Hero of the Day: Jackie Ramos

Jackie Ramos was fired by Bank of America (BAC) for being too nice to their customers. Of her three commandments — do the right thing for the customer; think of yourself as a customer; and do the right thing for the company — it turns out that only one mattered.

Consumerist has the transcript:

Every day I came to work and did just as I was supposed to: I collected. In fact, I was one of the top performers of my department, even outdoing those who were more tenured than I was. But something was wrong. There was something inherently evil about my job…

All the people that I’ve had to deny [repayment] programs to–they kept me up at night. All the people that I’ve pissed off with a $15 “convenience fee”–they kept me up at night. All the people who were dying, lost a child, husband, mom, dad, all the people who lost their jobs and sat on the phone sobbing to me that if we just gave them a little bit of help, they could make ends meet–they kept me up at night…

As my manager was escorting me outside she told me that if I needed a reference, she would highly recommend me to everyone. I received nothing but accolades while I was at Bank of America. Even while I was getting fired my boss told me that out of anyone she’s ever met I’ve had the highest morals and biggest heart she’s ever seen, and that means more to me than my job.

At the end of the day, I don’t have anything keeping me up at night. I did the right thing in God’s eyes and I’m sure that He’ll bless me. But [boss], can you say the same?

Why was Ramos fired? She stopped denying BofA customers the ability to convert their debit balance into an installment loan, while closing the account. (It’s called Fix Pay.) It doesn’t wipe out the debt, it just stops lots of extra fees being piled on top. One 24-year-old mother had just lost her own mother and her husband in the same week — and found out that she had cancer. According to BofA’s rules, she wasn’t earning enough to qualify for Fix Pay, which meant of course that she had to pay much more in the form of a 30% interest rate and $39 over-the-limit fees.

Let’s hope that John Carney is right and that Ramos becomes a star on next week’s morning-TV shows. Maybe they could invite her ex-boss on at the same time, to explain why Bank of America deliberately makes it as hard as possible to pay off your debts after you rack them up.

Banking shouldn’t be some kind of cat-and-mouse game where the bank tries to squeeze as many fees as possible out of you while you try to avoid them. Banks are treating their customers like the enemy (see Peter Goodman today on Chase, or of course the famous IndyMac case), and that’s not something which goes down well in today’s economy, where banks seem to be the only individuals or businesses making vast amounts of money. And yes, all of those profits were formerly our money.

Comments

[Tekatl]

BOA is horrible with stuff like this. Anyone else that used MBNA credit cards before BOA's purchase can identify with BOA's crappy predatory customer service model. RE: Ramos, I completely know about losing sleep about my employer's policies. I was in subprime lending for about 6 months and knew that the products were crap and that it was going to blow up. I couldn't believe my eyes of what the company allowed, the government allowed, what the consumers really wanted and how much the perfect storm was brewing. I hope everything works out for her and the many others like her.

2009 Nov 30 12:55 AM

[User 54476]

My father was a great banker all his life. I can still hear him saying, "A bank's first duty is to its customers, secondly to its employees, and thirdly to its stockholders, and if it takes care of the first two, the third will never be a problem".

2009 Nov 30 08:07 AM

[Ferdinand E. Banks]

Great article, but why the reference to TV shows. I hear more trash/filth on those than I heard in 6 years in the barracks.

2009 Nov 30 09:10 AM

[Old Hand]

In 2003, I attended a conference held by Goodwin Proctor. The centerpiece was a discussion by senior leaders of BAC, AMG, Pioneer, and Putnam. The person speaking for BAC was Brian Moynihan, then in charge of strategy for the company.

The stunning thing was that not once did Moynihan use the words customer or client. He spoke only in totally abstract terms like product, channels. The panel was out of the twilight zone.

But, sure enough, Moynihan is on the short list to lead BAC.

MOTSS.

2009 Nov 30 09:41 AM

[RATHER FISH]

The TO BIG TO FAIL BANKS HAVE "NO SOUL"
Record every call or contact you and ask for a copy of every call they make, also ask for every thing they tell you in WRITING via USPS.
They lie or decieve at every oportunity.
In time they will run out of customers. Demand they pay ...YOU.. back the money you lent them at little or no interest.

2009 Nov 30 10:19 AM

[jackooo]

These are banks, not charities. Try the Red Cross or Salvation Army or churches. They are charities. Banks are in business to suck you dry.

2009 Nov 30 11:36 AM

[Burton A. Johnson]

God bless Jackie Ramos!
Does she have a web site?
How can one contact her?

Burton A. Johnson, MD,JD
President
Burton A. Johnson Portfolio Management, Inc.

2009 Nov 30 01:14 PM

[cincinnatijake]

This article expresses the severe departure from ethical and American ideals that have created value in our society. Some firms have been stifling growth through rapacious practices, such as compounding fees that are damn near impossible to pay off, effectively enslaving a vast majority of Americans to the benefit of a few. Companies are sacrificing real value by substituting healthy long-term strategies with gluttonous short-term policies. Such policies are usurious and cripple the real generator of wealth for our economy--the middle-class. John Bogle recently wrote a book titled Enough that discusses this very issue and he cleverly likens the current attitude in the finance industry to chasing after the rhinestones (short-term gratification) forsaking the diamonds (long-term value). I have my fingers crossed that Elizabeth Warren will be able to enact the Consumer Protection Agency and give the value-creating citizens of the country teeth.

2009 Dec 01 01:20 AM

[Jackie Ramos]

[e-mail]


On Nov 30 01:14 PM Burton A. Johnson wrote:

> God bless Jackie Ramos!
> Does she have a web site?
> How can one contact her?
>
> Burton A. Johnson, MD,JD
> President
> Burton A. Johnson Portfolio Management, Inc.

2009 Dec 02 10:32 PM