Tuesday, March 18, 2014
Opinion by Gerald Trumbule
When choosing a bank, I picked the one closest to my house. Way back in 1972, that was Mountain States Bank on Colfax at Gilpin. Over the years I had various experiences with this bank, good and bad. Once when I was refinancing my building, the president of the bank came out for an inspection. He was practically drooling over the prospect of my default (after that we called it Mountain Snakes). No default, and the bank was convenient, so I continued on. During the 34 years that I was a customer at Mountain States, I estimate that I put at least $5 million through the bank with my various business activities.
When Mountain States was sold to UMB in 2006, I was told not to worry, it was still a “family-owned” bank.
Further reading reveals that there will be a $10/month fee for each such account, unless a minimum balance is retained. And note the “hope that you will be pleased with these changes”. In fact the brochure was such an obvious insult to the intelligence of any customer that it actually pissed me off. My 5 accounts were going to cost me $50/month – $600 dollars a year! No way.
|UMB on Colfax had no customers when I was there yesterday.|
One person who doesn’t lose a lot of sleep over these problems is Michael Hagedorn, vice chairman and chief financial officer at UMB Financial Corp., a $15.7-billion asset bank in Kansas City, Missouri. UMB is unique: In 2011 and 2012, the bank derived well over 50 percent of its operating revenue from a diverse set of fee-based businesses, including various payments products and services, asset servicing and investment management.
He may not be losing sleep but he is certainly losing customers. Maybe they have a new model for making money without customers.
at 3:23 PM
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