Hmmm ... a chief executive who did the right thing only AFTER his malfeasance went public. I can think of at least 51 of his peers who would think he deserves to be let off Scott-free.
288
No good deed goes unpunished
101
It's ALWAYS "this is not who we are" AFTER they get called on who they are.
331
Don't you think the "Update" at the end should now go at the top of the story or at least do a follow up story on the CEO's response?
59
I hope there is a follow up story for this.
124
Thank the gods for you Mr. Kristof, and your wife.
Without your clout in the media, YES, that MEDIA, We The People, would have no where to turn.
I know that you will continue to stand up for the abused/disrespected/forgotten Americans -- the real people like Ms. James, that make this Country Great.
We all need to get out in the streets and shame those who work only to denigrate and cheat us.
137
It is pathetic that it takes an article publicizing the situation for the bank and the CEO to respopnd. It is hard to believe that their is a conscience effort to right the situation being exhibited here; only the need to manage and limit bad publicity.
105
Many of us face intransigence of bank officers and others all the time. We also face a judiciary without a conscience as well as noted in the story in today's NYT about the woman sentenced to prison for 90 day because of a $110 bill. She has cancer and must start treatment immediately at Hershey Medical Center. The judge was unmoved but now the Lt. Governor of PA is involved and we may see some action. It's disgusting.
Recently I made a payment to Yamaha Motor Finance and they started charging me $38 per transaction because they said it was a day late. We subsequently found out they received it on time but held the check for up to 10 days because of an incorrect number on the account. All they had to do was call! I'm going to pay them off and have nothing to do with them again. Oh, by the way, they told another lie. There is no such thing as Yamaha Motor Finance. There is Web Bank. They make the rules. They had my name address and phone and my good check. No excuse.
And on top of that Synchrony Bank, who manages credit accounts for Loews refused my check for over $2400 because they claimed the account (which had the right numbers on it) didn't exist. So they returned my payment to Wells Fargo. No one knows what was happening but they told me, quite literally, that I am a very senile senior. Wells Fargo was nice and helped us get the money to them. I'm real senile. I have at least five 7 digit savings and retirement accounts. People just have a bad case of no brains.
54
I know these types of people at US Bank. I've worked in financial services for 30 years in both the sell side and buy side. The leaders of these type of companies and the wannabes are pure evil. They have the worst possible characteristics of the human race. It's a poisonous atmosphere dominated by greed & power. At first the glamorous life you see on Wall St is something that I wanted to attain, but it comes at a cost which I wasn't willing to give up, my humanity. Thank God my wife to be came along and saved me.
You really have no idea what it's like on the inside of these financial firms. I was in IT. I worked with Trading and Portfolio management for my entire tenure. When I say that I felt dirty, the only thing that I can think that would be close to what I felt was being repeatedly raped day in and day out. It was horrible.
They're very Trump like in their behavior. They say all the right things, but their actions are totally the opposite.
I'm very good at my profession and I regret helping the rich get richer, but the gods have smiled upon me and are letting me atone for my sins. ;-)
Nowadays, I get to help the not so fortunate and I feel good about myself each and everyday.
133
Thank you for writing this article. This kind of outrageous corporate behavior needs to be exposed. Shame on them!
76
Who wrote this story, Dickens?
If the poor guy was living paycheck to paycheck, and deposited his earnings in the bank, what kind of an idiotic Scrooge would put the bank’s minuscule overnight rate gain on $1080 ahead of the value of a customer?
There are a few possibilities:
This particular bank has an abnormally high number of payroll checks bouncing when they’re presented to the issuing bank.
Someone in the bank is profiting by temporarily diverting deposited funds and before crediting them to the bank, eg, a rolling embezzlement scheme.
US Bank only grudgingly accepts consumer DDA accounts to avoid being shut down by regulators and as a result treats them badly as it concentrates on earnings for its shareholders from larger commercial accounts.
The bankers are too stupid to see the pennies they can bilk out of the depositors’ paycheck hold are less than the dollars it costs to attract a replacement customer; IOW, they cannot tell larger from smaller.
The bank made up a set of rules without considering all the possible consequences and provided no way to circumvent the SOP even when it was in their own interest.
Bank management is not just mean and heartless, but dumb - and can’t even recognize the value of its best employees.
This could be just an unhappy aberration but it sounds like a deeply dysfunctional management system with inadequate oversight.
89
Does this story sound like a Frank Capra movie that will be perennially popular on TV around Christmastime? All it needs is a cute angel, perhaps one of the emotional support dogs...
18
Just canceled my USBank credit card.
191
So, I am waiting for the other shoe to drop. Did Cecere hire James and her supervisor back, pay them any missed wages and give them a small bonus for going the extra mile for a customer?
If he did not, another article about the duplicity of Cecere and U.S, Bank almost writes itself!
134
James should get a seat on the board of U.S. Bank. CEO Cecere should be put on probation.
52
If that update from Mr Kristof hasn’t been posted, I would have closed by BoA account tomorrow morning. I hope the entire BoA team reads every single comment on this story and takes it to heart.
24
Thanks for this column.
Hopefully other cold-hearted CEOs and stupid companies will see this as a lesson learned.
27
This reminds me of a 2012 study that shows that wealth literally makes you mean:
https://www.scientificamerican.com/article/how-wealth-reduces-compassion/
#richguilt
34
Waiting three days for a deposit to clear and funds to become available is sooooooooo yesterday. Most of these deposits are electronic, and verification is instant.
I get that banks need to protect themselves, but c’mon man.......
75
At least Cerere knows shame, but only because of your clout and reach!
34
Good job, Kristof. Seems like you got results, and (more importantly) scared some other jerks into behaving like human beings.
30
Mr. Kristof-- I hope that you will do a follow up on this story and let us know if Mr. Cecere really does "fix this".
59
"...On Christmas Eve..." Anyone remember "A Christmas Carol"?! Talk about no good deed goes unpunished... Is there no shame at all?
18
As a member of the Recreational Equipment, Inc. coop, I have their credit card which is issued by ... you guessed it, U.S. Bank, the villain in this story. I plan to complain to REI about this.
Should we have a Democratic Congress and President in 2021, we need a law passed to stop the “float” in this instant money transfer age.
56
Mr. Kristof, please do an update on this article. I'd like to know how Andrew Cecere, the C.E.O. of U.S. Bank, fixes this, as he promised. I work for a company that is a customer of US Bank and I will bring this to the attention of my CEO. Employees shouldn't be treated like this.
89
The first injustice here is that U.S. Bank held a $1,000 check for that long. The long-held tradition of holding large checks is supposed to protect the bank from check kiting. Since U.S. Bank is the 5th largest bank in the U.S., I'm guessing that a $1,000 bad check wouldn't really hurt the stockholders.
The second injustice is worthy, really, of a Les Miserables opera. Who fires someone with a kind heart? I mean, seriously, who does that?
The third injustice is the CEO's paycheck. His $14 million earnings works out to roughly $4,895 per HOUR. (For the math nerds at home: I assumed the CEO worked 55 hours per week. I know I sure as heck would work at least 55 hours a week if I was getting $14 million per year.)
The fourth injustice is that, in addition to lack of income, Ms. James now has zero health care.
Ahhh, what a lovely place our country has devolved to.
78
Well, US Bank, in order to move beyond this media nightmare and salvage what small modicum of credibility your brand has left, I would highly recommend you rehire Ms. James providing her lost wages, a promotion, huge raise, and bonus compensation. That's she's been reduced to selling plasma in order to support both she and her dogs for having done a good deed for a US Bank customer in desperate need of assistance is not something you want to be associated with. This too should apply to her manager, Ms. Abigail Gilbert, also dismissed.
43
Wow, I received a promotional mailer from US Bank with a decent CD rate. I was actually considering it.
No way, now.
47
Ah, but would he have "fixed" things if you hadn't written your national news article? Seems like the two regional news articles didn't faze him or float to his attention through the screen of assistants.
I've had occasion to write two CEO's over horrid behavior. Their solution was to have someone call me, either someone who couldn't read or someone who couldn't understand a simple declarative statement. Americans hate our corporate leaders because they behave like Trump and don't care a whit about the little people who made their firms powerhouses. We can have the last laugh: the store that couldn't deliver the "guaranteed delivery in three days!" in three months just closed in my town and the financial services firm I had my retirement funds with for 35 years was rolled out of my equation.
Vote with your feet!
27
US Bank received hundreds of millions in rescue funds from taxpayers like Marc Eugenio and Emily James who we’re never made whole.
I am closing my US Bank accounts come Monday morning.
69
Doing the right thing only after bad publicity is akin to doing nothing at all. Actually, it's worse - it's a second missed opportunity to do the right thing. Shame on you, US Bank and Andrew Cecere. These things matter.
42
"Our Policies & Procedures Manual explicitly states that we discourage and frown on any showing of compassion or humanity." Ralph L Seifer, Long Beach, California.
23
I wish I had an account at that bank so I could cancel it.
40
If my money was at this bank after hearing this story I would pull it all out ASAP. This is extremely unnecessary. I understand there are rules but then there must be common sense and decency. If you have your money at this bank I urge you to go elsewhere.
17
Now this is what I call power of the free press! I'm glad you stepped up to help this young woman, sir.
21
Any explanation why the bank put a hold on the paycheck in the first place?
Unfortunately these things happen all too often, we just don't hear about them. It should not take a Mr Kristof and bad publicity to rectify something that never should have happened in the first place.
16
Why don't we all send a letter to:
Andy Cecere, CEO
US Bank
1400 WEST 94TH STREET, , BLOOMINGTON, MN, 55431.
51
I am a senior citizen ,and retired for 12 years . The capital my wife and i saved for this portion of our lives will NEVER see the inside of US bank . What a disgrace i see from " this side of the fence"
22
Today looks a lot like 110 years ago with robber barons and heartless corporations. About what I’d expect from US Bank. Most of the big banks today are not pro consumer.
20
I'm thinking that all customers who have accounts at U.S. Bank should consider whether they want this heartless CEO to continue to profit off their accounts.
26
Great companies always encourage their employees to go above and beyond. US Bank is not a great or even a good company. Cecere should donate some large portion of his ridiculous salary to charities that help people in the same position as this customer and this heroic employee. Most Americans are a single paycheck away from homelessness. All the while this creep earns $14MM. That board needs and ethics and a common sense committee.
30
Often when I log into my U.S. Bank account online, I am greeted on the home page with the boast, “Voted One of the Most Ethical Corporations in the U.S. for the nth Year in a Row.” Great. Prove it. (And I wish that lady at my branch would return my calls to tell me how to negotiate those bonds for my wife.)
27
One should question why the bank put the "hold" on Mr. Eugenio's paycheck in the first place.
If there's any category of deposits most likely to clear, payroll deposits would fall within this tier--especially since the bank knows the provenance and history of such overtly reliable deposits.
And experience tells me that most banks would make funds available to the customer based on their payroll deposit.
So what gives here??
Could it be that sitting on a customer's payroll deposit may serve to enhance or favorably massage what's known as the bank's "float?"
It's a murky, even artful, part of the banking process, but where Fed regulations are concerned, leveraging the float may create a more favorable impression of the bank's financials during a given window of time.
So, could it be the bank was taking credit for Mr. Eugenio's deposit, even as it was freezing the use of his hard-earned proceeds? All for the sake of window-dressing the financials, or was there some plainly arbitrary reason that someone thought it was a good idea to delay a customer's access to his earnings proceeds during the holidays? Dickens anyone?? Bah, humbug!!
I don't know . . . I'm just saying . . .
Go Emily James for acting on her keen sense of fair play and justice, and go Nicholas Kristof for making waves on this!!
30
Well Fargo has proved itself to be run and controlled by terrible people over the years and now US Bank is joining how big banks are really run. as our President said(referring to some big lenders/banks. they are not nice people.
15
I am selling my stock in this company as soon as I can when the market opens on Monday.
33
I have a credit card with US Bank. I’m canceling it this week.
35
I certainly wouldn't do business with US Bank. That is for darn sure.
20
A fish rots from the head down. I work at a large bank that fires without cause, those who speak up or call the ethics line are terminated. This is American capitalism. Until there is someone in the White Housr and ALL of the GOP members of Congress are removed, it will be business as usual, no matter how many mea culpas are uttered by the obscenely overpaid CEOs.
41
I have been a customer of US Bank for over 40 years and this story is appalling! I hope you can report if US Bank took steps to right this wrong. If they do not I will move my business to another bank. I still have the right to take my business elsewhere and perhaps that may wake up those in power who are intoxicated by profit at the expense of others.
33
Kristof is consistently the best. Whether traveling in the US or around the world to educate us about those in need and important social causes and issues, or, helping us to know how we can be of help and take action, he is a principled moral guiding light.
19
Thank you for printing this. We can only hope that this bank somehow makes amends and that the employees involved are made whole (or more).
8
Yet another story of the perversion and inversion of “American values”. From a distance it surely looks like your country has lost it’s way.
I can only hope the the Bank will yet redeem itself - even if such is only done in pursuit of its own economic self interests.
13
Cecere needs to be fired ASAP.
Neither banks ,nor The People, can afford to have a mean Mr. Henry F. Potter --see the film classic, "It's A Wonderful Life"-- running U.S. Bank.
Emily James is a real life George Bailey--Come on Oregon, can't someone give her a job, and them immediately give her a raise!
Ms. James stands for democracy at her finest. And her financial predicament shows the tragic death spiral of the middle class. America is in deep, deep trouble.
Thank you, Nicholas Kristof --your compassion is very much appreciated.
23
No good deed goes unnoticed. Emily James has been getting a lot of well deserved wonderful publicity. There is a Good Samaritan out there who will reward her selflessness. She is bound to find employment at a much better company and with greater pay. It is encouraging that she has so many people on her side. Something good will come out of this injustice. It always does.
10
I worked for US Bank and it’s holding company, US Bancorp, for 24 years. In the early days of my tenure, I was proud to be an employee of an ethical organization. In the 1970s, the bank employed a large segment of Oregon’s workforce. If one worked hard, we were rewarded for that dedication. We also truly enjoyed our careers.
Unfortunately, in the mid-1980s, with attrition of certain members of the company’s top brass, did employees begin to experience inklings of greed invading the corporate culture. Gradually, the company’s executives and directors began priming the company for takeover.
Finally, in 1997, it happened. US Bancorp was acquired by the virtually unknown, First Bank System, of Minneapolis. Sadly, FBS destroyed the stellar reputation of what was once an upstanding financial institution. It wasn’t long before customers had had enough of the bank’s vile practices and reacted by closing accounts en masse. No longer able to stomach working for a corrupt organization, I quit, two months shy of my 25th anniversary.
This merger is a prime example of the evolution of corporate greed and corruption in the US banking system, at both customers’ and employees’ expense.
Sadly, too, the annihilation of human civility and all decency.
32
Cecere is only sorry because we found out about what happened. He most certainly wasn’t sorry about the incident before it became public. This is the heart and soul of corporate greed.
38
It sounds like kindness is not part of corporate America. Capitalism is only good if it tries to help everyone. Caring and kindness, what the world needs.
9
Kristof is right to highlight this egregious example of corporate small-minded meanness. Please follow up with the exact remedy the CEO provides both to Ms. James and to the corporate regulations which allowed this to happen. Don't let him get away with a whitewash.
13
Regarding the update where Mr. Cecere "accepted ownership of when wrong." I would be very interested to know how he "fixed" the problem, since that would entail much more than just giving Emily James and Abigail Gilbert, back their jobs. It seeming require the bank to change their policy about not giving people access to the full amount of their payroll checks when deposited. With electronic transactions, that means while the customer is still at the counter. It also means that bank representatives will not be able to lie to customers. It means that banks will give up the interest they now gain by delaying deposits. Yes, I will be very interested in how he "fixes the problem(s)." Please press for his actions and publish them.
39
I hope that Ms. James gets a good, secure job offer from one of the other places that, after hearing about her, said she's the kind of employee they want. I hope that she then sues US Bank for wrongful termination and gets a hefty settlement out of them. Since money is all that US Bank's soulless CEO cares about, he should get the blame for the bank having to pay the settlement. And maybe the bank can claw back some of his millions in bonuses. Wouldn't that be a pretty picture.
18
I guess the most effective way I can express to U.S. Bank the outrage I feel regarding their policies, decision making process, and their overall lack of even a scintilla of empathy to not only their customers but also their employees is to stop doing any business with them going forward.
I guess the election starts early for me; I'll be voting with my feet.
