Spain (madrid@aol.cum), November 24, 1999.

Okay, I hate one of my banks too, but let's give them a little slack.

If you were trying to figure out how much cash to have around next month, wouldn't you want to know if your customers were concerned about Y2K?

I know I would. Yeah, I'd hate to be noticed, but at least the bank seemed to care about what the customers were doing.

-- nothere nothere (, November 24, 1999.

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