Jul
18
2007

  VirtualBank Customer Service

Once again, I find that taking the time to send a complaint to the company president gets results. Several months ago I opened a 3-month CD with VirtualBank since they had a very good rate, and I just needed somewhere to park cash until I updated my investment plan. No problems until it was time to redeem my CD. Their phone service agent gave me misinformation, my "personal banker" was MIA, and an intern who doesn't know a wire transfer from an ACH gave me more misinformation. At which point I lost my patience with the system. I new it would be pointless to try to work things out with the incompetent employee and honestly I've rarely had much success when asking for a "manager" in the past (not at VirtualBank, but other institutions).

So I took the time to scour the web to try to get the contact information for VirtualBank's CEO. This was not easy, but I eventually found an email address for someone else in the company, and I used the same format substituting the CEO's name. I sent the email detailing the three main problems I encountered, as well as my proposed solution to those problems. I sent the email at 6am.

I got a phone call from the Vice President of VirtualBank at 10:30am. He apologized, confirmed that I did get misinformation and solved two out of three problems as I requested (the other solution included them paying me for the interest income I lost due to the employee problems, but he didn't mention that in our phone call). So my wire transfer will be completed today, and he will assign a new "personal banker" to my account--the head of that department, who will be my personal contact with the bank now and in the future.

So rather than this being a rant about the idiots over at VirtualBank (the bit that pushed me over the edge was my "personal banker" insisting that I needed to mail in a voided check to initiate a wire transfer), it's a reminder to everyone that many vendor problems can be efficiently solved by contacting someone with authority. And the VP was sincerely apologetic on the phone and said that the service I received is not representative of most interactions. I'm frankly impressed that this was taken care of so quickly, I expected to wait at least a day rather than just a few hours.