14
hello all,
i live part of the year in Sarnano,Italy, a small hilltown in the province of Le Marche.
Last year, i lost my purse with my us debit cards and my euro cash. I had nothing in my Italian bank. I asked the assistant manager in my small one bank town. I told her it would take over a week to get cash. Without asking and no delay, she took 50 euros from her purse and said, take this until you get your new cards. She did not ask anyone, she just offered.
Would that happen anywhere in the us or canada where i live the rest of the year? i don't think so.
I was so impressed, and it was such an obvious difference in culture.
35
True to my pen name, I see another side. What if the caller was ruse by some bad guys to kidnap the bank employee and hold the bank to ransom, knowing that the bank would pay in order to avoid adverse publicity? I think they could have found a way to help the caller without personally meeting him. Say, by having an Uber driver deliver the money?
4
Thanks to Mr. Kristof and to Ms. James for being real in an unreal world.
However, on that poll, socialism vs. capitalism, I'm not absolutely sure that young people understand either term and as a binary choice, that's confusing.
Certainly I see and hear young people embrace social responsibility, which obviously is not the same thing as socialism, but applies better here.
Personally, I like capitalism with strong regulation to curb its excesses.
5
Thank you, Nicholas, for letting us know just how mean spirited this bank really is. Holding a person's paycheck for more than 24 hours is unnecessary and just wrong. I will never do business with U.S. Bank.
12
It is a shame it takes an article by Nicholas Kristof to urge the CEO of US Bank to do the right thing. I'm moving into a new building soon that has a regional bank on the first floor; may end my 17 year relationship with US Bank and go for the one literally downstairs.
25
Credit unions are the best option for individuals. No or low fees and they are community-based (and usually affiliated with a large bank for specialized needs like wire transfers). So much better than banks in so many ways.
21
How many similar stories do not make the press and force business to try and make things right. I would suggest millions. Capitalist wonder if they have gone too far. The answer is yes, the only question is do we do something about it. This is why rich people hate government and regulations.
6
Except it IS who you are, Mr. Cesare, if it took a high profile New York Times columnist to wring this apology from you.
46
Another reason to find a credit union and ditch these mega-banks. You'll save yourself some money too.
29
Can we have Nick on call for all our problems? Perhaps you could clone him or at least make this type of column a regular feature. I have a good title:
"How the Corporate Reich is not working for America."
14
So Mr. Cecere claims that this incident "isn't who we are." It's exactly who they are- an arrogant bureaucracy that answers to no one and has lost it's way (if it ever had one). If this story hadn't reached the Times, and it's millions of subscribers, Ms. James would soon be found dead from blood loss on the street, U.S. Bank having sucked her dry.
The employees being empowered to do the right thing is ad slogan that tested well when a P.R. agency thought it up.
35
Doing the right thing for most people is usually instinctive, but the avaricious capitalist system forces our legislators and heads of corporations to think counter intuitively.
8
Your article is very timely for me. Recently I created a new award as part of an endowment I established in my parents' name at my alma mater. While I didn't pursue the ROTC program I was interested in recognizing qualities that are not normally associated with young officers, our future leaders. The endowment recognizes academic excellence and leadership among the cadets, but the new award is specifically for examples of resilience, reliability, resourcefulness and most importantly, kindness. I instructed the cadre to select one cadet that has all four with an emphasis on kindness. This is not an easy task. Anybody can be nice, but kindness is a different quality that is not given the credit it deserves in society today, if ever. Certainly we hear feel good stories about kind people and gestures but it isn't a quality that is shouted from the ramparts so to speak in formal settings. The relatively easy to gauge metrics of grades and examples of leadership in group settings are well established. I wanted to acknowledge and recognize a cadet that has qualities not heretofore associated with leaders. Perhaps in my small way I can shine a light on kindness which is another way of doing the right thing at the right time.
17
The signature lame, lying, signature excuse of the 21st century so far: "It's not who we/I are/am." Except it is who you are, until you get exposed and/or caught in the act. Please somebody explore the existential implications of none of us being who we are, which leads to the question: if we're not us, then who is?
29
One of my favorite is “He’s not a bad kid, girl, person. “ well then why did he kill somebody, steal, attack, etc. ? Yes they are bad people! Doing bad things
5
How different is this excuse from, “I was only following orders.”
9
Expressed concern and reinstatement are not the same thing.
21
I do not think she should have been fired under the circumstances as described in the piece. However, I also believe companies have a right to insist on employees adhering to their internal policies as long as these policies do not violate the law. In this case the amounts were rather small, the risk minimal, and the compassion of the employee understandable. But you could extrapolate to other situations where the amount of money was far greater and the risk accordingly higher.
3
Well, in those situations, the employees can then use their judgement and act accordingly to the risk. Here, the amount of “justifications” that corporations make up to cover their behinds is part of the problem. That employee who lied about the availability of the money should have been the one fired.
9
Shades of Mike Royko! Give ‘em hell, Mr. Kristof.
20
Loved Mike Ryoko! They don’t make them like him anymore...funny! But hits the target each time
7
The real face of capitalism. Face up to it. We live in Trumpland. Trump and Bush et al say be glad there is a market for your blood. And we live in Trumpland because all politicians have screwed the workers and unions for the past 50 years.
Democrats stop saying Republican Senators are ignoring the truth. You are just as bad. Go sell your blood and give it to the fired employee and her fired supervisor. You all helped create this toxic profit culture and never provided a safety net for the casualties.
Complain about China, Russia et al but fix your own house too.
14
Many years ago, when I was just starting out after college, I worked for a department store> US Bank was across the street and convenient, so I had an account there. This was long before internet access allowed customers to micromanage their accounts.
One day, after having deposited my paycheck at least a week earlier, I a check I wrote came back as having insufficient funds. Then, another check came back with the same message and I was totally baffled, so I went in on my lunch hour, thinking I could straighten it out pretty quickly with my pay stub and deposit slip.
Nope. It took me 5 lunch hours and suffering numerous fools before they FINALLY admitted that my paycheck had erroneously been re-deposited into the department store's account.
The only "apology" I got was an agreement to take off the exhorbitant charges. I made them write letters that I sent to the places suffering my bounced checks, but even that took some doing.
I closed my US Bank account, convenience-be-damned, and never went back. It was a nightmare of their making and their customer service was incredibly rude and patronizing.
51
A few years back I was in a Southwest flight from Newark to Denver that went tech.
The gate agent did such a masterful job of dealing with the situation he actually had the passengers clapping when he announced further delays! Eventually we changed planes and he lead us through the terminal like the pied piper. When he said good bye at the door of the second plane it was like a rock start taking a bow. I have done a lot of flying and have never ever seen anything like this. It was a love fest !
A few weeks later I caught up with him in Newark and told him he did a great job. We had a nice chat and he told me " The one thing you will never ever ever get in trouble for at southwest is doing the right thing by the customer"
I don't think it is a coincidence that Southwest makes a lot of money ! Herb always said look after the staff, they will look after the customers and the customers will look after the share holders.
32
If all that do-goodery takes more than a quarter to filter down, it doesn’t count.
Ok. Here is the unpopular counterpoint.
The rule that U.S. Bank was enforcing in firing its two employees was not one born out of greed or saving money. It was one designed to protect the safety of it employees and was in frankness not an unreasonable one nor one that is not similar to every other organization with a call center.
The employees knew the rule and broke it intentionally. Had Mr. Eugenio not been who he had said he was or harbored worse intentions, it could have been a terribly dangerous situation. When U.S. Bank heard of the situation, it had to make the decision to enforce the rule that applies to all other employees or create an exception because this situation turned out ok.
While I get that their PR response was ham-handed at best, do we really want banks to start letting their employees meet with customers off-premise, one-on-one? Is that a safe situation that they should turn away from when the situation is heartwarming?
10
@JSD If the bank had released the paycheck immediately upon clearing, this would not have come up.
20
Give me a break. Their interest is purely monetarily. They care soooo much for their employees- they fire them. They had good if not excellent work records. A lot of thought went into the firing? No it was easy for the bosses.
17
@JSD
How about a meeting with HR in which she is told "you know that was dangerous don't you? Don't do it again." Then look into your policies to see how a situation like this might be resolved.
17
I understand why the bank would not want their call center employees to meet customers in person. What if she had been hurt/assaulted by this customer?
It seems it would’ve been much easier to give her or her supervisor the power to release a measly $20 to this man’s account.
21
Given that even a bank CEO can be embarrassed into promising a reversal of this sorry situation, it seems that the only institution that cannot be embarrassed Is the Trump Administration.
18
For Pete's sake. I used to feed "community cats" at my office. Most of the time I did it before and after work and on my lunch hour.
But when the time changed each fall, the cats didn't know about DST. They'd get out of sync and we'd lose track of some of them over the winter.
So I started going out around 3:30 every afternoon to feed them. (Also made it easier for me not to feed them in the dark.)
All the higher ups knew and so did the CEO. No one ever objected or said a word. (I did adjust my time -- took a shorter lunch hour.)
And this bank fired a woman for helping a stranded customer with no money to get home on Christmas Eve? And gave her no severance?
Unbelievable.
24
I hate the way banks put holds on checks, although I have also read of many scams where people returned money to a sender, only to learn that the check was fraudulent even after the bank cleared it. Ms James was wonderfully compassionate in this case. However, I am kinda siding with the bank on this one. I went through training years ago to be a crisis hotline volunteer. I never actually served as a volunteer, but I remember them drumming into us that we were never, ever to agree to meet a caller. No matter how serious the situation, no matter how trustworthy and sincere and distressed the caller sounds, you just don't know what their real motives are. It could be a setup, and the call center worker could be putting herself in danger by going to meet the caller. Perhaps her employer overreacted, but I understand why they considered it a violation of company policy. Maybe my distrust reflects badly on American culture, but I think that kind of caution is appropriate almost anywhere in the world, many places even more than here.
3
@Cliff
Yes, these protocols are put there for a reason. That doesn't change the fact that they could have given her a talking to, and that would have been sufficient for a valued employee. And after the fact, since she did not get attacked by the caller, or cheated, nor was the bank's security compromised in any way, she could have also been thanked for representing the bank so well. We are always supposed to use our common sense and decency. Nothing makes me more furious than to be met with an adherent of mindless bureaucracy instead of a thinking caring human being.
34
She was not a valued employee (though perhaps she should have been). The rep was a serf, a peon, a cog in the machine - anything but a valued person.
After all, she was not valued at $14 mil a year.
But then, WHO IS?
8
The banks are filled with morally bankrupt executives and managers. They know spreadsheets and incentive pay for the bottom line. Many of them, the wealth managers, aren’t even that good. My college educated boys have informed me that business school students are often the weaker students and learn this behavior early in the education.
16
This is horrifying. How can we help the bank employee?
12
Such a heart warming story.
This US corporate culture that maximizes profit at the expense of humanity is soul destroying. Why can't employees in US Bank get a bigger share of the CEO's 14 Million dollar salary? What is the logic behind the widely practiced "low wages for everybody at the bottom" renumeration practice? Why just one or two stingy weeks of vacation time off in a whole year?
Everyone in the country needs a support animal, you're certainly not getting support on the job.
In a modern economy, "check holds" are a business model for making money. My big bank in the US has a "Bill Pay" system that snail mails checks from my bank account to the payee's physical mailbox. It doesn't use bank to bank electronic transfer. I can't just type in the payee's bank account details and pay them from my account. It's so last 20 years ago by Australian standards. Though it does save me the envelope and the AUD 3.10 stamp, it doesn't get there much faster after I pop it in the mailbox at the corner.
7
The bank's behavior was inexcusable. It should be embarrassed. And let's hope the bank's CEO keeps his promise to `fix this.'
But there's something else here that's bothersome. And it concerns this column, not the bank.
This reader has an uncomfortable feeling that the author didn't want to waste a good story.
The `update', buried at the end of the column, provides the reaction from the bank one hoped for all along. The CEO was contrite, embarrassed and eager to make things right.
Did the column influence his reaction? Perhaps. But this is the digital age. There is no reason to bury the update. Sure, the print edition is on the street. But the online version could have - and should have - given the bank's latest response the position it deserved.
And this from a `Democratic socialist' in knots over the 2020 election.
4
@Liberty Apples
The position the update received -- at the very end of the article and in italics -- is about as prominent as it gets. Much more effective than burying this important bit of information in the main body of text.
15
I can't say I've EVER seen an update to a column that preceded the column. It does not change one iota the nature of the original story.
8
The article had already gone online by the time the CEO realized he had a nightmare on his hands. Once posted you don’t rewrite; you update...and that goes at the end. This isn’t Trump’s White House communications office.
16
I'm so pleased to see you're tackling problems that ordinary people at home are facing, Mr. Kristof. I'm not an emotional person, but it has brought tears to read your recent columns. This is exactly what we need.
We have Trump because so many ordinary people felt forgotten about--and they are justified to feel that way. For decades, the Democrats ignored them.
Anyway, thank you for using your power to do so much good.
7
As Kristof notes, Cecere claims "This is not who we are." This phrase is one we hear appallingly often these days. Some entity, corporate or governmental or political, gets caught red-handed trampling the rights and interests of some ordinary customer, citizen, or voter, and -- once caught -- sends out some official to announce "This is not who we are."
What they actually mean is, "This is exactly who we are, up until somebody catches us at it and goes public with it. Stay tuned for our next outrageous malfeasance."
44
A simultaneously heart-warming & heart-breaking story! Thanks Nicholas for bringing attention to this. But what's really frustrating is that it takes being highlighted in the NY Times for something to happen. If this story had not made it to the NY Times, would there have been a similarly contrite Andrew Cecere? Was this a heart-felt apology, or a result of being publicly shamed? Or did he truly not know it happened until the story came out publicly?
17
If you've ever seen "It's a Wonderful Life" you would understand that Ms. James saw herself as George Bailey, and Cecere/USB acted out Potter's role. Not a story about capitalism vs. socialism, but rather one about the extremes of giving and taking, and how giving when it's hard means so much more than taking when it's easy. The bank had no problem taking Eugenio's check. If I were him, I would find another bank, like the Bailey Building and Loan, and recommend it to all US Bank customers. This would have more meaningful results for USB's HR department.
15
Until US Bank replaces the CEO, we should all boycott their services. A shameful story. Thank you, Mr. Kristof, for sharing.
17
Thank you for this article. I hope both employees will be reinstated to their old positions. And of course they both deserve an official apology.
15
"I will fix this." Did he arrange to rehire her? Did he explain to the customer why the money in the paycheck was not available to the customer in a timely fashion? If he did not do any of these things, then he lied when he told the reporter that he "would fix this."
14
I'm a career coach and I'd like to help Emily James. On me.
I couldn't find her on LinkedIn. Can you provide me with her email? Thanks Nicholas, I'm always moved by your support of women.
21
Thanks for bringing this to incident to light, Nick. I am always happy to read your columns which tend to prioritize people and connect their struggles with ours. Keep it up, please!
13
Reading story after story like this, I am thankful to be self-employed for the last 33 years. Sure, I work long hours some days, my Social Security is 15.4 percent (I think), and I get no paid vacations, ( My husband was a school teacher and I had health insurance through him) , at least I have my dignity. And anytime I want to lend a helping hand to someone less fortunate, which i have done on may occasions, no one has the ability to dictate the terms. And I will remember to never to business with U.S. Bank.
21
@NICHOLS COURT
Being self-employed means the problem in the morning is in the mirror and it's there as well in the evening before bed.
After several decades of working for some great companies as well as really bad companies I've never been happier working for myself.
But don't think it's like that with everyone. In my industry, IT services, there's plenty who are just W2 wannabe's, eager to blame their failure to launch on anyone but themselves.
1
This is an interesting episode, but not surprising. We foreigners are fascinated with the US and wish the country well, as it has so often been such a positive force in the world. But, I have to say, having spent a year working in the States myself, that the place all too often comes across as being quite brutal and even authoritarian. During my visit I felt that there was quite an ugly tension not far below an apparently tranquil surface. I found the police, or, more accurately, the attitude towards the police, terrifying. Make sure you put your hands on the steering wheel when you’re pulled over - or else. God help you if you don’t conform. If you do act like a human and make a mistake, it won’t be forgotten. That great US novelist, Richard Yates, certainly had his finger on the pulse. Ironically, the US reminded this British visitor, of another place I visited briefly in my youth - the Soviet Union. Similarly alien, and similarly tense. The irony, of course, is that the US appears to be our model as we Brits seek a de facto 51st state status post-Brexit. I only hope that the NRA don’t have plans to expand on this side of the Atlantic. And I’m sure Trump will be gentle with us (!)
