WEBVTT

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>>> TAKE NOTICE, THE DAYS OF THE

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PIGGY BANK MAY BE NUMBERED.

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STARTING TODAY CHASE BANK IS NO

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LONGER TAKING MORE THAN A FEW

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COINS IN LOOSE CHANGE FROM

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CUSTOMERS.

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IT IS REMOVING COIN COUNTING

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MACHINES FROM ITS BRANCHES.

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AND SOME CUSTOMERS ARE OUTRAGED

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INCLUDING ROBERT REED WHO WROTE

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A GUEST COLUMN FOR TODAY'S

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CRAIN'S CHICAGO BUSINESS.

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HE IS DIRECTOR OF PROGRAMS AT

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THE BETTER GOVERNMENT

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ASSOCIATION, FORMERLY THE ED ARE

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FOR OF CRAIN'S CHICAGO BUSINESS.

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WELCOME BACK, AND FIRST OF ALL,

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WHAT EXACTLY IS CHASE DOING AS

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OF TODAY?

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WHAT CAN YOU DO, AND WHAT CAN

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YOU NOT DO?

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>> YOU CAN'T BRING LOOSE COINS

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IN TO THE BANK AND HAVE THIS

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COUNTED BY THE MACHINE AND USE

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THAT MONEY, ANYWAY YOU WANT, I

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WOULD USE TO IT MAKE A DEPOSIT

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AT CHASE.

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AND I THOUGHT THAT WAS A NICE

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SYMMETRY TO THOUGHT BUT THEY

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DIDN'T AGREE.

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THEY WILL TAKE COINS IF YOU WRAP

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THEM YOURSELF.

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THEY ARE GIVING PEOPLE WRAPPERS

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INSTEAD OF PUTTING THEM THROUGH

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THE EXOTIC COIN MACHINES THAT WE

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HAVE SEEN.

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A QUESTION TO THE WRAPPERS, HOW

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DO THEY KNOW YOU ARE NOT FILLING

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THEM UP WITH SAND?

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>> IT WOULD SEEM TO ME YOU HAVE

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TO OPEN THEM AND COUNT THEM, SO

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IT SEEMS THAT IS SOMETHING YOU

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WILL BE DOING THINK WAY, SO WHY

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DISCONTINUE THE PRACTICE.

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>> WHAT IS THEIR RATIONALE?

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>> THEY SAID PROVIDING THIS

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CUSTOMER SERVICE GOT IN THE WAY

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OF PROVIDING CUSTOMER SERVICE.

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I DIDN'T UNDERSTAND THAT BECAUSE

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I HAVE NEVER SEEN HUGE LINES

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BECAUSE PEOPLE ARE WAITING TO

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GET COINS COUNTED.

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AND THE OTHER THINKING IS, WHICH

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IS PECULIAR, THEY VIEW THIS AS

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SORT OF A UNIQUELY MIDWESTERN

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CUSTOM PM PEOPLE BRINGING IN

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ALASKA CHANGE AND HAVING IT

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COUNTED AT THE BANK, I DON'T

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KNOW IF THAT MEANS THERE IS NO

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LOOSE CHANGE IN NEW YORK AND LOS

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ANGELES, BUT THAT WAS SORT OF

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THEIR THINKING ABOUT IT.

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>> AND ONE OF THE THINGS ABOUT

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DOING THAT, A REAL ELEMENT OF

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SATISFACTION AND SORT OF MYSTERY

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LIKE, HOW MUCH DO I HAVE IN

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THERE?

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AND THERE ARE OTHER REASONS, FOR

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EXAMPLE, I THINK IT WAS YOU WHO

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REPORTED IT, THERE WAS A GOOD

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TEACHING TOOL FOR KIDS.

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>> ABSOLUTELY.

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AND THIS IS A VERY, I THINK

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IMPORTANT PART OF THIS.

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YOU KNOW, AS KIDS WE WOULD GO TO

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FIRE STATIONS AND SEE HOW THEY

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WORKED AND PARENT TOOK THEIR

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KIDS TO THE BANKS WITH THE COINS

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AND YOU HAD THE LESSON THAT YOU

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SAVED A LITTLE BIT AND IT ENDS

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UP BEING A LOT AND A VIOLENCE

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LESSON IN THAT.

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IT SEALS TO BE, IT SEEMS TO ME A

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COMMUNITY BANK OR JUGGERNAUT

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BANK SHOULDN'T BREAK THAT LINK

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BECAUSE IT'S AN IMPORTANT ONE IN

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TERMS OF GOOD WILL AND PASSES

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OUT A LESSON TO YOUNG EMPEOPLE,

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WHO WILL BE CUSTOMERS.

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>> BACK AT THE TIME RATIONALE,

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WHAT DID YOU MAKE OF THAT

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EXPLANATION?

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THAT THEY ARE IMPROVING CUSTOMER

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SERVICE?

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>> ANOTHER CASUALTY, ONE IS THE

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WHOLE THING ABOUT COMMUNITY

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BANKS AND THE FACT THAT THEY

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REALLY ON BREAKING AWAY FROM THE

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COMMUNITIES THAT THEY SERVE.

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AND THAT IS HAPPENING BY THE

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FACT THAT A LOT OF THESE

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BRANCHES ARE ELECTRONIC, CAN'T

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EVEN FIND A PERSON, MAYBE YOU

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HAVE TO SKYPE WITH THEM.

