Hi all,
I have a general question that requires a little back story to set up.
After spending too much time on this board, and poring over all of the tickers that get mentioned, I decided to take a position in BOFI. I like their business model, and I like that there is room for growth from my perspective, but still a fair amount of stability. After all, it’s hard to lose customers as a bank. You really have to screw something up.
Anyhow, I decided to take a look at the products they offer after buying the stock, in order to provide myself a bit of reassurance on my new purchase. I decided that their interest rates are unbeatable by my current bank (Chase), and it would be silly not to move my checking and savings over to BOFI. I might as well rake in some extra cash, especially considering it’s only a little bit of upfront effort, and it will continue to pay off well into the foreseeable future.
So I submitted the application on Monday of last week (7/7), which from my understanding is primarily to verify my identity. That’s when things went south. I was notified on Wednesday (7/8) that they regretfully could not offer me a checking or savings account due to an inability to verify my identity. This was clearly something on my end. I think it’s due to an old address on my drivers license, or perhaps I put the wrong unit number down for my previous apartment. Regardless, I don’t fault them for that, since they’re trying to protect me, and themselves.
On 7/8 I sent them an email via the support address on their website seeking clarification on the rejection, and trying to see what options I have for recourse, or if I should submit it again. I was told when I sent the email that I would receive a response within 1 business day. On Friday of last week, after getting no response, I sent them another email outlining the above, and seeking what my options are, since I am (was?) still interesting in getting an account opened up. Here it is one week after my original email, and I still have not received a response from their support team. Yes, I know I could call, and I may do that in the future. I’m just upset because they list email as a valid mechanism for querying support, and I feel they should stand by that commitment.
My question:
Would you continue to invest in a company that doesn’t want you as a customer?
I still have my position, I’m just not sure what to do at this point.
I have two business accounts with BofI and have found them highly responsive, particularly if you call. Suggest you pick up the phone and give it a try
Would you continue to invest in a company that doesn’t want you as a customer?
Short answer is yes. One individual experience just doesn’t matter. What matters is how the general demographic feels about it, and that shows up in the company’s numbers. Look at how many Apple haters missed out on a great investment over the past decade because they didn’t like Apple products.
Having said that, I’ve discovered that – for me personally – it’s important that I have confidence in the businesses I invest in. Otherwise it’s too easy to become overwhelmed by the negatives (and every business has its negatives) and get spooked into selling, or – conversely – to pocket a quick “lucky” profit after a little run-up and miss out on a great long-term opportunity. I’m fine owning a business that I don’t personally care for as a customer as long as I have confidence in the business itself, but we’re all different. You need to do what’s best for you.
But generally speaking, a company’s numbers tell a far more powerful story than your personal experience with them (whether positive or negative).
Neil
Long BOFI (and a former, unimpressed customer)
The AAPL example is spot-on, I think. I’m still working on taking the emotion out of my market choices. Thank you very much for your reply, it’s exactly what I needed.
BOFI has done little in 2014 starting the year at 75 per sh and sitting at 71 and change now; cresting at 105 in mid March. After a great 2013 can BOFI get its mojo back? Lots of calls for an expensive valuation at these levels, this next 1/4ly report is 8.7.14.
Would you continue to invest in a company that doesn’t want you as a customer?
Slips,
Just my opinion.
I personally find it very very difficult to communicate only through the written word. It is fraught with error and misunderstanding probably due to the fact that only about one third of meaning is conveyed by words, the other 2/3rds is communicated by body language, tone, volume etc. In fact when body language doesn’t agree with the words, (I’ve read quite a bit about this) I go by body language.
So in something like this if I were you, I would call immediately and tell them of your experience and for 2 reasons: you own the stock and you would be doing them and you a favor if you continue owning. That’s what an owner would or should do.
I sure would not sell based upon one bad string of incidents even if it were me. You may have reached the desk of the one jerk that is getting fired that week, or they have been inundated with orders (good for your investment) and missed a few. This happens.
I guess my takeaway is put a chinese wall between your personal experience and your investment until you can say with conviction, my personal experience is the norm. Then act.
Just MHO (that means my humble opinion)
Mykie