23
Thank you for your insightful comment. Having been a NY and CT resident all my life, I am very curious to know where you encountered the situations that reminded you of the Soviet Union. This is a startling observation to me. Could you give us a glimpse? What state? Which coast? Rural area or metropolis? Again, I am grateful for your words...
8
Bizarrely, I was in that most liberal of places, Northern California (N.B. my NYT name). One incident particularly shook me. During my year there I amassed dozens of books and sought to return them - free of charge - to the second-hand bookshop I had bought them. They were too heavy to take home, given my baggage allowance. The guy who owned the place was happy to take them off my hands, but he rejected certain books, those concerned with civil rights and people of color. He did this in an unpleasant, aggressive manner, and I was left upset by the incident, particularly given that I was’t exactly in Jim Crow territory. It certainly gave me pause for thought. Hopefully, he was an aberration; but I felt I was getting a glimpse of something ugly which went beyond this individual.
The gun obsession also bothered me. I was there when Sandy Hook took place. If the US can’t address this issue after the obscenity of tiny children being mown down with automatic weapons, it really is a strange place. The absence of a welfare state also made a deep impression. People clung on to their jobs in order to cling on to their health care. Individuals were invariably very friendly to me, don’t get me wrong, but I felt it politic not to express my unease at these flaws, given my foreigner status. In essence, I never felt more European than when I was in the US, given the EU’s social dimension and safety net. Ironic really, as the UK seeks to cut ties with the EU and strengthen ties with Trump.
16
You are correct in your observations. Tiny mistakes are met with huge, outsized inconveniences or punishment
8
Three years after the fact there is still a page on the US Bank website extolling the virtues of Andy Cecere when he was named C.E.O.
They need a new page with Andy publically apologising to the two employees who were fired instead of being praised. He should make a small gesture and donate 5% of that $14 million dollars he is paid every year to go into a fund matched by the company to help bail out customers they put in a bad situation due to the bank's greed. They can have another fund that pays rewards to employees who help bank customers on their own initiative which in turn helps the bank. Hey Andy, which do you think is more effective for company growth, employees who go out of their way to help a bank customer in need or a C.E.O. who acts like he is auditioning to play the lead role in the next Grinch Who Stole Christmas movie?
15
Long time US Bank customer. They have signs all over about being the most ethical bank. Not my experience. In this case their behavior was nauseating.
23
I represent clients against companies such as U.S. Bank. The story you tell is typical: an employee is targeted for dismissal, often because she shows that she is a human being, not a robot (alarms go off: “We don’t control her; what will she do next?”).
The employee is fired on a pretext after a phony HR investigation, and smeared as incompetent or a disciplinary problem. She either does not receive severance or, if the company is concerned that the circumstances of her dismissal may end up in Nick Kristof’s column in the NYT, is offered a miserably insufficient “severance package,” in return for which she must give up her legal rights, promise not to disparage the employer (a/k/a, truthfully state what happened to her) and keep both the circumstances of her termination and details of the severance package confidential.
U.S. Bank’s HR department messed up - they withheld the severance and did not get the confidentiality agreement. Therefore, U.S. Bank has been outed in the NYT.
Don’t believe one word of the phony apology. The Bank undoubtedly has done this before, to equally blameless employees, and will do it again - this time with the protective paperwork that present public exposure.
The answer is clear in Nick’s replies in “NYT Replies.” Without a unionized workforce, employer abuses will continue. Regulated capitalism, with unions at the table, works. Unregulated capitalism means donating your plasma for rent money.
39
Glad they're fixing this abomination! They own my mortgage and...I'd hate to switch to B of A...they're even worse! :-(
6
@Larry Saxxon and don’t forget about the ultimate scandal ridden bank , Wells Fargo. There The incidents of inhuman pressure on employees by corrupt , cold blooded management caused illegal account openings by said employees. Those bank retail marketing jobs are worse than death. Managers are usually back stabbing low life.
5
Ms James ought to replace Mr Cecere. I am sure she would accept as little as $1M per annum salary and save the bank over $13M a year. Win/win.
21
Best post yet!
3
Please Mr Kristoff, follow up on what the result is with this story. And let us know how we can contribute to Ms James and Ms Gilbert.
Thank you.
What a horrible person this Andrew Cacere is! I have never banked at US Bank, but will never, ever do so in the future. And will tell everyone I know not to either.
9
I closed my account at US Bank a couple of weeks ago. Nice local staff / totally hamstrung by the corporate culture. This article tells the story - good luck getting Cecere to show any connection to this spectacular customer service debacle.
A guy deposits $1020 from a paycheck on Xmas Eve and the bank won’t let him have a $200 of it?
Bah humbug - what a bunch of corporate a———s....
18
Even with elisions you are too kind.
3
Mr. Kristof, you will let us know when they "fix this?"
9
Please NYT, tell us what happens to the employees who got fired. Thanks.
10
Been with US Bank for 30 years but if this does not get properly resolved I will go to the trouble of moving my money elsewhere.
What horrible PR.
14
If a bank is going to put a deposit "on hold," the money shouldn't show up in the client's acct until it's actually available. Two advantages: 1] customers would know about the bank using their money and for how long, and maybe get angry enough to change banks. 2] Nobody could get scammed by the "deposit this check and send me some money for expenses" (or buy gift cards and give me the info). People lose thousands of dollars through these scams because the scammers know the check will show up in the scamee's acct even though the check doesn't clear.
1
@Maggie You missed the bigger point. That the man with the check was in desperate need of help and a compassionate person helped him. She was then punished for that. The article is not about the check not being available within a certain amount of time. It is about the severe lack of compassion of US Bank.
16
Hey, Mr. Kristof,
You will let us know the final outcome won't you, please?
7
I will look forward to another update reporting on exactly how Cecere “fixes it.” Probably by criticizing their ex-employee for telling them what USBank can do with an offer to get her job back. Because corporations.
9
Amen and amen.
2
What about a go fund me for this caring person. Is there some way we could get Nicholas Kristof to post a follow up with a gofundme link?
10
Emily James,
I think you’ll wind up working for a much better place than this...
10
In response to “Update: On Saturday evening, after this article went online, I had a contrite phone call from Andrew Cecere, the C.E.O. of U.S. Bank. ‘This is not who we are,’ he said.”
As my friend always said, “Show me what you do, and I’ll show you who you are!”
Mr. Cecere, we have seen the actions of U.S. Bank and YOUR inaction to date. This is exactly who YOU are! Shame!
27
What a story. Incompetence and disregard for a client, and a most stupid action on a helpful employee of U.S. Bank...trying to right a wrong. And what happened? She was fired. It seems as though no good deed shall go unpunished. Despicable. Incidentally, that Bank and it's C.E.O. ought to be 'fired' for corruption 'a la Trump'.
11
Nicholas, you're the John Bolton of THE TIMES!
6
Fine column.
3
WHow'd he fix it?
5
We've been USBank customers—Mortgage, savings, wealth mgt., checking, auto loans—etc. in two states since 1970s.
No more.
Mr. Cecere you should put a statue of your former employees in front of corp. headquarters and bow to it every day. Make them heroes and give them big raises.
Then add an "In" in front of your name so people can see how insincere you really are.
Nick, thanks for your piece. Well done. Again.
22
Boycott US Bank. Simple.
14
And that's all it takes, a column in the NY Times.
11
Sometimes doing the right thing means putting aside the rules and red tape and just doing the right thing. Something a large, greedy and dishonest corporation can never tolerate.
We desperately need more people like Emily James in the world, and far fewer like CEO Andrew Cecere and their lying lackeys like David Palombi.
16
capitalism has become a religion of human sacrifice
12
Cecere must be the kind of person who is okay when the doctors taking out his appendix see a huge tumor while removing it but don't take the tumor out and instead suture him back up "because it isn't in the policy to do that" when the operation was only for an appendectomy."Policies" seem to always exist to allow managers (and CEO's who are way overpaid) to avoid responsibility and not be tainted by the stain of having to have empathy for others. Creative problem solving threatens everything capitalism has become because it puts the person before the profit. Pah!
8
She is a real, living Santa Claus.
Fire the Grinch.
11
this is evocative of the story of the MI black man who on trying to deposit/cash his legitimate racial discrimination suit award checks had four cops sicced on him by his bank - he is now suing that bank - Emily hope you see this
12
Emily James -- you are awesome! And thank you to Nicholas Kristof for this column.
10
This corpo_ is likely a contributor to Citizens United PACs. Their "dark money" is replacing Our influence over the Repubs that are packing Our Courts. Vote out the Republicans!
7
I was preparing to move considerable assets to US Bank because of the availability of branch offices. Not now. Cecere, you just lost a chunk of change because of your heartlessness and poor judgment.
16
“This is not who we are” is the same back peddling comment racists make when their abhorrent behavior is exposed. It is exactly who you are.
17
Everyone should email the US Bank CEO registering your shock at their treatment of their employees. I recently emailed my concern of their closing of my local branch and leaving those wonderful branch employees without a job.
Here's his email address. [email protected]
14
Kudos to Nick Kristof for publishing the story of US Bank's perfidious actions towards both a customer of the bank and an employee who went out of her way to assist the ill-treated customer. And when their well meaning employee could not timely resolve the customer's dispute with the bank, she made a generous gift of her own time and money to render aid to a stranded and betrayed individual.
That the bank's response was to fire their employee is nauseating, but typical of an business which has grown so large and rigid in it's policies that it has entirely lost any sense of ethics and humanitarian sensitivity.
I would very much like to know the final resolution of Ms. James issue with US Bank, if she is willing to share that.
9
This is just plain what happens with large corporations. They are NOT people, whatever Mitt Romney says. They are machines and their employees are replaceable cogs.
Yes, no wonder Bernie's message resonates with young people.
9
A side note on the operational aspects: what a backward, antiquated banking system we have. Western countries did away with check decades ago, electronic payments take a few seconds and people have money in their accounts. Besides, the bank could have easily cleared that check in a few minutes. Crazy.
12
To Nicholas Kristof:
How is it the *Bank* stated it could not discuss personnel issues, but went on to disclose that the employee "previously had" disciplinary issues? Sounds like they just violated their own personnel policies.
No matter how contrite Mr. Andy Cecere is, it also appears the bank may have violated policies regarding access to funds.
I have never heard of a complete hold on deposits. Typically, one can only access a portion of the funds (usually indicated on the deposit receipt). Please Mr. Kristof, follow up on this aspect of the "complete hold" placed on a payroll check.
30
Typical of some greedy companies but Corporate America and capitalism generally are not to blame for the indifference of specific companies such as U.S. Bank. U.S. Bank is a national association (N.A) which means it's a federally chartered bank rather than one that's state chartered. As a national association, the Office of Comptroller of Currency (OCC) which is part of the Treasury Dept. is its regulator, and there are regulations governing demand deposit accounts like checking accounts. Eugenio should file a complaint with the OCC if US Bank failed to perform properly in terms of deposit availability. Emily James should file a lawsuit against the bank for improper termination and if she does, I hope she wins a bundle. It's difficult to switch banks. I know, due to electronic funds transfer (EFT) transactions, branch proximity, etc., but its customers should give it some thought. When Wells Fargo opened unrequested customer accounts and engaged in various other shenanigans, the OCC came down on them like a ton of bricks. Lastly, if you have a savings account, note that online banks are paying in the range of 1.8% as opposed to brick and mortar banks which pay virtually 0% interest. Online banks are FDIC insured just like conventional brick and mortar banks and it's easy to transfer money via EFT between bank accounts.
9
@Mike F.
Contacting the OCC during this administration’s reign would be a waste of time and just add to one’s frustration and disappointment.
5
@BlueBird I disagree. If he doesn't try, he'll never know. Wells Fargo took and is taking a pretty good beating at the hands of the OCC during the Trump administration.
3
Thank you so much for this article. We need more like this, more reporting on how ordinary folks are being mistreated in our capitalist system while CEO’s are paid 14 million/year.
We’ve been conned. And things need to change.
24
When I got divorced and closed my joint account at US Bank in the summer of 1999, they decided to institute a $10 monthly charge for my newly opened individual account. It wasn’t based on income, but because I was a single woman. I closed the account and went across town to 1st Federal Savings Bank of Idaho. I’m still a customer there.
An astute observation:
“When young Americans say in polls that they react more positively to “socialism” than to “capitalism,” it’s because of the hypocrisy of institutions like U.S. Bank.”
The article is updated to add that US Bank is admitting wrong rethinking this decision. It’s too little, too late, unless she’s rewarded substantially.
28
See the article on how CVS is instituting "metrics" to speed up the processing of prescriptions by pharmacists, which was published in this paper in the past couple of days. The horrific practice of paying CEOs millions of dollars a year, while the workers are treated like dirt and paid a fraction of the CEO for what is "real" work sickens and disgusts me. The banks, the pharmaceutical/"health care" companies, credit card companies are ruled by the bottom line. Period. There is no room for humanity, compassion, reason. My particular bank runs a commercial in which it opens the door after hours to admit a man standing in the rain. Only on TV would this happen. I have been in the bank when the manager is standing by the door with the keys to lock it at 5:59 pm. Where this cycle of overcompensation of CEOs, corporate greed, and the anguish of the people who go up against them will end, I don't know. But it makes me physically ill. Will this CEO do the right thing? Maybe while the spotlight and scrutiny are on him, but once they are not on him, I suspect it will be business as usual. A sad, sad commentary on our world.
23
I don’t believe Mr. Cecere when he says he wants to “fix” this. He just wants to cover up what #USBank (upper) management did. He’s the one who should be fired. That’s what might “fix” the situation.
26
Why was a hold put on Mr Euginio's paycheck?
What is the bank's policy on holding money from depositors?
16
Why did the bank put a hold on "most of" Mr. Eugenio's paycheck for over two days if he's a bank customer with an account? Why would he spend "many hours" in a branch office trying to access funds? Did Mr. Eugenio really spend "hours" trying to get his debit card to work at a gas pump? There's something odd about this story. I think we're missing some information.
6
Thank you, Mr. Kristof, for standing up for the rest of us and your stunning observations, such as tobacco companies killing more people than Stalin. For a country sliding off the road to decency, you're providing important corrective insights.
13
As a retired bank officer, longtime blood donor, and general curmudgeon, I might make the following points:
1. The FDA recommends not giving blood plasma more than twice a week, and no reputable donation center will accept it more often. The Red Cross limits donations to 13 times a year. Ms. James is not supporting herself by donating plasma.
2. Mr. Cecere wouldn't return Mr. Kristof's calls. Did he even know who Mr. Kristof was? I wouldn't if I didn't read the Times. And Mr. Cecere's remuneration has nothing to do with anything except in Mr. Kristof's mind.
3. Had Ms. James been involved in some kind of traffic accident causing death or serious injury to other parties while on her mission, guess who would have been sued. Not Ms. James, who has nothing worth suing for, but her employer, the Bank, as, seemingly authorized by her manager, she was on Company business when she drove to meet Mr. James.
4. Unless this was a one-time-only paycheck, Mr. Eugenio surely knew the bank's policy regarding when the funds in his account would become available.
5. Does anyone expect the Bank's C.E.O. to be involved in every transaction of the bank? Now he is involved, but...
6. If it was against Bank rules, Ms. James was wrong to have taken her action, no matter how kind it was. They make the rules; she does not.
7. If Mr. Eugenio is a customer in good standing, and the check was from a reputable company, he could have asked the branch manager to approve it for immediate credit.
8
@Joe Pearce Sir, you are part of the problem !
11
Spoken like a true “retired bank official.” Everything is black or white.
12
@Joe,
Oh, for crying out loud.
This was a simple act of human kindness.
Only a person lacking in it would try to condemn it with a barrage of bureaucratic sophistry.
13
Here's a simple step to shine a light on this stellar example of capitalism: initiate a boycott of U. S. Bank.
13
Opting out of these mega banks is one way to respond to corporate corruption. At least credit unions have some commitment and accountability to their local communities. Hopefully this man has endured the lengthy and obnoxious process of closing his account with US Bank in order to move his banking elsewhere.
