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Five Minutes Or Five Dollars
Having decided their customers expect consistent service, Wells Fargo has set out to prove it by promising to pay $5 to any customer who waits more than five minutes in a teller line.
Wells says it has run into some "glitches" during its acquisition of First Interstate Bancorp, and is trying to make up for lost service to its new customers while the conversion is in process.
The Wells offer is good in their 380 branches in Arizona, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. It is not in effect in their 1,520 California branch offices.
The greatest impact of the offer is not on the customer, but rather on Wells employees, on whom management means to impress the fact that they are serious about improving service. One officer, from another banking corporation, points out that the offer is a constant reminder to salespeople, and raises the level of awareness both internally and externally.
Star Banc Corporation of Cincinnati also offers a $5 guarantee, and even has extended the idea to other products. In a more unique guarantee, they say if a residential mortgage is not closed by the date promised, Star will pay the consumer $250.
BankAmerica Corp's Seafirst Bank in Washington State advertises the $5 if service is slow, and their guarantee also includes the fact that you can speak to a live banker 24 hours a day on the phone.
Other banks have tried the "five minutes or five bucks" for a limited time and then, after service improved, managed to drop it. Chemical Banking Corp ran the same policy five or six years ago in response to complaints. It does not now find it necessary to make the offer.
None of the cash offers extend to lines or time spent waiting for a turn at an ATM.
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 10, 8/97
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