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How's Your Image?
I recently received a copy of a $7,900 cashier's check that was presented to a young man for the purchase of a motorcycle. He had advertised the cycle "For Sale" in a local newspaper.
Two young men, described as in their early 30's, driving a Toyota Camry, arrived to look at the motorcycle one Friday evening, and promised to return the next day with a cashier's check for the purchase. They did just that. The deal was consummated, the title exchanged, and one of the men drove away on the motorcycle.
On Monday, when the check was presented at the local bank it was drawn on for payment, it was determined that the $7,900 cashier's check was a counterfeit. Payment was refused, and the victim is now out the money and the motorcycle. Unfortunately, when the bank officer talked to the payee, he said something about "…these counterfeit cashier's checks are showing up from all over." When the payee left the bank, he went right to the local newspaper.
The article in the paper about this incident has an interesting headline. It reads "Beware-Bogus Bank Checks" and the tone of the article very definitely lays the blame for the issuance of the bad check on the bank! The reporter referred to "numerous" checks drawn on this bank having been refused, "according to an unnamed bank source." The reporter went on to relate that the bank involved refused to be interviewed or make an official statement. By saying nothing, the financial institution further damaged its reputation.
Publicity such as this is damaging to a financial institution's reputation. People who read the article look at once (as I did) to see which bank it was that (in their mind) is issuing "bogus" checks. If any readers in the near future are presented with this bank's cashier's check for payment, they will suspect it to be a bad check.
It's difficult to combat this "image-bashing"-but not impossible. We should be ready for reporters who are investigating stories such as this. It would have been better if they had "educated" the reporter on how and why counterfeits do appear, and what recipients of "official" checks can do to protect themselves. A phone number included so that anyone else receiving a cashier's check from this bank could verify if the item was genuine would have gone far to reassure people.
Memories are short-except when it comes to negative feelings. We remember hurts much longer than kindnesses. Marketing experts have long known that a satisfied customer will tell one or two people about good service. Those who are dissatisfied, however, will tell 20 to 25 about how they were "wronged."
Be prepared for reporter's interviews. We've long suggested playing "what if" in your discussions. Use "what if" scenarios to prepare yourself for these questions. And make sure everyone knows to refer a reporter to the person prepared. It takes a little effort to do damage control with the media, so that your financial institution's image stays whole and healthy.
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 8, 7/97
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