11
Link below to a follow up story in Oregonian yesterday about Ms James’ supervisor, Ms Gilbert. Gilbert believes James was trying to protect her by initially saying the money was James own money. Clearly, both James and Gilbert are ethical and compassionate people, smart and humane. How stupid of US Bank to fire them. I wish both of them luck in their search for new and better jobs. Employers would be lucky to have them. https://www.oregonlive.com/news/2020/02/supervisor-fired-from-us-bank-made-an-emotional-decision-to-ok-act-of-christmas-eve-charity.html
13
A “yes we’ll fix this” after the negative publicity is pretty revealing. This is another reason why a free press is so important. Please stay on the story with follow-up until it has been fixed (and also with updates if it hasn’t). You proposed a sensible fix. Let’s see whether they make good on it and how they set about regaining the public’s trust. Might make an interesting podcast on The Daily.
8
I do not think I have ever seen more definitive proof that "the pen is mightier than the sword"!
Bless your heart for a cheering postscript, in the midst of today's endless cycle of terrible news!
Mr. Kristof, your dedicated intercession on behalf of so many of the downtrodden across the Globe is breathtaking to behold. Pen in hand, your actions are consonant with your convictions to a degree all social change-agents would (or should) like to to achieve.
On the other hand, in the White House now, a character presides who is, in contradistinction, so lacking in decent moral character that the American Democracy which has long been a beacon of hope to the world, is fast becoming a miserable authoritarian plutocracy. Ergo, I cannot help but ask:
Mr. Kristof, have you considered running for President???
Kudos on the outstanding work you (and Sheryl WuDunn) do, and long may you thrive!
4
We banked with US Bank for a bit but the hold times were excessive. What I don’t understand is how when a New York Times columnist calls you give him the standard PR line - if you can’t tell that you shouldn’t dodge these calls you should not run a bank.
10
@B.L.Ociek It is called hubris.
2
Thank you, Mr Kristof, for your constant dedication to making the world a better, fairer place. Can I ask a favor of you, though? Could you please post a follow-up to this article at some point in the near future? I would like to see if Mr Cecere holds true on his promise to his two fired employees to “fix this.” And US Bank, all of us will be watching.
6
US Bank is off my list for ANY future business consideration.
13
It is because of articles like this that I subscribe to the New York Times.
10
If you bank with these people, fellow readers, then please.... at 0900 Monday morning, move your business elsewhere. Yes, I know it will be a hassle, but seriously? What a horrible company. They don't deserve to make money from you.
6
Sounds like Cecere was trained by trump.
8
The fact that Cecere only saw fit to express contrition *after* this article went online simply confirms that both he, and his company, are incapable of being motivated by anything other than the bottom-line.
Cecere, and US Bank, are an absolute disgrace.
9
Hey guys
Just went to REI’s website to send an email pointing out that it’s a really bad look for such a ‘woke’ company to be in bed with a heartless immoral outfit like US Bank.
They do their MasterCard through US Bank.
Guess what? The page is malfunctioning and not taking emails.
How convenient.
7
It tells you how different business is now. When I attended business school 30 years ago (before the greed is good generation and the Michael Jensen inspired maximize profit mindset), the Fedex story was lauded in all the organization behavior classes. How a driver went above and beyond to get a delivery done despite all obstacles. Storied like that build culture and brand.
This CEO just destroyed 10s of millions in shareholder equity.
11
Nick,
Glad that you outed this Minneapolis-based bank, US Bank as the pinnacle of an evil empire because they:
1. Donated $57 million and employees volunteered 209,000 hours to causes that strengthen our communities.
2. Invested more than $20.5 billion in environmentally beneficial business opportunities since 2008.
1
@MDCooks8
but they couldn't release a $1080 paycheck!
12
@MDCooks8
In addition Nick you should also do a report on how greedy this bank is because they only invested $115 million in the Pullman Community Center in Chicago.
https://www.usbank.com/annual-report/2018/community.html#investment-in-pullman-community
1
@MDCooks8
These are all very good corporate deeds. And indeed, while they are very good corporate contributions, they also come in quite handy for folks like you who would use them to attempt to entirely discredit any criticism. Just as the PR department intends.
Just because U.S. Bank has a corporate giving portfolio doesn’t mean they aren’t also capable of being hypocrites. In terms of everyday business culture, it’s incidents like this one deep in the trenches that reveal what a company truly is, and whether those corporate giving stats really influence the culture or are just nice talking points painted on the wall at headquarters.
15
I agree that capitalism was at its best when college was free or inexpensive and unions were strong.
That’s easy to replicate, but the lack of global competition from countries still recovering from WWII is not. That was really the main source of economic growth of that era. Prosperity made the unions and affordable college possible, which created a positive cycle fueled by consumer spending.
The only solution is to recognize that the aim of capitalism — maximizing profitability — is not the aim of society, which should be to allow the maximum number of people to live in dignity, peace and happiness.
6
This is disturbing. US Bank better get their act together on this and do the right thing by this nice lady. Corporations acting badly should be called out - thank you for this article. I will add another bank to my do not use list.
3
I would imagine it is a rare CEO in that income bracket who can fathom the feeling of being stranded, unable to access earned funds, needing $20 to get home. I’m also going to surmise that it is a rare call center worker who not only offers some cash, but is physically close enough to the caller to be able to hand deliver the funds! So we don’t really need to worry about call center folks abandoning their posts en masse to help out stranded customers. Therefore, yes to rules....but more importantly, yes to empathy and problem solving! I say promote her!
13
I would not only like to know how the CEO rectified the situation, but also how he is going to make sure it never happens again! Wells Fargo has one of the worst reputations in the industry. People should take their money elsewhere
10
This is not wells fargo
That's a typo, but understandable. WF is on everyone's "Do not resuscitate"
list.
1
My first checking account in the early 1990s was at a small mutual bank in Wells River, Vermont (my family has a vacation house across the river in New Hampshire, and I decided on the bank in Vermont over the slightly closer local non-mutual bank in Woodsville, NH). Every Thursday I would deposit my paycheck like clockwork, and they knew that. On the several occasions when it looked like a check I wrote was going to overdraw on my account, I received a call from the bank manager asking if I was planning on making my regular deposit and if I wanted them to hold the check until I had sufficient funds in my account. I always said yes and they always happily held onto it to help me avoid overdraft fees. That is customer service that is way above and beyond. Since that time I have only used mutual banks, small local banks, or credit unions for my banking (and we ended up using this bank to mortgage our house years later for this reason). They seem to have realized something the large corporations haven't: good customer service and hiring good people with a decent moral compass is just as important to the bottom line as interest rates and banking fees. I avoid all large corporate banks as much as I can for this very reason.
15
Thank you Mr. Kristof for shining a light on this terrible tale of our times. And thank you for showing the power of a free press.
12
Most of the time I don't buy "this is not who we are" defenses, because most of the time it's exactly who they are.
25
I can understand why call center employees are barred from meeting customers. It protects the employees. The problem is their bosses are afraid to think, to quietly make common-sense exceptions, as in this case. On another point, if this customer’s paycheck was a regular thing, why the hold? Was it? Furthermore, doesn’t the receiving bank have the ability to check and see if a check has the money behind it? Is the problem that robots are now exclusively in charge? The column is great but was the outcome a one-off?
12
So has he fixed it yet?
Don't care if it's the weekend. Or Super Bowl Sunday. All it takes is a phone call.
He's the CEO. Intelligent enough to know how to do that, one would hope.
By way of contrast, my local bank in NJ kindly called me late Friday afternoon to check and see if I had activated my replacement debit card.
It wasn't a robocall.
They've done a lot of things like that over the years. Best bank in the world.
Their clearing policies are obviously stated on their site and correspondences. Even so, I imagine they would have found a way to clear this gentleman's check before their official policy date.
And if not, I'm confident that any employee who wanted to help this gentleman would have been free to run out,to meet him, not just on their break, but to take the time during their shift.
9
From Kristof's update, this sad story has/will have a "happy" ending after much pain for a well-meaning soul. We all know that without public shaming, as Kristof is able to do, Emily, like Marc, would have been truly stranded.
14
Thank you, Mr. Kristof, for exposing this indecency. Is this what capitalism is?
7
Yes, this is what capitalism is. Including the likely hollow pledge, “I will fix this” by cecere, which could mean “I’ll fire the PR guy or gal who let this get into The NY Times.”
12
She has a huge heart and I could see myself doing the same thing even though I'm a very compliant person. Although the rules are likely set up for her safety and not to prevent employees from doing what they feel is right this appears to be a harsh disciplinary action. I am happy to see the update to the article and hopefully this leads to James' reinstatement. For those employees who often have holds on their checks, I recommend they see their HR or payroll department regarding direct deposit. I don't think there is a law requiring employers offer direct deposit but there should be. When you are living paycheck to paycheck, it is almost a guarantee that check will be help as your average balance will always be too low for the banks to not hold the check. The very ones who will need the cash right away will not be able to access it.
2
@Tania , If the Bank does not take precautions to protect the shareholders , then they will be upset!. Capitalism is focused on profit, not people. What a shame.
Switching to a local credit union made a huge difference for us. The service is great and we’ve never had a problem in over 8 years. Go local if you can.
15
Change your bank to a municipal credit union. It’s run by your neighbors and the fees are lower. I switched and have been happy ever since. Cheers to Torrington Municipal and Teachers Federal Credit Union.
15
Nicholas, GOOD WORK. Again. Thanks.
7
I just read that your column made the bank change its decision.
Good for you! It's nice to be able to make a difference.
11
I for one will never use US Bank, and if someone were to give me a check of US Bank I will refuse it. I vote with my feet. The harm done to these people cannot be corrected. It will stay with them for ever.
11
There’s a sign at San Francisco’s City Lights bookstore that reads “Corporations Are Not People”. But corporations are comprised of people and people can choose to do the right thing. When Emily James reached out to Marc Eugenio she did so with compassion and empathy. U.S. Bank responded with castigation and disdain. Cecere’s contrition and subsequent phone call show that U.S. Bank has the capacity to do the right thing. Let’s hope it does.
7
Nicolas, Please follow up with Mr. Cecere to see if he does follow up on "fixing this" and how the actions he takes to do this. We might make decisions on where to bank based on his responses. Paul
15
One can only guess what Andrew Cecere's fix will be? Will we wake to find Emily James and Abigail Gilbert in Johnson Creek this Sunday morning?
7
Alas, I have no dealings with U.S. Bank that I can cancel or withdraw from, but I can hereby encourage others to do so.
7
Was it Maya Angelou who said, "When someone shows you who they are, believe them." If ever someone waited too late to fix something it was Mr. Cecere. Sounds like there were two different stories about this, but it had to be in the NY Times before he felt compelled to pick up the phone. Let's hope a lot of their customers see this and close their accounts.
14
Wow! I shudder to imagine what would have happened had Ms. Emily James enabled Mr. Marc Eugenio to have access to his money!
That must be one of the beneficial effects of trying to maintain shareholder value, eh?
6
I have worked 20 plus years in the hospitality industry. Lots of companies can learn customer service from my industry.
This CEO is clueless and they should make the fired person head of corporate customer service
8
When you make $14 million a year, you've got to do something!
Firing your one employee who bothered to help a father in need on Christmas Eve get back to his family and buy his kids gifts, that's "something" I guess.
Surely this CEO deserves a massive bonus this year!
$14 million is not enough for talent and heart as big as this.
In Trump world, U.S. Bank is aptly named. Great again!
11
"Cecere wouldn’t return my calls."
This, for a CEO being called out by the NYT, is cause alone for his termination. A bank CEO who is too arrogant or lazy to get in front of a PR disaster -- whether fair or unfair -- is grossly incompetent.
21
Bravo Nick!
4
Cecere sounds the kind of person beloved by our current administration. Perhaps Wilbur Ross can appoint him to some inconsequential post and a genuine human being be appointed head of the bank.
8
One thing I like most about the Times is that columnists can and do reply to readers comments. Particularly Nick Kristof and Paul Krugman. They can do it because they really know what's going on.
6
I want a followup to this. What did Cecere offer?
8
This Alaskan would like to see one too.
Strictly because I don’t trust the guy any farther than I could throw him.
3
So this is why I rarely get real help from customer service call-in center: if the rep truly helps me they lose their job! What a horrible conundrum!
7
Let this CEO be homeless for a time
9
it is good to see the reporter actually reading commentary sent in reference to his article.
Just to raise a few questions however on this article which drifts towards being sanctimonious ..
How is it possible that someones bank account would fall to ZERO and they have no overdraft options? How much foresight does that take?
Don't a lot of banks automatically cash pay checks right AWAY; so what is omitted in the facts section about WHY the check was put on hold.
Selling blood for $25. i am sorry but don't they have unemployment insurance in Oregon?
HOurs to try and get money for gas ... 5 miles I walk that in an hour and a half, and I am old dude. If I had to i could do it in an hour.
20 minutes each way to give him $20 .... why not just call up the gas station and give your credit card number so he could buy the gas?
the bottom line is this, you have a cushy job at the NY Times, which is awash in self righteousness ... you may well have a point but your article is riddled with inconsistencies
remember when you point your index finger at someone there are three fingers pointing back at you
3
She may indeed be receiving unemployment insurance, but where I live, the maximum weekly unemployment benefit does not even cover the average rent for a small apartment in a marginal neighborhood, let alone food, clothing, etc. It’s also possible that in her state, one is not eligible for unemployment if fired “for cause,” which it sounds like would have been the employers position, as opposed to being laid off due to lack of work. So unemployment alone is not going to be enough to get by, hence selling blood plasma.
As for the gentleman she helped, it may be that he can only afford a very basic bank account that doesn’t offer overdraft protection. Many of your points are entirely reasonable for someone with a solidly middle-class job, salary, and financial life, yet completely inaccessible to someone on the economic margins. Being poor in this country is extremely expensive, in ways which are often difficult to comprehend for those of us not in such straitened circumstances.
8
If you're fired "for cause" you cannot get unemployment benefits. I have no doubt that when notified of her claim US Bank told the unemployment agency that she was fired for cause.
Whether she knew of her right to challenge the denial is another question. Most people denied don't know and never file a challenge.
6
@Notsolittle
well - that would explain her having to sell her blood. But let Kristof answer that - because it is an important point. If in fact they stopped her from collecting unemployment for that reason put me in the outraged column.
2
it looks like U.S. Bank is in a race to the bottom with Wells Fargo.
There must be a cushy job in the Trump administration for Cecere.
10
When I started reading this column my first reaction was this can't be true. Not that I doubted Mr. Kristof's research it just seemed so outrageous. What self respecting capitalist would not have named her employee of the month/year and plastered her picture and story on everything they mail out or post for the next year. I guess some capitalists are just stupid.
5
Why does the NYT photographer have to take such obviously staged photographs?
(It's a legitimate question. Don't disapprove this question like you did my others. What do you need to hide.)
Mr. Kristof, you border on yellow journalism here by not examining why there was a hold. It could have been accidental but you offer no explanation and then jump to attacking Andy Cecere’s compensation as if he personally fired the employee referenced in the article. You know this isn’t how things work at large companies, and I find this a bit hypocritical as you recently accused Mike Pence of being similarly disingenuous regarding recent changes in Medicaid policy on Twitter. You’re one of my favorite journalists because you are truly balanced and have integrity, but this story is poorly researched and seems ready made for a point of view you’re harboring and does your name a disservice.
3
There are links to the Oregonian articles which, iirc, cover this point.
3
Please follow up and let us know whether Cecere really does "fix this." It's a shame that it takes exposure in the NYT to induce a company to "do the right thing."
2
Bernie. 2020.
2
Effim. The board should take Cecere out. And current customers should take their funds and park their money elsewhere.
No mercy for cold, merciless, soulless companies in these Draconian, Trumpian times.
4
Thank you for writing this article! Yes, this is how banks and upper management of banks behave. They are parasites on society. Parasites.
4
Do I hear a chorus welling up with the International?
No, Mr. Andrew Cecere, this is who you are.
9
The Oregonian reports today that U.S. Bank's CEO has vowed "I will fix this" after the bad press. It's excellent that he is taking a role and seems to be taking full responsibility for it and an active role in making the employees whole, but it should be embarrassing to the bank that it took this long to resolve (and after the bad press in the one of this nation's major newspapers of record), and that it had to go all the way to the top.
6
I am pleased that after this article went online the CEO called the columnist, Mr. Kristof, to offer his explanation and apology. It is obvious that fear of bad PR is what prompted the call and that inherent decency to do the right thing has not magically been restored either to the CEO, the board, management or the bank's policies. What is sad is we will never know how many such unsaid stories like Emily James' have been buried in the rubble of the community by the relentless march of soulless organizations.
