The myth of quality European banking

Discussion in 'Wall St. News' started by trading1, Sep 18, 2009.

  1. My experience through out dealing with European banks is complete apathy, disorientation and incompetent, like
    funds going astray
    no information, or reponse or update.
    broadcasting private details of their clients
    This is not the exception but the rule. They are meant to be famous for their quality but I have only been totally disappointed. In the lastest case, they've switched account manager 3 times, the 2nd time I thought it wa an email phishing scam, in broken English, then they broadcast the entire email list of their clients, now changed the status of my account without telling me, I'm trying to sell investments and close the account of course and thats going on for months, with no information.

    American's complain about their own firms but I find US firms are head and shoulders above the Europeans, they generally work as expected. Whats other traders experience?
  2. Most European bank workers probably put in 2 hrs of real work on a good day.

    Lunch, Brunch, Siesta, etc takes up the rest of the working day. A good life.
  3. Europe = "Greater Andalusia" circa 2025

    Nude beaches on the Mediterranean now = burqua lined beaches 2025.

    The Euro is a myth!!! I can't wait to see "both of the European" posters here defend Europe :D

  4. Yes, they have the good life and expect this in their dealings with clients, all seemingly OK. The problem is inefficency but most of all, its futile to have valid complaint that progresses things. They have a regal manner, you have to take the BS while pretending everything is OK, just long enough to end dealings with them, it is so fustrating in the meantime.
  5. True, it is a generalization but in fact the bank I'm dealing with is scandinavian and very lax, as bad as its gets. I really would prefer to believe the best of people but after a while a harder approach is needed
  6. I don't believe theres enough efficiency in europe to unite europeans.
  7. Can't say I have had any real trouble with European banks and if there has been an issue I can usually get someone on the phone at my local branch to help me out. US banks easy enough to deal with though they do make you jump through hoops when your transferring cash out of the USA trying to speak to someone at any of the larger US banks is a bit of a task. The Dutch banks seem to be very slick and have great customer service.
  8. Generally, I find Americans are deadly serious about business and in contrast Europeans treat business more like a fashion or a lifestyle option and expect their customers to do the same, I find this makes transacting with their banks very difficult.
  9. No, I won't defend Europe because I think your're right (but one could argue about the exact timing). IF the current trend continues. But, as we as traders know, it could reverse anytime due to unforeseen events.

    Regarding banking in Europe: I wouldn't say "quality" is worse than in US, but European banks are usally slow, very slow.

    For instance, a wire transfer inside the US between two banks usually takes a few hours (my experience). The same transfer will take at least one day, if not two or three, in Germany.

    In the age of electronic communications, this is simply unacceptable. However, there is no outrage among customers, so things will stay as they are.
  10. Good to hear that your experience is OK and my dealings might not be typical.
    #10     Sep 19, 2009