Is customer goodwill being taken for granted?
Dear Editor,
I write to express deep concern about the deteriorating standard of customer service at JN Bank, an institution that once prided itself on member-focused values but now appears indifferent to the very customers who sustain it.
In February of this year I received a letter from the bank advising of an increase in my property peril insurance. The letter stated that I had the option to decline the proposed increase and instructed that this should be done in writing. The correspondence also provided an e-mail address for customer responses.
Seeking clarity, specifically regarding the amount quoted and options, I e-mailed the bank. That e-mail went unanswered. I followed up, but, to date, I have not received a response to my inquiry. Despite this, I have since received a mortgage notice reflecting an increased mortgage payment, as though no query, objection, or correspondence had ever been sent.
This raises serious questions:
1) Who regulates banks? Are there quality standards they are required to maintain?
2)What is the leadership’s response?
3)What is the purpose of providing a response channel if customer e-mails are ignored?
This is not an isolated incident but part of a consistent pattern of poor service, which, among other things, suggests inadequate systems to support effective and efficient customer engagement. JN Bank appears to be surviving largely on customer loyalty built during its days as a building society, when it was known for superior service and competitive mortgage rates.
That goodwill is now being taken for granted. Interest rates are no longer distinguishable from those of traditional commercial banks, and in many cases, competing institutions now offer more attractive mortgage terms. Notably, during the COVID-19 pandemic — a time when customers were most vulnerable — JN Bank was among the first to increase interest rates for existing mortgagors. One must ask: How was this decision intended to help customers “find a way”?
A household name and familiarity should not be confused with excellence. Customers deserve timely responses, transparency, and respect, especially when decisions directly affect their financial obligations.
Silence is not service. Ignoring customers is not efficiency. And relying on a legacy reputation while delivering substandard experiences is not sustainable.
I hope this letter prompts JN Bank to reflect, respond, and, most importantly, reform.
A concerned customer