10
A far cry from ‘It’s a wonderful Life’. But when I read comments these days about how Democrats are all ‘Socialists’, as if it were the worst thing a politician could be,
it sounds to me as if many Americans would agree in principle with US Bank, (ideology first!), even if they may also give generously to an individual in need. This is also what I hear a lot on sports talk radio, which has its share of rabidly anti-Democratic, anti-government, pro-business ‘personalities’ and callers.
1
I think next Christmas, everyone at U.S, Bank should be required to watch It’s a Wonderful Life.
10
I think back to the recession and all the bank executives who received a Golden Parachute when they were let go. I will not name the banks whose unconscionable mortgage practices that led to so many people losing their homes. I agree that perhaps this employee went against the rules of the bank but there should've been some way to advance some of the money from the check the man presented. I guess the big executives are following lockstep with our Great Leader.
6
All civility aside, this incident requires truths and cries for justice. Customers of banks like these have options - move your funds to a local coop bank or a employee/customer owned local credit union - you will find great satisfaction and service within, in addition to receiving the rewards your money brings to these institutions.
4
My mom died 18 months ago and I served as fiduciary for her estate. She banked exclusively with her local USBank. I cannot begin to express how poor and incompetent the process was executed. Not a single transaction was correctly handled. I had to babysit every single step. There were screwups and mistakes on even the most benign formalities. They made a difficult time much worse through sheer incompetence and for that, I can’t forgive.
14
I too have had issues with my Bank or credit card company Chase where they made a mistake in refusing to honor an appeal I made regarding a charge 7 years ago.
In the interval since that appeal I've contacted Chase dozens of times by email and phone to their Executive Branch and even their board of directors and Jamie Dimon. I've gotten nowhere trying to get them to look into their records about my dispute. So numerous times their people suggested I go into arbitration. Which I've done this past year only to have Chase not even follow through with the arbitration that they are a part of in finding solutions to disputes with customers. It takes the media getting involved in a situation like what occurred to Miss James to get people in management to do the right thing. Avoiding a bank like Chase is probably a solution to not getting mixed up in their inability to do the right thing when it comes to their relations ship with you .
6
I hope he does fix this!!! We've become a mean country under Trump, and I'm heartened that there are still good people left who offer to help those in need. Bless her and her kindness.
9
But has Eugenio exercised his right, in a free market, to move his account to another bank? If many of US Bank's customers left for other banks, this might influence their policies.
8
For a guy in his obvious circumstances, it was probably a feat to even get a bank account in the first place.
Banks are not nice to people without money.
Which is why banks need to be regulated within an inch of their lives.
I learned all about banks when I was a young woman struggling to get by.
Now I am in a position where any big bank would love to have me. They can kiss my fat middle-aged behind!
Credit unions ONLY.
4
Thank you for using your megaphone to point out just one of what must be hundreds of thousands of examples of the utter hypocrisy of corporate “mission statements.” Corporations proclaim their goodness, their social conscience, their concern for employees and customers (which for some Orwellian reason they often these days refer to as “guests “) all the while acting in ways that make very clear the exact opposite is true. If corporations really are people, many of them should be in jail!
5
As a US Bank stockholder and customer (transferred from Wells Fargo a few years ago for obvious reasons), I applaud Mr. Cecere's pledge to "fix this." But someone lower on the pyramid should have had the courage to act first.
7
When we lived up north I from a very young age had an account in our local credit union. To this day we still have our accounts in that credit union. I also joined a credit union down here now and have had nothing but helpful polite interactions with them. We have had accounts with Wells Fargo. You know how that goes. Not for long. They made me authenticate my identity to cash a $20. Check with a fingerprint. I love my credit unions. And at one time I worked for one.
7
Mr Kristof says “That’s one reason to seek stronger private-sector labor unions: At least unions and corporations can then provide some check on each other.”
That would be a good follow-up article with some specific examples of how a private sector union has done this. As a former union member I’m not sure what I could have done to affect my employers behavior towards a customer.
2
It is appalling to hear that such a rich bank has such poor ethics and can not afford to be better.
This bank I will never do business with.
7
Thank you, Mr Kristof, for this article. I hope you follow up to see how US Bank “will fix this”.
11
Thanks for the article Mr. Kristof. You are one of the 'good guys', of which we need more, since there are so many lecherous ones.
I'm ashamed that I do business with evil companies (WF, US Bank...) as I'm ashamed of our country for allowing such a fraudster and lier to hold its highest office.
You and the NYTimes are beacons to humanity. Let's hope we can inch our way back to leaders (in industry and government) with integrity and scruples.
2
You say you are ‘ashamed’ that you do business with evil companies.
Then why, pray tell, do you do so?
1
This comes as no surprise to me. A few years ago. once again in Oregon, US Bank intimidated my 80 year old mother to pay one of my brother's otustanding debts. They told her that very bad things could happen to my brother. When I investigated, they told me that she paid the money willingly.
8
I also have problems with US Bank. My Mom, who has dementia, was scammed into signing 3 car loans with 3 banks, one was with US Bank. Once I discovered this, I reported it to police, who tracked down and repo’d the cars. I informed the banks, who picked up their cars and auctioned them. I gave the banks the police reports. I had my attorney write them letters explaining in detail my Mom’s dementia and lack of financial assets and asking them to write off the remaining loan balances. US Bank said they would investigate elder financial abuse, but I have not been informed of any progress on that front despite numerous requests. US Bank (and the two other finance companies) sent canned response letters saying that while my Mom’s situation is “unfortunate,” they still want their money. They continue to try and collect. I don’t think there are any human beings who work there. It’s just a giant inhuman machine.
11
God Bless You, Nicholas Kristof, for using your media platform/column to right a horrendous wrong! This story shows staggering lack of empathy and simple human decency on the part of higher-ups at U.S. Bank. Hopefully, the CEO who called you will, indeed, “fix this.” We shall see.
4
I wish I banked at US Bank so I could close my accounts. Shameful behavior. Thank you for bringing it our attention.
5
Stop doing business with US Bank. Period.
9
@BoardSword
"Stop doing business with US Bank. Period." I don't,
and I never will !
6
Thanks for this latest example of corporate greed and malevolence toward working people.
Contrary to Mr. "Contrite" Cecere's pose, this story reveals exactly who and what US Bank is at its executive and BOD levels.
I'd be interested in finding out if US Banks benefited from the taxpayer bailouts after the 08 crash brought on by...wait for it...banks and Wall Street.
5
Unregulated capitalism is a monster that devours people including the CEO of US Bank. I would never bank there, they sound like criminals.
2
Social Democracy is NOT Socialism. Geez Louise, learn the difference already. You can get rich in a social democracy - just like every other economic system on the planet - you just have to pay your fair share - that which does not happen in a Crony Capitalist system that America has.
You people also need to read more history. A lot more. With the exception of about 10 years - 1950-1960 - America has always been a Crony Capitalist society. It's always only worked for the elites and been an exploitative failure for the other 95% of us. And rising from poor to rich isn't just exclusive to America or Capitalism. So you can stop pretending that's the only way that ever happens.
Capitalism by it's very nature is anti-egalitarian and anti-environment. It's always been a failure and it is literally destroying this planet and all life on it. Way past time for humanity to outgrow its psychopathic avarice.
6
I hope Mr. Kristof follows up with Andrew Cecere and Emily James, to see if she does get her job back.
Here's U.S. Bank's "Community Involvement" page from their website:
https://www.usbank.com/about-us-bank/community.html
Note the section on "Corporate Social Responsibility."
I've seen similar pages on many corporate websites including those I worked for during my career. They're all empty words, not worth the paper they're printed on.
6
the ceo responded, most likely after his PR company dictated the response but what happens to his employees who didn't have their personal story reported on by a NYT columnist?
7
At least this was in the name of capitalism and not Democratic Socialism. LOL
1
Nicolas, It’s kind of you to give any benefit of the doubt to US Bank, but in my personal experience US Bank is one of the greediest, most disingenuous companies on the planet. Period. Thanks for shining a light.
7
the whole sad tale starts with the bank putting a 'hold' on the poor guy's money. they all do this, and it's a huge scam. bank transactions are all done electronically now. the bank knows within minutes if the check is good or not. they 'hold' your money so they can play with it on the international money markets. you will note that when you make any purchase your account is debited within minutes. no 'holds' necessary there. banks are run by pirates in fancy suits.
1286
@butlerguy Truth! Should be widely publicized. Thanks butlerguy.
38
Don’t get me started on how long it takes to post a refund.
212
They put holds on deposits actually only when the checks are from other banks and that is not and won’t be automatic as you say.
Welcome to Bedford Falls. I'm sure all the directors at US Bank claim to enjoy Christmas Eve classic "It's a Wonderful Life" - but how many of them can face the fact that they're Potter and Ms. James is George Bailey. Thanks, Mr. Kristof, for being the angel.
6
No one should act surprised when corporations act like the machines they are. We have empowered them to be soulless machines, that maximize profits without conscience, and when we read or hear a story about one doing just that, suddenly we're aghast, but this is how we programmed them.
It's the reason our political system in corrupt, it's the reason big pharma raises prices on needed drugs, it's the reason why nestle steals water meant for all of us, it's the reason why oil companies pollute the environment, and the reason why we have a for-profit health management system,—that allows people to die if they cannot pay—instead of a universal healthcare system.
The only solution is a rewrite of the code. They are not people, they don't get a vote, and they must be regulated, to ensure all decisions made must take into consideration the cost of human suffering.
Maximizing profit is fine, but it should not come at the cost of human suffering. It's unconscionable that billionaires exist whilst people eat from trash cans and sleep on sidewalks.
7
John: Thank you for your thoughts and I don’t necessarily disagree with you.
But you thoughts do beg the question of how corporations—these things made up of people—come to act like machines? We can ask this question of any complex social organism.
And, I would say critically, employing language that distances complex social organisms—like corporations, or political parties, or religious groups—from the human “soil” from which they arise and in which these complex social organisms ground permit an easy condemnation without considering the faults to be found in the underlying raw human material. Each of us are capable of tremendous grace and kindness and terrible evil and mundane uncaring. We carry that broad spectrum into our communal activities and the social structures we create to carry out such activities.
@zeno Human beings have created many kinds of machines. A toaster that burns your toast is no more evil than a corporation that poisons water to make a dollar.
Like the toaster, the corporation is following its purpose. Corporations are soulless machines because that is what we made them.
Yes, they have boards, and CEOs, and lots of employees, but the law is structured in a way that a CEO not maximizing the most profit it can, is in dereliction of that position. The job of a CEO and its board is to squeeze the most profit it can for its shareholders, and they have a fiduciary duty to do so.
To answer you, I would say the only way to remove that "distance" as you describe it, is to regulate the process, and the outcome. People who fear some kind of government takeover of the free market are being misled, there is no free market—at least not for corporations.
Freemarkets are for us, for people, but for corporations there is only socialism. If we do not reverse this dichotomy, then human suffering will continue to expand under the weight of crony capitalism— the system we have now.
Getting money out of the political process would free us to regulate the financial system—not eliminate it—restructuring it to prevent human suffering. You can have both capitalism and socialism, as we have now, except under a fair system where people, instead of billion dollar corporations, have a social safety net.
CEOs are not evil, they have been told to be amoral, and that is different.
My question is why do banks hold paychecks. Was this the first time this man deposited his paycheck? Was the employer someone known to be trustworthy? It seems this information, in an era of big data, would be seconds away from the minds of any bank employee making any kind of decision about whether to hold a paycheck to be sure it would clear. A personal story: my employer has been depositing paychecks for employees for decades. My paychecks are instantly available to me through my credit union. But, when I trusted banks that was different. They always hold paychecks Why? This seems a wake-up call for all people to do some homework on any financial institution they are entrusting their lives to. Often banks (I'm looking at you Wells Fargo) should not be trusted with this critical piece of our daily life infrastructure.
722
@TDHawkes
Go credit unions! I split my paycheck between my credit union and a major bank... and it's always at the CU two days earlier, though sent electronically by my employer (a large public entity) at the same time, of course.
175
@TDHawkes you know how they say that "deposits may not be immediately available" when you deposit electronically? That's because they're lending your money for a few days and keeping the profits. Or, better, they are stealing your money and not sharing the proceeds with you. You're 100% correct, that electronic deposits should be instantaneously available. But they aren't. This is why.
210
@TDHawkes They do it because they can. They make money off your deposits while you wait. In the past, this was to allow time for the bank to confirm the check, but that is no longer the case. It's just greed. Greed with no regulation to prevent it. Regulations don't kill jobs, they save them.
146
Putting holds on money, of course, is one of many ways banks make money. These funds could be available electronically in a millisecond, but get tens of millions a year earning interest for several days without access and to paraphrase Everett Dirksen, pretty soon you are talking about real money. There is credit card interest, which I tell CC college students, whom I help in math, doubles debt in fewer than 3 years (rule of 72: 72 divided by interest rate in per cent is doubling time of money in years. Four line proof on request.)
It’s interesting that the interest rates on their CDs is 0.10% (doubling time of money 720 years.) I was going to mention all the nickel and diming, and lo and behold, on the same site, there was a complaint by someone who used just that term to describe their ATMs.
In the meantime, their CEO is making about a dollar every 2 seconds, $1800 an hour. Perhaps this is why Sanders and Warren are so popular. They get this sort of stuff. Arguably, next to medical care hassles, dealing with banks may be a close second. We bailed out the banks a decade ago, and they are doing fine. Let them eat cake? Nah. The public has been drinking the bilge water ever since.
917
@Mike S.
And, if I may, here is another factor in "bank fraud" by the banks. It is no coincidence that interest rates on CD fell like a stone when the banks were deregulated, allowing them to be stock brokerages as well.
Thus, one of the best ways to discourgage use of CD's as another retirement tool, is to drop the interest rates in an effort to persuade the customers start buying stocks and bonds through those same banks.
And the problem there has been, over the past 30 years, the lack of fiduciary responsibility by the banks' sales brokers. They are paid whether you win or lose. They get a commission on the sale of those stocks and then a piece of the multiple account service fees. And there is their motive to make investing in CD's so pointless.
19
@Mike S. Bravo on your comment. I love that math. Nothing like a fact. You know, in court, or Congress, something like that is called 'evidence'. But the Senate can't allow it, and on Fox, OAN, and Newsmax 'evidence and facts' are there to be ridiculed, twisted, or banned. People who offer facts and evidence are ridiculed and given nicknames.
20
@Mike S. If a bank is going to put a deposit "on hold," the money shouldn't show up in the client's acct until it's actually available. Two advantages: 1] customers would know about the bank using their money and for how long, and maybe get angry enough to change banks. 2] Nobody could get scammed by the "deposit this check and send me some money for expenses" (or buy gift cards and give me the info). People lose thousands of dollars through these scams because the scammers know the check will show up in the scamee's acct even though the check doesn't clear.
2
This was the 3rd of three stories in today's NY Times that to me shared a common theme: the lack of compassion and sense of community . . . not because people have become unfeeling monsters, but because we are so isolated physically and socially from each other that we have lost the ability to understand and empathize with the problems of others. Each of these 3 stories* illustrates the destructive effects this isolation has both on what knits us together as a functioning society, and also on the lives of people within it.
* The two other seemingly unrelated stories in today's NYTimes are the one about the 36-year old Pennsylvania woman with stage 4 cancer who was sentenced to 10 months in prison for a 2-year old $109 shoplifting case (Lt. Gov. John Fetterman has intervened); and a story about the effect of on-line grocery (and other) ordering on the loss of a civic society.
5
U.S. Bank (my bank) could have used this incident as a public relations victory by publicly citing Ms. James as a heroic employee who went the extra mile by cutting through the corporate red tape to help a customer. Instead, they turned it into a PR disaster. Corporations are people? I don't think so!
13
Thank you Mr Kristof for shining a light on this issue that needed attention, as you always do
7
I’m glad I don’t do business with USBank. I’ll be sure not to do so in the future.
7
Common sense, dignity, respect, caring, loyalty, consideration. Can any one list companies that use these attributes? I purposely will do business with those who don’t just glibly recite corporate Mumbo jumbo and will spread word far and wide those who go beyond to help. It so infrequently happens I can count on one hand those who have assisted me in recent years. Of course I approach them as I would like. With respect. And am totally appreciative when helped. Thank you and have a nice day.
5
Great story. Real life. Corporate Social Responsibility (CSR) taught at Harvard Business School, popular in Harvard Business publications, is really a crock. U.S. Bank business practices have no soul. Gosh, I hope Warren gets elected.
