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Money Back Guarantee
About a year ago we reported to you that Banc One Corp from Columbus, Ohio, introduced an unconditional guarantee on trust service - satisfaction guaranteed or trust customers could get their fees back.
They have reported that complaints such as mispricing a security, statement errors and what were termed "operating errors" resulted in refunds over the past year of $156,180 in annual fees. Their income figure for the service for last year was not yet available, but in 1996, Banc One booked $279 million in fiduciary fee revenue.
Crestar Financial Corp in Virginia also guaranteed service on trust accounts, and paid out less than $7,000 last year to two clients.
Comerica, based in Detroit, only offers the guarantee in their Texas offices, and only for the previous month's fee.
PNC offers to pay $500 to a customer's charity if charged with dissatisfaction. But they've never had any complainers take them up on it, a spokesman reported.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 2, 2/98
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