It’s hard to find someone who likes standing in a line. But would you believe the giant banks actually want you to stand in line? The thinking is the longer you wait, the more time that you’re exposed to their branded promotional messages.
The New York Times quotes one former banking consultant as saying the optimal time big banks want customers in line is 10 minutes.
“[If] people come in and out too quickly,” the ex-consultant said, “they don’t get a chance to pick up a brochure or look at the posters. You don’t want them in there for 45 minutes, but around 10 minutes is ideal.”
Banks are hoping to sell every account holder on at least two other products and keeping customers waiting gives them a chance to look around at brochures and other in-store ads. When a customer has three services (or “stickies” as they’re called) under their belt, they’re extremely unlikely to ever want to switch banks.
Think about it: While you’re standing in line, you’re bored and more likely to look at the bank propaganda hanging around advertising auto loans, investment opportunities, insurance products and more. It’s all about cross-selling you as a customer on whatever additional products they’re offering.
So what’s the solution? Take your business away from the big banks and look at online banks, credit unions and small local community banks. They’re more likely to value your time, and your wallet will thank you for it!