11
'This is not who we are,” he said.'
No, you overpaid bureaucrat. It's exactly who you are. I notice you don't offer her her job back, with full back pay. You mouth empty words; you have no true intention of acting like a human being. How much money do you need before you develop a heart and soul?
22
Banks are highly automated when processing deposits so the hold on funds is intentional. If the bank improperly held funds of this customer, they did it to many other customers. Most likely the customers whose funds were held are small depositors with no power to fight back. Where are the class action attorneys when they are needed?
15
Heartbreaking. This only reinforces my view that the U.S. Constitution needs to be applied to the workplace. In other words, no "at-will" firings, but only after due process involving outside arbitrators.
9
Whatever else you may think about the behaviour of US Bank they are correct about this much: Ms. James’ action certainly put her in unnecessary risk. One can imagine reading a more tragic Op-Ed by Mr. Kristof also condemning the behaviour of US Bank had the man she met been of different character.
6
I very much want both of these employees reinstated with back pay. That said, this comment raises an important issue. What if the bank employee were harmed? You can bet that US Bank would be facing a serious lawsuit from this employee (or her heirs were the harm fatal). She broke the rules. BUT, the punishment seems clearly excessive. Seems to me that at worst, she should have been disciplined. Better would have been to have an internal dialogue between these call center employees and upper management about ways for employees to exercise some modest discretion to allow for outside-the-playbook situations like this, e.g., the ability to release no more than $20 to a customer like this from a deposit with “on hold” funds, after carefully documenting the circumstances and, say, two managers signing off that it is “the right thing to do.” How ‘bout it, USBank?
8
@JFB, uh, didn't the bank start this by lying to the customer.
Let's say the customer tried to walk home, but froze to death or got hit by a car. Gee, if the bank employees hadn't lied to him, perhaps this situation wouldn't have occurred.
Or let's say the customer did turn out to be a bad apple, and hurt or killed Ms. James. Would Ms. James had taken the risk if other bank employees hadn't lied to the customer?
The good news is that Ms. James did the humane thing. She got the $20 to the customer. He got the gas and got home. And the customer's impression of his bank maybe improved a bit after the other bank employees purposely lied to him.
Perhaps the lesson should be, don't lie to your customers, or you may place them and a service-oriented employee at risk?!
4
Wow! No good deed goes unpunished I've heard it said but I didn't believe it true.
7
I hope both employees get other jobs soon
USB has just gotten onto my list of places I won’t bank
Please join a credit union They are member owned.
13
Those people who promote unfettered capitalism either have never read history or don't care to, or if they have, they don't understand it. Figures like Karl Marx did not arise out of a vacuum. They arose because capitalism was crushing the common man. Whether you agree with Communism or its more tolerant brother, socialism, you have to acknowledge that capitalism too often provides the breeding ground those who want to secure its destruction. This story is just one more example of its crudity and callousness.
8
Are we back in the 1930s? If we are, let's stage a run on this morally bankrupt institution and shut its doors forever.
9
This is nice, thanks, but all of these financial institutions are inherently cruel and uncaring and the only way to deal with them is to bring down the power of the American people on them. They need regulation. Many of their CEO’s need to be thrown in jail. They need to be targeted for redistribution. They need to be recognized as the political and economic rivals they are and handled accordingly. This is why we must have Bernie or Liz.
7
When the CEO showed exactly "who we are", I think we all knew he would later apologize and say "This is not who we are". I wish that phony phrase was wiped from the lexicon.
9
Gotta wonder how much US Bank received on its tax return under the new Trump tax law.
12
Thanks again and always Nicholas for being the conscience of America...
12
I know it’s a nuisance, but in cases like this, I always boycott. Remove your funds.
Sometime ago a fellow walked into a local bank in NJ, and withdrew funds, nothing more than pocket money, then asked the clerk to stamp a parking receipt so he wouldn’t have to pay the dollar required by the lot. The clerk refused. “You haven’t done business with bank. Deposits are business, withdrawals are not.”
So he filled out another withdrawal slip for the million plus he had in his account, received a bank check and left.
All the while the branch manager was pleading with him, he can’t go against bank policy.
This story was on local news.
16
@DavidJ ,I pulled my funds out of Bank of America. There was so much taken out in the form of fees. I asked the assistant manager, What gives? He said it’s called “walleting,” finding ever which way to take money from your account.
4
Here's the thing. People are who they really are. Fixing it after the light is shining on you isn't who you really are. The wealth inequality issue is front facing every day. We can choose who we do business with; who we vote for. This isn't about wealth, celebrity, status, class or popularity but the kind of people we really are.
Almost everyone I know is exhausted with the shift toward mean spirited, crass, uncaring mercantilism. This is not a good direction for a civilized America and out leaders and businesses are going to pay a price. You have told us clearly who you are and how much you value the average person.
We heard you for the first time. We get you.
17
Please be sure to give at least a short follow-up later as to what finally happened to this poor person, if Bank Behemoth showed proper contrition.
13
It’s so obvious Cecere cannot intuitively do the right thing and was only shamed into doing so.
Emily, on the other hand, would be an asset to any organization!
17
U.S. Bank and its $14.1M CEO deserve all the negative publicity they're going to reap for being so heartless.
19
Did he give her her job back? Give her severance? Or did he just say sorry?
7
REI uses the U.S. Bank for their credit card. Time to cancels those cards and call REI.
10
hoping to see a follow up column with 'the rest of the story'. What happens to the 2 women who worked for US Bank - did they end up being "made whole" from what they lost? Full employment at similar positions with similar benefits? Significant charitable contributions in their honor? An explanation for current employees of what went wrong and what is the right thing to do in a situation like this? The fact that it took the NY Times to get the bank president to do the right thing tells me the spotlight of the NYTimes needs to keep shining on this company over time.
9
"This is not who we are" he says. "I will fix this" he states. Curious that Mr. Kristof's calls were ignored until the heft of The NYT's circulation has exposed the bank to potential cost.
Perfect bank man, able to cultivate an epiphany if its going help his annual bonus.
12
This is exactly the US Bank M.O. I was hired by U.S. Bank in 2017 as well. With 20 years experience in finance, I quickly became the #1 Banker in Southern Oregon and Northern CA. Pay was low but we had the opportunity to make incentive pay so I worked very hard.
Our bank manager and another employee had alcohol problems. Reports ere made. Investigations were done. I researched the Investigator online. On social media she had only alcohol pics including 15 empty bottles of beer in her profile pic on FB. No action was taken.
I had a customer who was a victim of fraud. I worked with him closely. He never lost a penny. He sent me flowers. The Elderly Pastor Customer wrote: " if not for you, we'd be paupers."
I needed surgery. The manager told me: " if you leave for this surgery, don't come back! You are too disabled to work here." I needed a knee. I canceled surgery six times at my managers request.
I went to the doctor one day. While I was out, the manager told my customer described above that she didn't have time to help him with the fraud issue, stating: "take your money down the street to Chase, we can't help you here any more."
While the manager was out sick, an employee came in wearing her father's wrinkled shirt with a belt, no pants. The shirt barely covered her bottom. The attire upset an elderly customer, she took a pic, sent it to me for the manager. The manager immediately fired me for alleged violation of bank policy just days before my surgery.
9
Corporate speak:
“Not who we are” = “Exactly who we are”
“I take responsibility” = “Nobody takes responsibility”
“I will fix this” = “I’m only acting because the media found out”
14
It’s the same story at every bank and at most corporations. The executives only care about money. Nothing else. Customers and employees come last because in the executives’ minds customers and employees only exist to serve US Bank or Wells Fargo, not the other way around. The only reason Cecere responded was because the story got national coverage from Mr. Kristoff. Do you think Cecere would have responded otherwise? Absolutely not as proven by his complete failure to do anything before this article. That’s why I will never keep my money with any major bank. They are all run by heartless Republicans who wouldn’t know about doing the right thing or serving other people besides themselves if their life depended on it. Cecere needs the NYT to explain to him that there is something called doing the right thing. This is the absolutely pathetic state of today’s unregulated Capitalism. Complete failure for our society.
6
How much longer did Mr. Eugenio have to wait for his money??
What were they doing with it?? Boycott
2
"When young Americans say in polls that they react more positively to “socialism” than to “capitalism,” it’s because of the hypocrisy of institutions like U.S. Bank."
BINGO!
8
Can we hear the end result of this story? Does James get her job back including lost income? Are there changes made at US Bank?
2
if only she had extracted an extra $20 from the customer she would have been promoted. The rot starts at the top.
4
I sincerely hope NYT can verify that Cecere follows through on his promise to “fix this.” I want to know exactly what he does to make it right.
6
Does not Samantha Swindler, who previously wrote about this in The Oregonian, deserve acknowledgement? "The Oregonian" is belatedly mentioned by Mr. Kristof in the second last sentence, but there's no mention of Ms. Swindler.
5
These are Trump rules.
1
I routinely get advertising from US Bank touting their Worlds Most Ethical Company rating from a supposedly non-profit organization called Ethisphere. After experiencing some unethical account practices at US Bank that resulted in a zombie account fees not that different from the Wells Fargo scandal, I researched this dubious honor as a “Worlds Most Ethical Company.” It turns out that Ethisphere is a corporate membership organization in which members pay membership fees to be included on this supposedly exclusive list. How brazen can companies get? Very brazen with false advertising. Here is the dubious list - check it out for yourself. https://www.worldsmostethicalcompanies.com/honorees/
12
Several years ago, one of the ballot initiatives in CA was about increasing state funding on public schools via a very minor tax increase on the super rich in CA. Mr Chuck Schwab teamed up with the Koch brothers to advertise against this idea. Those ads were bought by an ‘anonymous’ group. The New York Times found the financial backers of that group. I called Schwab investments the next day and moved my entire account to another broker. Why? The company had no explanation or comment about this front page article.
5
Nicholas Kristof
I hope you will print your follow up for "I will fix this."
4
"...after this article went online, I had a contrite phone call from Andrew Cecere, the C.E.O. of U.S. Bank. “This is not who we are,” he said. "
Actually, Mr Cecere, this is exactly who you are.
Plus a self-serving hypocrite.
6
The person who decided they should be fired should be fired. Whoever was responsible for lying to the customer about the timetable of the fund’s availability should be fired. Whoever conducted the “investigation” should be fired. The spokesperson should be fired. And Cecere should be fired and, as someone else posted, should receive no severance. James and her supervisor should be re-hired and if they don’t want the jobs, they should receive a severance check.
Two add notes:
What kind of CEO doesn’t return a call from the NYT? How stupid do you have to be?
Ms James was lucky that Nic heard her story but how many others have suffered similar fates but didn’t have the good fortune of having Kristoff as their “equalizer”?
8
Cecere only called to "make things right" after this article was published.
He doesn't give a hoot about James....he is only interested in avoiding any more bad press.
And he gets $14 million a year! Talk about income inequality.
7
I think it's dangerous for a bank employee to leave work to meet a stranger who needs money. The bank should have released $100 in advance of the deposited check.
1
Thank you, Nicholas, for this Opinion. Were I still in Practice, in a position to hire Ms. James, I would do so in a heartbeat. What she did for someone she did not know, someone in urgent need of help, goes to the highest standards of human kindness and generosity. Spontaneous acts of kindness are too few, especially in this time of national hatred and division.
Ms. James' clear empathy for another life is what I have strived to promote in the tens of thousands of children I have cared for and taught over 45 years, and I still do and alleys will. Too often stated "policies"of large and small enterprises do not reflect the actualities of their practices, just as political propaganda and lies do not reflect truth. It is up to US to see that lies and hypocrisy are stifled and that those who promote them are held accountable - for the betterment of ALL.
8
I have personally represented multiple people in "bad faith" termination cases and am constantly amazed at the cruelty of the person in charge of the firing. Most of the time there are indeed "reasons" for the termination but in most cases, a warning or reprimand would suffice. Our culture seems to prohibit common sense and empathy.
This woman should have been praised for trying to do the right thing and at the same time, if she violated company policy, point out how to do it within the rules. Her act of a good deed, if handled properly, could have garnered the bank valuable free publicity and new customers. Instead, they'll probably, and deservedly, lose customers.
15
I very much hope that Mr. Kristof does a follow up on this story to make sure that "this" is fixed, though I imagine that he will. It also would be interesting to hear the bank's justification for keeping a long hold on Mr. Eugenio's money (surely the real reason was to take advantage of the float).
8
Yes indeed he should own this and indeed fix it. What's not being mentioned, is the individual who reported this as an offense. THAT'S the person who should be fired. Likely had an axe to grind or looking for a promotion. "Eating their own"
Next question? How will this be resolved? Hopefully there will be a follow up article from this wonderfully written piece. Thank you Mr. Kristof.
4
US Bancorp made about $8 billion profit on over $20 billion in revenue and they are worried about a $1000 paycheck on Christmas Eve.
That is all you need to know to understand why people are distrustful of corporate America.
17
I think you are mistaken when the Bank says it takes a while for the check too clear. Today a verification takes seconds.
What really happens is the Bank simply keeps the money. Invests it and makes a few days of interest on it. Then they give it to the depositor.
Like Joan Baez said. Some rob you with a pistol some with a fountain pen.
29
Something was wrong with the check. Probably insufficient funds. It’s fun to think of Ebeneezer Scrooge stealing a week’s worth of interest but that’s not how it works
You don’t know it was NSF. True the hold is to protect against that possibility, but it is also true funds can be verified through a simple phone call IF THEY CARED TO BOTHER.
2
@Michael I like the story about the landlord that also tried to cash a $100 check with insufficient funds.
He somply sweet talked the teller and found the ballance in the account. It was about $75. Then he deposited $25 of his own money into the account and proceeded to cash the check.
Who does US Bank think they are, Wells Fargo in training? I suggest that a subtle "motivation" for the bank's initial action is sheer laziness. Some of the employees in these non-think actions just don't care, all too common now.
10
For many years my neighbor was the former US Bank CEO, Richard Davis. I had very limited interaction with the Davis and his wife but this story does not surprise me one bit. The small amount of time I spent in their presence was marked by how “other worldly” they were verses everyone else. I believe it is the culture at this company fostered from years of profits, increased stock price, privilege from government officials...the list could go on. Consumers need to know how these companies operate.
12
It's really a bigger societal problem: dehumanization of workers. Weakness of unions. People as slaves to the corporate bottom line. I've talked to a number of people who work at these Amazon "fulfillment centers." The warehouses. If they touch something, it has to be out of their hands in 10 seconds. Computers are constantly gauging their "metrics" while video cameras keep them under constant surveillance. They accumulate a certain number of "points" for things they've done wrong and then they're summarily fired (they are "written up" first). Meanwhile, Amazon vans everywhere for "next day" delivery. Do we really need that? Should we be worrying about how that affects climate change? People as human robots is not the culture we should be striving for. But here we are. So what's next? Should we really be surprised that this bank has acted the way that it has? Will Wall Street or our "role model" of a president speak out angrily against this behavior? We reap what we sow.
17
And they wonder why we want someone with the vision of FDR to help us in the next election. This is one of the reasons.
18
I think I'll close my US Bank account which generally has a balance of about $25,000 and deposit with a more community and employee minded institution.
37
A credit union might be a good choice
4
Just one more reason to bank with a Credit Union, which I do and have for more than 30 years with nary a problem. I did have a bank credit card which I voluntarily sent back to them after they charged me a $31 dollar late fee on a $15 dollar transaction. The late fee was caused by the fact I was spending the Winter in Arizona and my mail had not caught up with me. To add insult to injury, the following month, I received a billing for $1 saying they had raised the interest rate prior to my payment reaching them.
I would put my money in the mattress before I would ever do business with a commercial bank again.
19
I am so happy the Ms. James (and her manager) were fortunate, and that Mr. Kristof has the kind of public clout that forced a corporation to ultimately do the right thing. Unfortunately, our system is now rigged in favor of corporations at the expense of citizens. Mr. Eugenio did everything right, but US Bank was allowed to steal his money, block his access to it, earn their own profits from it, and finally hand it over to him when they good and well chose. I'm happy Mr. Eugenio didn't have to walk home in the cold, but he earned that money, and he shouldn't have been stranded, he shouldn't have missed buying gifts for his children, and he shouldn't have been helpless against this awful corporation in the first place.
I am sure that many who voted for Trump or his Republican cronies are in the same economic straits as Mr. Eugenio and Ms. James. I wonder if they would read this article and genuinely not see the correlation. Or care.
