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Looking back on the banking crisis
Sep. 26th, 2008 01:06 pmBack in the day my 401K was in Washington Mutual, as were my personal accounts. And for a few years, things were pretty good. Then they decided to re-vamp the place, with these little kiosks all over the place that forced the employee to stand their entire shift at what looked like a complicated cocktail table. Before this, most of the bankers at my neighborhood branch had stools, looked tidy and sedate and were behind a nice long counter, very traditional. The bankers, instead of professional clothes, now wore golf shirts and casual slacks.
I'm sure it seemed a good idea to someone, but to me, it made no sense at all. The bloody kiosks were all over the place, so anyone on their way to another kiosk could look at the screen with your information on it. And let me say, bankers wearing tan pants looked ridiculous, like they'd accidentally wore their Starbucks uniform to their day job. Is it wrong to want a bit of professionalism from the folks in charge of my money? My retirement? I didn't think so.
I closed my checking account and moved my 401K to another group, with most of my personal savings overseas to Switzerland. And when WaMu asked why, I explained that the bank clearly was determined to be as trendy as possible, leaving all common sense behind. I don't want my money in the hands of people who don't make sense. And I don't bank at Starbucks, thanks anyway. When a bank treats its employees like barristas, how worse are they willing to treat their customers?
Washington Mutual failed last night.
When I was a kid, my grandfather used to take me with him when he banked since I was the only quiet kid in the family. He didn't trust ATMs, preferring to bank with someone face to face. At his bank they knew his name and he knew theirs, they asked how the Mrs. was and treated him with respect. If I was especially polite and quiet, the banker might give me a lollipop. Emphasis on *might*. At my bank now, there's a huge bowl of candy. Anyone can grab a piece, you don't have to earn it anymore by being respectful or well behaved. There it is, free candy, kiddos. Get you some.
The relationship, my grandpa told me, between the bank and its customers was a sacred trust. Banks had failed, he explained, when he was a kid. He hoped I'd never live to see them fail again. And don't tell your siblings you got a lollipop, kid.
I'm no genius for pulling out of WaMu five years ago, plenty of people thought I was overly fussy and old fashioned. But I trusted my instincts, they don't seem to fail me when it comes to the practical stuff. What frightened me then and what frightens me now, is how people ignore their instincts. I'm certain I wasn't the only person who saw the changes at WaMu and knew things were headed in the wrong direction. And I'm sure I'm not the only one who decided to leave. But I'm sure most ignored their fears and kept with WaMu, until this week that is.
If America has any chance at all at recovering from these last 8 years it will be through common sense and a healthy respect for fear. And by our willingness to earn a treat, instead of demand it.
I'm sure it seemed a good idea to someone, but to me, it made no sense at all. The bloody kiosks were all over the place, so anyone on their way to another kiosk could look at the screen with your information on it. And let me say, bankers wearing tan pants looked ridiculous, like they'd accidentally wore their Starbucks uniform to their day job. Is it wrong to want a bit of professionalism from the folks in charge of my money? My retirement? I didn't think so.
I closed my checking account and moved my 401K to another group, with most of my personal savings overseas to Switzerland. And when WaMu asked why, I explained that the bank clearly was determined to be as trendy as possible, leaving all common sense behind. I don't want my money in the hands of people who don't make sense. And I don't bank at Starbucks, thanks anyway. When a bank treats its employees like barristas, how worse are they willing to treat their customers?
Washington Mutual failed last night.
When I was a kid, my grandfather used to take me with him when he banked since I was the only quiet kid in the family. He didn't trust ATMs, preferring to bank with someone face to face. At his bank they knew his name and he knew theirs, they asked how the Mrs. was and treated him with respect. If I was especially polite and quiet, the banker might give me a lollipop. Emphasis on *might*. At my bank now, there's a huge bowl of candy. Anyone can grab a piece, you don't have to earn it anymore by being respectful or well behaved. There it is, free candy, kiddos. Get you some.
The relationship, my grandpa told me, between the bank and its customers was a sacred trust. Banks had failed, he explained, when he was a kid. He hoped I'd never live to see them fail again. And don't tell your siblings you got a lollipop, kid.
I'm no genius for pulling out of WaMu five years ago, plenty of people thought I was overly fussy and old fashioned. But I trusted my instincts, they don't seem to fail me when it comes to the practical stuff. What frightened me then and what frightens me now, is how people ignore their instincts. I'm certain I wasn't the only person who saw the changes at WaMu and knew things were headed in the wrong direction. And I'm sure I'm not the only one who decided to leave. But I'm sure most ignored their fears and kept with WaMu, until this week that is.
If America has any chance at all at recovering from these last 8 years it will be through common sense and a healthy respect for fear. And by our willingness to earn a treat, instead of demand it.