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AND SECONDLY YOU DON'T HAVE THE

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RELATIONSHIP WITH THE

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NEIGHBORHOODS THAT YOU USED TO

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HAVE.

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BECAUSE THE BANKS AREN'T THERE

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FOR THEY ARE DOING DOING THIS

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KIND OF OUTREACH.

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MORE BROADLY A VICTIM OF THE

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FACT THAT BANKS ARE BEEN

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MERGINGAGE ACQUIRING EACH OTHER

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FOR DECADES AND A HARD REALITY

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IS IN IN MANY CASES CUSTOMER

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SERVICE HAS LAGGED AND HAS BEEN

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BEHIND THEM.

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AND THE WAY THAT THEY MAKE MONEY

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OFF MERGERS IS THROUGH COST

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CUTTING, AND CUSTOMER SERVICE

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COMES LAST, EVEN THOUGH EVERYONE

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WILL TELL YOU IT'S OUR TOP

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PRIORITY.

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THE FACT OF THE MATTER IS GO ON

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ANY INTERNET COMPLAINT BOARD AND

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YOU WILL SEE THAT BANKS HAVE A

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LOW STANDING AS FAR AS CUSTOMER

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SERVICE.

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>> WHAT RESPONSE HAVE YOU BEEN

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GETTING FROM YOUR READERS?

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>> IT HAS BEEN AMAZING I WROTE

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THIS AS A GRIPE ON FACEBOOK AND

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EDITORS OF CRAIN'S CHICAGO

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BUSINESS SAID WHY DON'T YOU TURN

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THAT INTO A COLUMN, WHICH WAS

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VERY NICE OF THEM.

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AND IT HAS TAKEN OFF.

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IT HIT A NERVE.

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AND I THINK IT IS BECAUSE PEOPLE

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FEEL THAT ONE THIS IS SOMETHING

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THAT IS TAKEN AWAY FROM THEM,

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AND THEY DON'T UNDERSTAND IT.

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AND THEY ARE DISSAPPOINTED.

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BUT ALSO OUTAGE, ANOTHER LINK TO

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A MAJOR INSTITUTION THAT IS

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SNAPPED.

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AND YOU KNOW, YOU DIDN'T WANT TO

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MAKE IT OUT TO BE BIGGER THAN IT

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IS.

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BUT THERE IS SOMETHING ABOUT

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THIS KIND OF TRANSACTION.

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>> IT IS A FRIENDLY THING FOR

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BANKS TO DO.

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OUR ARE OTHER BANKS FOLLOWING

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SUIT?

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>> I THINK THEY HAVE STOPPED IT,

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THERE ARE A SMATTERING OF BANKS

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THAT WILL CONTINUE IT.

04:51.200 --> 04:56.866 align:start position:10% line:74% size:80%
THE RUB IS THAT YOU HAVE TO BE A

04:53.266 --> 04:58.866 align:start position:10% line:74% size:72.5%
CUSTOMER OF THAT BANK AND YOU

04:54.966 --> 05:01.066 align:start position:10% line:74% size:72.5%
HAVE TO PUT THOSE DEPOSITS IN

04:56.866 --> 05:03.866 align:start position:10% line:74% size:57.5%
THERE OR BE A CUSTOMER.

04:58.866 --> 05:06.266 align:start position:10% line:74% size:80%
THERE ARE SOME OTHER PLACES THAT

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WILL COUNT THE COINS FOR YOU BUT

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THEY WILL TAKE 12% OFF THE TOP

05:06.266 --> 05:12.566 align:start position:10% line:74% size:80%
IF YOU USE A MACHINE OR GIVE YOU

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A GIFT CARD AND YOU HAVE TO USE

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IT AT THE PLACE WHERE IT IS

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LOCATED.

05:13.066 --> 05:17.066 align:start position:10% line:74% size:47.5%
IT IS NOT THE SAME.

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ANY RESPONSE FROM CHASE, THE

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ONLY RESPONSE WE HAVE IS THE

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FACT THAT IT STOOD BY ITS

05:19.266 --> 05:23.800 align:start position:10% line:74% size:67.5%
STATEMENT AND FELT THIS WAS

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SOMETHING IT HAD TO DO BECAUSE

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IT WAS GETSING IN THE WAY OF

05:23.800 --> 05:29.133 align:start position:10% line:74% size:42.5%
CUSTOMER SERVICE.

05:24.300 --> 05:29.800 align:start position:10% line:74% size:25%
GO FIGURE.

05:26.000 --> 05:32.000 align:start position:10% line:74% size:67.5%
>> DO YOU PICK UP.YS ON THE

05:29.133 --> 05:32.766 align:start position:10% line:74% size:17.5%
STREET?

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>> PROBABLY DON'T BUT I SAVE A

05:32.000 --> 05:38.733 align:start position:10% line:74% size:10%
LOT.

05:32.766 --> 05:40.300 align:start position:10% line:74% size:77.5%
>> IF YOU SEE A PENNY YOU WON'T

05:35.466 --> 05:42.366 align:start position:10% line:74% size:27.5%
PICK IT UP?

05:38.733 --> 05:43.366 align:start position:10% line:74% size:15%
I DID.

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HOW ELSE DID YOU TAKE IN THE