14
We don’t know why the check didn’t clear. One possible explanation is your story of deliberate wrongdoing - a company that messes with it’s customers for the fun of it and yet somehow stays in business. Another more likely story is that there was an actual problem with the check, or insufficient funds in the account it was written against.
1
That is not “more likely”. The more likely is a policy that places a hold to protect the bank. A hold that lasts far longer than the actual risk. Funds clear within 24 hours. The problem is the bank has no brain and no heart. Employees are not allowed to use common sense. Sad
4
Thank you for this article, Mr. Kristof. My family are long-time customers of US Bank, and I would like to find a way to effectively express my indignation about this firing.
14
I'm puzzled about this one detail- she says she gave him $20 of her own money, yet the manager, Gilbert, confirmed it was actually from her. That was the company's version too. Which was it?
3
"This is not who we are." Really?
Mr. Kristof, please do all of your readers a favor. Follow up on this article in 90 days and let us know if the bank's policy has changed.
I suspect your answer will be something on the order of "U.S. Bank's personnel policies are not to be shared outside of U.S. Bank."
18
NK keep up good work! We left US Bank 25 years ago after they put a hold on a check to us from the law dept of a competing bank (for consulting services) for over a week. No explanation. We have been at a credit union since and will never go back to a for profit bank.
14
One only needs to read this opinion piece to understand the frustrations of so many Americans. I'm quite certain many people have experienced this type of behavior by their employers in ways much less serious than this case but just as hurtful.
Wonder why our politics is broken? Look no further than the fact that a compact that existed between employer and employee has been blown away. People are looking for hope that their lives and that of their children can be better and less fraught with the worry of can I make rent / mortgage, pays my bills and maybe have something left to have some enjoyment outside work hours.
Thomas Watson Sr, IBM CEO, found ways short of lay offs to keep his employees busy when times were slow. I paraphrase a quote attributed to him: 'If you take good care of your customers and employees, I have found the investors are taken care of as well.' I was employed by IBM when they did their first layoffs in the early 90's. It was a rough day and a rude awakening for many.
9
Thank you for taking on this cause!
"I will fix this" is not the same thing as "I have fixed this. It is fixed," (and then go on to describe how it was fixed.) And I hope you'll follow this up, Nicolas. And I hope you'll support those candidates being vilified as 'socialist' in the media, as the 2020 election nears.
9
I used to be a USBank customer and an early adopter of on line bill pay which they were the one of the first banks to offer. That was the only reason I moved my accounts to them.
At the time they charged a 4.95 a month fee which was less than most. About eight years later I became eligible for a credit union and opened an account there.
When I went to close the USBank account I was cornered by a branch manager trying to get me to keep the account. As an inducement he told me about thier free on line bill pay service. I looked at him and asked how long had that service been free as I was still being charged the fee. The answer was five or six years.
Then he asked what could he do to keep my business? It did not seem to occur to him that it might be appropriate to offer a refund for five or six years of fees for a free service.
That was 25 years ago. It appears USBancorp has about the same customer nonservice attitude it always did and I do not believe for one minute thier apology and "that is not us" claim was not just what the lawyers told them to say.
13
U. S. Bank held my mortgage for several years. One of the poorest-run financial institutions I've seen. But they were buying mortgages and then saddling customers with their pathetically bad service, and did not have to worry about appealing to return customers.
Seems to me Mr. Cecere has managed to combine disregard for employees with disregard for customers. So he'll probably be terminated with a $25 million severance., another example of horrendous corporate mismanagement that the US is getting so good at.
Ah, but what's the stock price doing?
10
He "will fix it" because of the public shame. We need executives and others to be naturally inclined toward compassion...
7
Just what are the core values of US Bank? How can a company survive in today’s economy without putting customer’s needs first?
I was fortunate to have a career with a company that stressed exceptional customer service both externally and internally. Ms James actions would have been celebrated throughout the company as an example of going above and beyond to please the customer.
5
We can rant and rave at capitalism run amok in the US in "pursuit of happiness'. There are two words/ terms I live by: "the golden rule", and "eudaimonia".
Corporations MUST be restrained, maybe even more so than guns; the damage they wreak is deep and wide.
2
Just shared this disturbing yet inspiring article with many of my friends. As a boomer I, too, understand why Bernie appeals to the young voter.....I have a small loan with US Bank. Will get rid of it (pay off) ASAP. Hope both women find a better employer who can appreciate the kindness and compassion they both showed. Remember, folks, not EVERYTHING can be had on Amazon Prime!
11
I have always used a Credit Union - not necessarily because I assume they act much better at the corporate level but just because I never cared for “Big Bank.” There are a lot of good people in corporate America but it’s almost comical how so many Corporations can’t resist shooting themselves in the foot.
2
Walking five miles in the cold, do not kill anybody,Mr. Eugenio should have walked home and not put another human being in harms way to save him of a five mile walk in the cold.
What's is worth it for the employee to loose her job and put herself in harms way for this situation?
2
How could he have possibly known they would fire her for this? She checked with her supervisor.
6
How could she have imagined her job would be at risk for her act of kindness?
5
Every company even small ones like the one I own has policies and a code of ethics. Sometimes they are in conflict. This young lady followed the code, while breaking the policy. This is where judgement comes in - and it seems to me that the leadership failed to exercise it - while a couple of front line employees did.
When I meet with other business owners we talk about needing people with a strong customer focus - this is an example of a young person many of us would like to hire.
14
I know someone who worked for a mental health agency who would go above and beyond for her clients who desperately needed her support. She was fired for standing up to a emotionally abusive supervisor who undermined her work and put clients at risk. Happens all the time.
8
Why doesn't this woman have unemployment insurance benefits?
It’s complicated, you can be fired in most states for no reason as an at will employee. When you are fired, it doesn’t mean you automatically qualify for unemployment. In addition, unemployment does not pay most of the bills and you do not automatically get Medicaid.
9
I don’t think you get them if you are fired for cause.
2
@JRoebuck It's been five weeks since her dismissal. Benefits should have kicked in by now. Medicaid is unrelated to my comment.
1
She should be offered his job. Hard to see her causing a massive public relations disaster, and he would stick to the letter of policy.
4
Dr. King warned against the dangers of the inextricable intersection of capitalism, militarism and racism that made has made America first in money, arms and prisoners to the survival of our Constitutional republic.
12
I Would like some follow-up, when available, thanks.
7
Many years ago I was part of the management team that opened the Las Vegas market for Starbucks. Back then it was big deal when Starbucks opened in a new market and we were the talk of the town. It was also the year that the Hard Rock Hotel opened and there were droves of VIPs from Los Angeles in town for the grand opening. We did not have a Starbucks store open yet, but someone the LA crowd found a phone number for the training center we were using to train the new baristas. They called, asked if they could come get coffee and our district manager said come on down. Keep in mind that we were not licensed or permitted to the space in a retail capacity, but by golly we had folks that wanted their double tall lattes and we were going to make them happy. Later that day we got a call from Starbucks HQ asking if we had served people other than our own employees (LA people must have called them) and we told them the story. An hour later a huge bouquet of flowers arrived from CEO Howard Schultz thanking us for taking the initiative and going the extra mile to make our loyal customers happy. Sometimes breaking the rules is absolutely the right thing to do.
24
And this is why I use a Credit Union.
11
Ms. James is a wonderful person and I hope she ends up with the better job with a better company that she deserves. As for U.S. Bankd and its CEO, their despicable treatment of Ms. James is exactly who they are, despite Cecere's denials. That is why I do not do business with U.S. Bank or Wells Fargo. And people wonder why Sanders and Warren, who promise to regulate the financial industry, are doing so well in the polls while the big banks themselves are trying to smear them.
14
Amazing how greed, malice, and legal paranoia frequently Trumps kindness, morality, and courage.
8
The meanness of the Christmas Spirit. Nearly as bad as the Department for Work and Pensions in the UK.
2
I used US Bank years ago, had a terrible experience, never used them again.
Apparently nothing has changed.
Any US Bank employees reading this?
10
I can't recommend using Credit Unions enough.
7
“This is not who we are.” Really? That is exactly what American and Republican scorched capitalism is all about in the trumpian era of depraved and gratuitous cruelty even using Christianity as cover, no less.
When Republicans smear Democrats as socialists, we can legitimately counter them by labeling trumplicans as fascists.
Granted, I am no longer impartial to American style corporate greed and cruelty. I was fired after 22 years of health compromising work making millions in profit for my boss. I was fired so he could get away with stealing $80k in independently verified earnings. In trump style my former boss has threatened not only to sue me but to have me "thrown in jail" - autocratic style - for posting the truth online. He can't because all postings are factual and I have no NDA.
Fortunately I do not have to sell my blood to survive - I lived reasonably frugally for 22 years and can rely on my retirement savings to live frugally without any gov supports (though 10% Fed penalty tax hurts). Indeed, my government supports the criminal theft of my wages by my boss by giving me no recourse to hold him accountable.
I refuse to ever work to make another capitalist profiteer hoard more wealth off of my back while they live it up in Monaco (like my former boss does full time) and dodge taxes (he's even listed in the Paradise Papers).
Currently I volunteer to help non-humans, though I continue to donate what little I can to some of Kristof's promoted charities and MSF.
11
It's great that this one injustice looks like it will be undone, but what about the vast majority of outrages that don't end up in the New York Times? A fact not noted in the article: As a former bank teller, I know that in the past, at least, it would have been unusual to place a hold on a paycheck. If from a reputable company, an actual pay check is almost like a cashier's check, and treated as cash.
7
Wonderful and thoughtful to know there have been so many to respond.
Has Cecere “”fixed” this? I am having a hard time finding a bank I trust & respect enough to do business with.
4
Credit Union, please. There is literally nothing a bank can do that a credit union can't do.
4
Firing Ms. James is clear evidence of a disfunctional and immoral corporate culture. Corporate executives attempt to justify their enormous compensation packages by touting their "leadership" skills. Cecere has clearly failed as a leader, merely promising to some vague "fix" after the article was published.
How many other customers or employees were abused, and not written about in the NY Times?
6
God bless Nicholas Kristof. He effectively uses his journalistic skills and fine reputation to alert us to particular instances of unfairness occurring in both the private and public sectors. He shines a spotlight on injustice in a non-hyperbolic and reasoned fashion which, as here, results in remediation.
15
He’s hands and tails above Stephens, Cohen and Krugman.
1
Hold this bank accountable. Do NOT let time kill this story and lose media attention. These CEOs get paid millions to lie to the public by saying, "We'll take care of it; it's not who we are as a company." Start pulling your US Bank accounts and let the tellers/managers know that's how it's going to roll until they rectify the situation. Seriously. Have you had enough yet?
9
I'm sure Mr. Cecere called precisely because the article had gone online and some of his friends saw it.
I wonder how many other employees his company has fired for being nice (which clearly violates company principles)
10
Talk about misplaced priorities! After this woman tried valiantly to help the man she was fired; if she gave her own money to help him (on Christmas Eve, for God's sake!), what business is it of the bank's?Talk about misplaced priorities! After this woman tried valiantly to help the man she was fired; if she gave her own money to help him (on Christmas Eve, for God's sake!), what business is it of the bank's?
Cecere is a blind and unspeakable piece of work. He only said he'd make it right when he started getting bad pr because of his and his bank's policy. Thank you for bringing this story to our attention; please let us know if/when Ms. James and Ms. Gilbert get reinstated or jobs at another institution.
The 1% is way out of control. It is a wonder that people aren't in the streets with pitchforks going for the heads of bankers such as Mr. Cecere and the whole Wall Stree/Trump administration cabal.
9
Concerning the postscript: Yes, Mr. Cecere, this clearly *is* who you are. And I am not just talkign about US Bank here, I am talking about you. Mr. Kristof clearly stated that he tried to reach you but you wouldn't return his calls. Nut then when it appeared online, you called him, to say you would "maek it right." It's clear from the contest that what you want to "make right" is not so much the cruel treatment of Ms. James and her manager, but your company's PR. The ONLY reason you are doing this is because of this article in the New York Times. There were TEWO previous articles in the Oregonian which you tried to ignore, hoping the whole things would fade away before too many people noticed.
Shame on you, Mr Cecere & US Bank.
8
Great article, Bravo- Nicholas Kristof
2
Lucky for employee NK wrote this article. The Grinches should be ashamed of themselves and Harvard Business School should use it as a case study for executive seminars.
4
the power of the press.
note it was only after the article was to be published that kristof received a call from the ceo..with an apology.
kudos for the reporting , trying to "make things right" and holding a big bank accounrtable.
keep up he good work
8
The kind of fake contrition expressed by Cecere is sickening. He would not have done anything if this article hadn't appeared. He gets no points for doing the right thing now. I hope Ms. James will take one of the other job offers she gets. She is too good for US Bank. By the way, I intend to close my own US Bank account first thing Monday morning.
12
Actually, Mr. Cecere, that is exactly who you are.
Like Wells Fargo stealing from its customers, you have shown exactly who and what you are.
8
This is very strange behavior by US Bank. I have two jobs and both checks are deposited electronically. One goes to Bank of America, the other goes to a tiny, local mutual bank. The money from both checks are always available to me on payday. If they weren’t, I would instead put my money into a bank that gives proper customer service.
I can’t figure out why people continue to do business with banks that abuse them—— Well Fargo and Citizens Bank also come to mind. Generally smaller local banks and credit unions give much better service. Don’t put your money in banks that treat you like dirt!!!!!
10
Yeah, funny how AFTER the story is published the CEO decides to try and make it right. Fire the CEO.
8
The update reports that Andrew Cecere, the CEO, said "I will fix this." Perhaps -- but only because the company got caught and everyone who reads the NYT now knows it. Even if he wrote a column like this every day, there aren't enough days in the year for Nicholas Kristof columns to right all the wrongs of corporate America that flow from their unchecked power.
8
Petty. Pathetic. Cruel. And official bank spokesmen smeared Ms. James as well. I would have expected that discussing employee performance is also against company policy.
Cecere "earns" 14.1 mullion in a single year? $20 is less than 0.0000014 of that. $1080 is less than .000077 % of that figure.
Until this public black eye, they had exacted revenge for that $20, and 20 minutes, not even on their own premises or on their dime.
10
Why was not Mr Cecere fired? Without severance?
For being evil and greedy!
4
How stupid is US Bank? They could have turned this into a commercial like that of a hotel chain that shows a desk employee driving out to pick up a customer whose car is stranded in a snowy night. Instead, they take this PR hit.
Wells Fargo launched a huge ad campaign about their supposedly great customer service after the scandal where they pushed employees to sign customers up, involuntarily, for extra accounts. Who would believe them now?
Whether it’s the insurance industry, banking or the automobile industry, it seems that the business model is to take advantage of customers as much as possible up to the point of a bad PR episode then, if they go over the line, let the advertising industry clean up the damage.
4
What the heck are they teaching in business school these days?
4
when it takes a new york times article to get a company to do the obviously right thing in such a clear-cut case, you know that a company is mismanaged beyond any hope.
8
Corporations are people? Without empathy, they're sociopaths hence our current societal condition.
6
So if you have money in U.S. Bank, take it out and find another bank. Speak in a language these disgusting example of humanity understand.
8
People need to stop saying “this isn’t who we are.”
No, it’s exactly who you are. You did it. By your acts we know you, as the good book says.
Try: “This isn’t who I/we want to be.”
12
As we now live in the age of instant digital transfers of information it is entirely absurd that banks still claim they need to hold on to your money for days. Especially if it’s a pay check from an established company. It’s just a way for them to get the float and to invest your money for their own profit. They also set up roadblocks to savings withdrawals and other kinds of transfer. It gives them billions more to invest. Oh, and then there was that bailout in 2008 when they all got interest free access to Fed funds...
6
The note at the bottom of the article said it all. Mr. Cecere only acted on was when the article went public. He had no intentions of fixing the issue until it became a PR nightmare.
Why not respond in the first place? Why not act when things are quiet and out of public view?
5
Over six decades of using banks as a residential customer and a tiny business owner I have found that local, state banks are far more human and humane.
I avoid huge, national banks like U.S. Bank like I'd avoid the plague.
May the three victims of this sorry tale have a better year.
Well done Mr. Kristof.
