Let’s Talk About The Power of Social Media and Chase Bank

Earlier today a Facebook friend, Shannyn, began discussing her issues she has been having with Chase and Bank of America. After she lost her life savings and down payment on her dream home to fraud, she spent HOURS over the course of two days on the phone with Chase’s back office and Bank of America trying to resolve the issue.

Bank of America was understanding and tried to do everything they could to help her and save her dream. Chase wouldn’t budge.

In a post on May 10 she wrote, “If you haven’t heard, I was the victim of wire fraud last Friday, losing my life savings and down payment. Bank of America has agreed to return the funds, and I have a police report- but Chase doesn’t want to send them the legal letter they need to release my funds and are now asking for “alternatives,” to that form.”

According to the FTC, fraud affects 25 million people each year. Being a one time victim of such issues, I empathize with Shannyn.

“I get they don’t want to release BoA, but why did this take ALL DAY and hours of calls by my branch manager to corporate after Chase corporate said that this was nearly resolved and they agreed to the letter?”

“Right now, if the funds aren’t returned…and the banks don’t know how to chat with one another, I could lose my home.”

I used to work in banking, so I can understand a little bit as to why it’s taking so long for Chase to get back to her. It’s a bureaucratic system. It was in 2008 and it still is today. But what’s different about this situation now versus then is social media.

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Shannyn called upon her Facebook family to take up arms and help her reach out to Chase and Bank of America and get the banks to talk to one another. Her dream is on the line, her down payment is on the line – what else could she do after trying everything else first?

Now, it’s no longer a back office issue, it’s a brand issue being discussed on social media.

Facebook has rallied behind her.

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Now that the comments have been made on a very public forum, we wait for Chase to respond to her. Likes on comments came in within seconds. Others began posting too. Someone had even already complained about a credit card issue they’d been having with Chase!

The clock was ticking against Chase, and they responded within the hour…to me.

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As a good citizen, I responded that I would, and passed the message along to my friend. I have yet to hear from Shannyn if Chase got it together and resolved the issue.

Aside from the fraud issue, and back-end customer service problems, Shannyn’s experience on the front end in retail Chase stores was great and her local branch manager was helpful and donated much of her time in helping her find a solution that wouldn’t cost her the home of her dreams.

So what did we learn from this situation?

Your brand being on social media is both an outlet for customer appreciation and venting. You will experience angry, distraught, and upset customers along your social media journey and how you respond (and how quickly) will factor into your brand’s reputation and overall success in helping your customers feel confident in your brand.

Social media is a powerful tool that can strengthen you. How will you utilize it?

 

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