Golden 1: breaking customer expectations

Want to ruin a customer relationship before it even starts? Take your process for signing up new customers and disappoint them at every turn.

I’m shopping for a new car and looked at a few rates from local credit unions. The Golden 1 advertises locally about their great rates and service, so I decided to give them a try.

After filling out the multi-page application, I got an email confirmation back and discovered that in contrast to most other banks that give instant approvals on auto loans, The Golden One promises a decision within 24-72 hours. That’s annoying, considering I’d found a car I liked and now need to sit around and wait.

The next day, I get an email back from customer service explaining that I need a bank account with them before they can even process my loan. What? They couldn’t have explained that to me before I started the whole process?

I replied to the email and expressed my disappointment.

Why not tell me that before I fill out the loan app? Your site says “Membership in the Golden 1 Credit Union is required prior to funding your loan.” Note that it says “funding” not “processing.”

The loan app is a new customer’s first experience with you. And you’ve failed to deliver an experience that leaves me excited about the company.

Most financial institutions promise instant approval on loans — that’s the norm and what the customer expects. It wasn’t until after I completed the loan app that I’m told it’s going to take at least 24 hours to get a response. First disappointment there. When the response does come, it’s another disappointment. I have to jump through another hoop to even get a response on the loan.

Within a few hours, Emily Summers in customer service replied.

The website states the following: If you are not yet a Golden 1 member, you can still apply for a loan; however, before we can process the application, you will need to become a member.

She followed this up with a description of how to print out an account app and mail it in. Then she helpfully included the link to the page that the above quote comes from.

Great idea. Take a customer who expressed annoyance with you and call them a liar. That’s sure to make things better. I replied with the screenshot below, showing exactly what the first page of their loan application says.

Nice going. Now I’ve gone from slightly irritated about the process to angry.