Wells Fargo: the perfect example of how NOT to run your business

Ever heard of the phrase, "You're getting too big for your britches"? Well, that's what Wells Fargo has become. An over-inflated, self-important and self-serving excuse for a bank that has removed itself so far from the actual wants and needs of it's customers that it has failed to realize OTHER OPTIONS are popping up like weeds, all around them.

While, I speak only for myself and my personal experience, it certainly didn't take me long to find others who felt similarly about the banking giant as I do. In fact, I haven't yet heard or read anything POSITIVE about this bank. But I digress...

I've had my beefs with Wells Fargo, ever since I started banking with them, nearly 10 years ago, as my husband and I embarked on our new married life together. But this one finally takes the cake. Yesterday, I received an email (an EMAIL, not a formal letter or a phone call, but an EMAIL that could easily have been dismissed for spam), advising me to log into my account to view new changes to the terms of my free checking account. I'm just glad I didn't ignore it, thinking it was an updated privacy policy or something irrelevant to my daily life. What I discovered, conveniently hidden in tiny text on page 2 of the document, was that beginning September 12, 2011, my two free checking accounts were going to each be charged a $7 monthly fee unless I took advantage of 2 "convenient" options (or so the representative on the phone tried to sell it to me, when I called to demand an explanation):

Option 1: maintain a minimum DAILY balance of $1500. Um, sorry, but what is the POINT of having a checking account if you're not allowed to spend any of the money in it??? Balances like that belong in SAVINGS accounts, which I already have.

Option 2: Set up a monthly direct deposit of $500. Sorry, not going to happen. I only use these 2 checking accounts to keep money separate, as needed, from my main 'Complete Advantage' checking account, into which most of my money flows and goes.

When I called to ask why all of the sudden, after years and years, I was being charged for the use of these 2 additional accounts, I was given a sob story about how the government was limiting fees on what the bank could charge elsewhere and so they had no choice but to make up for it by charging fees on formerly free checking accounts. I countered that that was ridiculous and that I was sure I could find plenty of other banks willing to offer me free checking if Wells Fargo no longer wanted to. The lady on the phone practically laughed in my face and said that she was sure all the other banks out there were eliminating free checking to make up for the 'hardships' imposed by the government.

So, I put out a call for help on Facebook: 'Need a new bank that offers free checking' (summary). In less than an hour, I had 6 (WAIT! Make that 7) different suggestions from trusted friends. Not so difficult as you thought, Wells Fargo. Did you forget that your customers can read, write and know how to use the internet?

I also asked them, why I was NOT being charged for my main checking account. Their response was that I had a credit line, a savings account and a mortgage attached to it, which enabled them to waive the monthly fee. So, instead of realizing that I am a customer who does A LOT of business with them, and should be allowed to keep the 2 extra checking accounts for free, as a convenience, they have decided that it makes more business sense to risk losing it all over a mere $14 a month? I don't know what business school the person in charge of this sound financial decision went to, but I'm willing to bet he passed with Cs and Ds.

With SO many other options out there, I REFUSE to pay even $1 a month in extra fees because I DON'T HAVE TO! Wells Fargo has absolutely NO hold over me. There is NO incentive to stick with them for ANY of my financial transactions, when I can get so many better deals elsewhere.

When I called them back to tell them just how many other options I had come up with in less than an hour, the representative was speechless. What was I looking for?

-Free Checking (check)
-Online Banking (check)

Not so hard to find after all, Wells Fargo. I'll have you know that I am a business person too, and although I may operate on a significantly smaller scale than you do, I at least know how to KEEP my customers. It's really not hard:

-Don't charge ridiculous fees for things customers can get elsewhere for free.

-Don't forget you have to WORK for customer loyalty. People aren't stupid. Why should they PAY to stick with you and be treated as inferior idiots when other institutions are falling over themselves to take their business away from you?

I swear, every time I turn around, there is a new bank popping up on a street corner somewhere in my city. I see ads on TV all the time, offering FREE checking (imagine that). But, I guess when your head gets THAT big, Wells Fargo, it starts to affect your vision. And I, for one, have no more desire to do business with a financial institution that doesn't appreciate me and to whom, I appear merely as an annoying little ant way down below whom you will deign to continue to do business with for an extra fee. No thanks and good riddance.

New Fall Wedding Color Trends: Plum & Chocolate

I was so thrilled to discover that my Plum Dahlia Wedding Invitations had been featured on Indie Bride today. LOVE the color combo!

I'm in Love!

(photo by Elizabeth Anne Designs)

Hazards of my job as an invitation designer: Would LOVE me a slice of this beautiful (and hopefully delicious) white-on-white wedding cake RIGHT NOW!!! *rifles through cupboards for any available junk food*

Holy Butterflies!

