Hundreds of Flagstar customers leaving for greener pastures

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FORT WAYNE, Ind. (Fort Wayne’s NBC) — Hundreds of people are taking their business elsewhere because of the headaches they’ve experienced with the new Flagstar banks in town.
“When people’s money is in question, they’re going to be very intolerant of anything less than perfection,” says Asher Agency’s Anthony Juliano.
Juliano is an expert on brand management and social media.
He says the technical and customer service hiccups new Flagstar Bank customers are experiencing are prompting them to move to other places, even though Flagstar is scrambling to make things right.
“The CEO coming to town, the CEO taking ownership of it, sharing his personal email address, that’s a very difficult thing to do. But I applaud that because it shows that he’s committed to fixing the problem however he can,” Juliano says.
However, he thinks for many people, the ship has sailed.
Wells Fargo, now Flagstar in the region, used to be the number one financial institution in terms of volume.
While it’s not known how many former Wells Fargo customers have moved their accounts elsewhere, hundreds have already flocked to the number two in the market, 3Rivers Credit Union, which had a plan to attract those customers.
“Initially we had limited the $300 incentive to the first 300 customers from Wells Fargo and Flagstar. But as a result of the conversion on Monday and the high impact of customers who are now looking for a new financial institution, we have extended that offer,” says 3Rivers’ Melissa Shaw.
It’s a common practice Flagstar’s CEO touched on when he sat down with us.
“It’s not unusual. Not because of the difficulties we’ve had, but it’s not unusual when a new bank takes over another bank for competitors to attempt to lure customers to their company. That’s totally understandable,” Alessandro DiNello said.
3Rivers executives continue to monitor how many people open accounts, and will decide later when to end that specific promotion.
Other banks are also offering incentives for customers wanting to make the switch.
It remains to be seen how many people will take advantage of those offers.

Corinne Rose

Corinne Rose

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