Today, I happily stumbled upon Real Butterfly Gifts etsy shop and before I knew it, I had spent nearly an hour, marveling at the beautiful specimens from all over the world. They have other insects too, but I loved the butterflies the best. The color and the detail evident in God's creations simply cannot be matched. And the artist in me is nearly moved to tears, by the majesty of it all. Here are some of my favorites.

Blue Morpho Butterflies from Peru and Brazil

White Rice Paper Butterfly from Indonesia

Catagramma Butterfly from Peru

Green Philaethria Dido from Peru

Mother of Pearl Morpho Butterfly from Peru

Peacock Butterfly from Europe

The Customer is UN-Happy: What to do?

It happens. Sometimes, despite your best efforts, for an endless array of reasons, (some valid and some not) the customer is NOT pleased with their order wants you to know it!

Based on experience, here's what I recommend:

1) Calm down. Take a walk. Make dinner. Watch some TV. Whatever gets your mind OFF the problem for at least an hour. But, whatever you do, do NOT react immediately.

2) Re-evaluate. When you are ready to deal with the problem as a BUSINESS matter (and not a personal one), go back and read their comment/feedback/email several times. Make sure you understand exactly what it is they are unhappy about.

3) Think like the customer. What would YOU expect a business to do for YOU, if roles were reversed. Realize that, no matter who you feel is "right" and who is "wrong" in the situation, if the customer is disappointed with their purchase, they are entitled to their feelings. Period.

4) Think beyond the problem. Try to see how this could be a good thing for business, long-term. Have they brought up an issue that you were not aware of before and now have a chance to remedy? If so, be grateful. You may never know how many other customers did NOT voice their disappointment (but also never returned to your shop).

5) Contact the customer. Say you are very sorry to hear they were disappointed with their purchase (this does NOT necessarily mean that you are admitting blame - it just lets them know that you DO care about their feelings).

Thank them (yes, thank them!) for bringing the issue to your attention and let them know that you are going to look into it future business purposes. Think about it. Who doesn't like to feel that they are contributing to a greater good? I guarantee your thanking them for their complaint will knock them completely off guard - in a good way.

Finally, ask the customer how you can make it up to them. I like to offer free product or a replacement as the first line of defense, since it's less of a monetary hit for my business. But, if necessary I will refund. Funnily enough, I've never actually had an unhappy customer outright ask for refund - most are satisfied with free product and a few have told me it's not necessary - they just wanted me to be aware of the situation. I've even had some of these customers leave positive feedback, praising me for my "professionalism" in handling the situation.

Above all, don't allow a setback like this to get you down for too long. You may feel like a failure for a day, but realize that it will pass. It is an opportunity for growth. Nothing else.

Quick Tip: Do Less Make More

Want to know how to make more money by doing less? Don't be alarmed. This is not one of those "work at home and make zillions" scams. It's a very simple concept, actually. It's about changing the "perceived value" of a product or service so that you can charge more, without increasing inventory costs or production time.

For instance, this year I started designing and selling wedding invitations. I use the same paper to print my invitations as I do for my note card sets. The wedding invitations use about 25% LESS paper than the cards do, yet I have them priced at 40% MORE per piece than the cards. And they SELL. Very well, I might add.

There are a few things I attribute to this success model:

1) The invitations are a unique design that you can't get anywhere else.

2) I offer customization options and a level of personal service that is simply not an option with the "bigger" companies.

3) My prices are very competitive compared to similar invitations found elsewhere.

4) Wedding Invitations have a built-in higher perceived value (in the customers' eyes) due to the nature of their importance.

5) It takes me less time per piece to actually make the invitations (as opposed to the cards) and so I'm able to put that extra time savings to use elsewhere - designing new products, taking more orders, etc.

It's that simple. Think about it. How can YOU "do less and make more" too?

Among the Flowers in the Breeze

It is "high summer" and for the past several weeks, I've been a little distracted when driving by billowing patches of Queen Anne's Lace flowers that have cropped up on roadsides all over town. I love the way they just seem to float above the ground.

(photo courtesy of Wedding Guide Chicago magazine)

A few nights ago, when perusing a new bridal magazine for invitation design ideas, I came across this photo and something clicked.

So, today, I decided to brave the 90 degree heat and humidity to wander about with my camera and get some inspirational shots. I wasn't aiming for amazing photos, but rather those that I could take back home and use as the seeds for a new piece of art. Unfortunately, Queen Anne's Lace only seems to grow by the side of the busiest roads, so I had to endure being a bit of a spectacle as I knelt in the grass in varying awkward positions to get the job done (one car honked!).

(mockup of the idea board in my brain)

Even with my not-so-cutting edge digital camera, I was able to get some fairly detailed photos (despite the fact that the breeze kept blowing the darned things all over the place), so I am pleased. I'm envisioning silhouettes of white flowers on green (for Spring and Summer!) and chocolate (for Autumn) backgrounds. Now the real work begins...

Just another day in the life of this designer.