6
I appreciate this article and am saddened to read that a company, which is my bank and has been touted itself as "One of the World's Most Ethical Companies® for the fifth year" could not see the ethics in this dilemma. I hope that Mr. Kristof's update about Andrew Cecere is accurate and that there is a follow-through in regards to this matter such that a just outcome occurs. If we lose our humanity, what else is left? And thank goodness for the Power of the PRESS.
12
@RMD Maybe Mr. Kristof can get some relief for those who were victims here. But if this had not come to light through a national newspaper like The New York Times, I doubt if we would have learned about it. I guarantee that this disgraceful conduct by a large bank never would have come to light if it appeared in a local newspaper virtually anywhere in the country.
The proliferation of "zero tolerance" standards, in schools and in the workplace, have become the bane of our existence. Mean spirited and ineffectual, but still the "go to" card in far too many instances.
Turning to the case at hand, when he says he will "fix" the problem, query if Mr. Cecere will actually offer to reinstate either or both employees. After a busy day pulling the wings off flies, chances are he won't have time to squeeze that in.
7
People who are financially poor are often richer at heart. The adversity they face makes them stronger, generous and sympathetic to the plight of others. People stuffed with money often look down upon the misery of others.
Hope this story ends well for these kind people.
9
I have a better solution: the CEO of USBank gives both the ex employee and the bank customer she helped a proportion of his 14million salary that is equal to the proportion $20 is of her bank salary. Then he resigns, after paying the same amount in taxes they pay, and lives happily ever after on his severance package. Maybe, in his spare time, he could also drop by a food bank or homeless shelter and lend a hand. Just a thought
13
Over the past year I have had several experiences with 3 large banking institutions, two in this country and one overseas, in which representatives and managers in local branches have sincerely tried to resolve some very important matters for me. In all cases, we ran up against walls created around nameless, faceless "back office" people citing "our policy," who really do not put their customers' first. It is a sad way of doing business.
5
One of the biggest ways to get fired in our economy is to insist that an organization live up to its published Mission Statement / Values Statement. I speak from experience. It may sound hokey, but sometimes you have to live your values even if it comes with a heavy price. "Here I Stand, I Can Do No Other." - Martin Luther
7
Capitalism is not the problem. As usual it's people. Someone made a decision here. Clearly this person was inept, and should be demoted to a safer place, where he or she will not impact others. This stuff happens every day and we are at the mercy of these big bureaucracies.
I myself had a deal with US Bank who held a car lease of mine and didn't change over to auto pay, and then reported me as late to a credit bureau. They are a second rate institution led by a second rate team, in my opinion.
4
Respectfully, capitalism is the problem. We pretend it’s somehow a moral system, but it’s amoral. Under capitalism, she should be fired because she endangered the bank’s profits.
4
How much better it would have been to counsel and retain a good employee rather than the actions taken? Our society has become one that hides behind rules and eliminates management judgement in the belief that it is better to do so than to take any risk of 'lawsuits'.
4
Stories like this get accused of stoking our culture's "outrage machine." The response of U.S. Bank's C.E.O. highlights the good that comes from such stoking.
We're living in a culture where many of the checks and balances that are supposed to protect workers are being weakened or dissolved altogether. One decent aspect of electronic media and our FREE press in general is the rapid dissemination of instances of injustice. Stories such as this, while it may stoke rage, also stokes our sense of fairness and decency. Thank you Mr. Kristof.
10
Excellent story, Nicholas. Two thoughts: 1) Bank "holds" on checks are excessive -its one of the ways they make money. An employers paycheck is a pretty safe risk and the same AI that helps them detect fraud could also tell them the risk they are taking with that employer. But, since banks make money (HUGE money, btw) on overdrafts and floats they have zero incentive to treat their customers appropriately. 2) Despite this, how many people are going to cancel their business relationship with US Bank to send a message? I suspect very, very few. Really, that's the only message such an org really hears. When customers run out the door, behavior changes. Not until.
8
From a former US Bank employee, "Thank you." After I left I began doing business with a local credit union. Best move ever.
9
I understand why the banks need a period of time for checks to clear. There is a lot of cybercrime and it is prudent to wait before transactions clear in order to allow the banks and its customers to catch illegal activity. What I don’t understand is the need to be so heartless with the two employees that got fired. Do you have to destroy their livelihood just because the try to do the right thing by one customer. The disturbing thing is how easy two lives can be severely impacted by blindly following of internal rules regardless of the damage caused and without any thought for how unbalanced the punishment is for the deed. Why don’t care at all for these two good samaritans took some risk to help a struggling fellow human being. Why the need to fire them and then try to cover up by blaming their supposedly past bad performance. Obviously this bank and its corporate structure reflect the worst corporate America has to offer.
6
I learned years ago, as a customer, to never praise an employee of any large company to their employer, because the employer will extract revenge on that employee. Indeed, the more out-of-their-way the employee goes to be helpful to a customer, the more the employer resents it.
9
@Grant
Mismanagement and corruption are far more "profitable" than a well run anything.
5
With a salary of over 14 million dollars, Cecere would never be in the position of desperately needing $20 for gas to get home. He wouldn't have to worry about waiting for the deposited money to clear in his account. I doubt he could even imagine what it would be like to need gas and feel despondent about about not having the money to buy Christmas gifts. Impossible for Cecere to feel empathy towards the family in need, or to recognize the employee was kind and concerned with only altruistic thoughts.
The world is a much better place when people recognize the needs of others and help even in the smallest of ways. In my experience, I have seen that people who have less are the most willing to help someone else. It is not just giving money as a source of help. We can offer our skills and assistance. I live on a fixed income. While I can only offer small amounts of money, I will readily help someone else by providing a service that I know would be beneficial to the recipient. It could be babysitting services, working on the funeral committee lunches at my church, giving a ride to someone unable to drive, provide a meal, watch their animal, water their plants, etc. Many people have helped me when needed. We should not expect something in return for the kindness we offer, or even a pat on the back. We are not in this world alone. If we take the time to share and care it can make life just a little bit easier, and happier, for someone else. That is the reward.
15
Why anyone banks at USB, Wells, etc is beyond my comprehension. Spend five minutes in a credit union, you will never look back.
12
@Eric
I used to think that until mine stole my home.
Why did the bank put a hold on a paycheck? Is it because it is not a legitimate business. In this age of technology, it should be easy to find out quickly if a check is valid.
The gap between the ceo’s Income and an ordinary worker is outrageous and why socialism seems understandable.
8
@penney albany
delays like that cause late payments which are a major contributor to most corporations bottom line. It is all pure profit for literally waiting doing nothing for a few days.
5
Here is a suggestion that may be met initially with derision or ridicule: Require all corporations of say, 100 or more employees to have a legitimate Ethics Department.
It is obvious, with a sample size of decades and copious examples of entrenched corruption (and literally poisoning the common good), that Corporate America is not interested in anything other than the bottom-line.
4
Most large companies have something like that. The problem is, it's more for looks and prevention of lawsuits than anything useful. HR departments are the same.
5
Thnk you for this article. We will close our account and I will actively work to tell as many people as possible to do the same.
15
A nifty movement to divest, boycott, and sanction this Shark Tank called "US Bank" is indicated.
Anyone holding an account there, close it; or just empty it down to $1, destroy the cards, and walk away.
7
Frankly, I was heartened by the postcript on this piece, which mentions a phone call from the CEO and a promise to fix this. We've gotten so used to demonizing whole classies of people based on our prior assumptions that we fall into the trap of fixing one mess by causing another. There is no need without fuller consideration to demonize this man, who has probably had a record of success and responsibility to rise to the top of the corporation, for what was apparently a terribly unfortunate, ill-considered and grotesquely rash act over the holiday. I hope there is a follow-up on this and that it all works out adequately for everyone. (Further, do consider that holidays and unstaffed hours are prime occasions historically for bank thefts by bad actors, which is probably why those over-strong blanket restraints were in place to begin with.)
@Drumroll, sadly, he only returned the call after the article had been published. Bad PR was the motivation. I've worked for corporations long enough to come to expect this. They talk about diversity in public and call minorities derogatory names behind closed doors, they talk about LGBT equality in public, but are far more concerned about "conservative customers" in private. Similar issues with equal remuneratio, human rights and the environment. The only real motivator is the threat of losing business, either through bad PR, regulatory frameworks or customer requirements.
10
First of all it is the story of people living pay check to pay check with no access to credit.
It also a story of people trying to help each over despite many rules against putting yourself at risk with potential liability for any injury that may arrise from your action while at work.
Getting stranded at a gas station because you can't pay for gas is unfortunately not that rare and none of us would like to be the person stranded or the person at the bank getting the call begging for help.
Having a bank employee offering to drive to bring someone cash is on the other hand is very rare. James and her manager compassion reflected nicely on the bank.
I understand the bank employee did not want to leave a paper trail (hence the drive and the cash), yet reported dropping the $20 in person afterwards.
If you know full well that you are breaching an important company policy related to personal safety, you should also know not to expect flowers from company policy enforcers.
Firing Mrs James was an excessive response and I hope she and her manager will get an opportunity to resume serving the banking public soon.
6
Kudos to Ms. James for having a heart. I'm glad to read that she is getting employment offers. But a bit of advice from a very progressive older employer - ditch the blue hair.
5
For an employee in a call center, with zero customer contact expected, she can shave her head for all the customers care. What customers expect from a call center these days is a courteous response from someone “local”, ie, not in an off shore call bank manned by foreign nationals whose ability to communicate is sometimes nil. I find the bank’s response to the situation inappropriate. A stern reprimand may have been in order, but firing is inexcusable.
8
I have been regularly mistreated by my bank (Chase) despite the fact that my local bank employees are all so very nice. They seem to fully understand they are working for the rude and corrupt, and do their best to protect customers.
I just expect it, and finally have moved most of my money to alternatives like Vanguard, and only maintain the bare minimum to pay credit cards.
5
@fred
You touched on one of the dilemmas. I use a bank which has had ruthlessly predatory people at the top. The people I occasionally interact with are polite, decent local people, who need their jobs.
1
It is worth pointing out that US Bank's response was to follow the lead of Trump, and simply lie about their actions, and smear anyone who is not a "true believer". When did it become acceptable to simply never tell the truth, ever?
12
Since the most powerful man in the world decided that lying constantly, every day, is perfectly normal. THAT'S when.
2
Credit unions are the only way to go.
6
There's also Beneficial State Bank, founded by Kat Taylor.
1
This situation was caused by a greedy bank that wanted to benefit from the customer's deposit for a number of days before releasing the funds. This is standard practice and it hurts the people who need their own money the most. This has become a PR nightmare for US Bank, deservedly so. Spread the word.
10
This is not a story about personal tragedy.
It's about the structural flaws in finance capitalism.
Perhaps the bank need to not only be more strictly regulated, but nationalized.
6
Thank you, Mr. Kristof for this opinion, and thanks to the NYT for posting it. I am thankful also, to the victims of corporate power and meanness for having the courage to contact you.
The sad truth is most people in our country choose not to speak out or take action in response corporate and government wrongdoing. Americans are frozen in fear of loosing jobs, of being sued, or being stripped of what little they have should they speak up about to corporate or government abuse of power and wrongdoing.
For 40 years Republicans and their legal arm, the Federalist Society, have worked to ensured free speech and legal protections are only for corporations and the wealthy. To put an exclamation point on this fact of American life, this past Friday Republican senators voted to closed the deal on the largest acquisition in history — the purchase of the US government by corporations and the 1%.
The behaviors of the US Bank CEO is just one small example of what is going on in the world's newest and kleptocracy. No good will come to the people of a nation run by criminals, predatory capitalists and the very wealthy.
6
I wonder if the firing of Ms. James was partly or largely about punishing and excluding from the group a person who shows caring and humane values or other attributes that contrast with the real values and operating procedures and attributes of owners and managers. Perhaps Ms. James' caring might challenge the managers self image. Some people are not good at tolerating someone who might appear better in some way. I've often seen that the reaction to the challenge is to punish or get rid of such people. Dismissal sends a message to other employees that such behavior will not be tolerated.
4
In our town, the front of the U.S. Bank has a banner stretched across it that states, "voted the most ethical company to work for in 2018".
It causes a mixed reaction in me when I notice it driving down the street. My husband and I decided 10 or 15 years ago to move from BofA to a smaller bank, for ethical reasons. We went to U.S.Bank first (our options are limited in our smallish town). We opened an account after reading the fine print. We had our paychecks automatically deposited. My funds are from the hospital I worked at, right across the street. We could not get to our money for over 5 days.
We went into the bank and spoke with the manager. She basically told us, that is our policy, that it might change after a couple of years when our local branch knows us well, and there have been no problems with our account. I asked how can any company justify using our money for a week, and not let us access it, while they use it to invest, or show a net reserve amount nation wide? She shrugged.
Now the end of this story is that we had the resources to leave money in our BofA account, so we had money to live off and access (which many people would not have that luxury), so we were able to regroup without hardship - except for the loss of time.
We found another bank that was far more fund friendly, closed our account with U.S. Bank and moved on.
My best wishes to Emily James and Abigail Gilbert. I wonder if they were men would this have happened?
6
Does anyone remember when call centers did not exist. I cannot say they were illegal but regulation prevented them for exactly that policy. You should be able to know the first and last name of anyone who is representing the company you are dealing with where they are and whether or not they are a direct employee of that company or some randomly assigned person from an answering service.
Corporate America rakes in hundreds of millions illicitly from us because of the shams they get away with using "call centers". It's like deliberately not crediting your account when they open your payment and waiting 5 days or more so they can tack on a late fee. That is just one way they use intentional mismanagement to rip us off and hide behind upthrown hands and "what can id do that's how call centers work?" as if they weren't designed to cause exactly that and other problems to the corporations benefit.
You used to be able to deal with a person directly and get that same person when you called back even in our government!
The real objection was not only to the compassion but to the idea that the problem could be solved at all in any way other than the destroy your feeling of certainty and reliability in your banking relationship way it was designed to.
4
Aside from the wrong done to James, I wonder why the bank would not release paycheck funds in a timely manner. The release should have taken no more than a few days, if not overnight. Something is definitely fishy over at US Bank.
6
My dad was a banker in a small town bank in Minnesota. One thing that he loved about his job was having the ability to make decisions. After my dad retired, the bank where he had worked became a US Bank. My sweet mom and I have been loyal to US Bank--and I can't speak for her, but I can say that I will be looking for another bank or credit union.
11
Hope this article alerts US BANK customers to The banks mean spirited ways and they lose customers!
5
So now that this sad tale is published online, Andrew Cecere can pick up the phone. And he’s promised to “fix this.” Mr. Kristof, please follow up and tell us exactly what specific actions he takes, because I believe he may have a very different idea of “the right thing” than I or many NYT readers do. Until Ms. James gets her first paycheck from an employer who deserves her, I’d like to help contribute to her well-being. Ms. James, if you’re reading this, let me know how I might.
11
Power, money and greed.
Why does this article not surprise me?
Don't live in Oregon, but would be interested in knowing if there is some organization that is collecting money for this poor woman who is now donating her precious blood to support herself. Another worthy deed.
5
I’ll believe Cecere’s word when and if I read about it. Regardless, he either should resign or be forced out by the Board.
4
Both employees should be rewarded for their behavior and their empathy. Is there something we can do to help?
5
I am sooooo psyched. Thank you Mr. Kristof for reviving my flagging faith that good journalism can still have any positive impact. The update published at the bottom of your piece proves it.
2
U.S. Bank has Oregon roots but its headquarters are now in Minneapolis. "Minnesota Nice," farewell. Meet "Minnesota Nasty."
4
I haven't read all the comments yet. That said, WHY was a hold put on part of the paycheck held up in the first place? That's where the problem began.
@telstare2
Many banks, credit companies put holds on checks and other funds because every day that they have it and you do not they are making money on your money. While your amount might not be great just multiply yours by thousands. It adds up.
5
@K D
You mean like when you walk into a JPMorgan Chase branch and you want to deposit a check from a colleague that is also a Chase check and the bank says the funds will not be available for two days? That kind of unnecessary hold?
2
This is a small point amid much larger issues, but the story does illustrate the idiocy of "vision statements" like that of U.S. Bank ("Our employees are empowered to do the right thing"). Producing these vision statements, or mission statements, consumes an enormous amount of time and money (there are actually consultants who make a living at it), and the result is usually self-serving pablum.
If you're doing the right thing, you don't need to say so. And if you insist that you're doing the right thing, you probably aren't.
7
We need public banks.
2
Most banks are traded on Wall Street and are owned by the public
1
@JAC Yes, a very small and very select portion of the public. The rest of us are living paycheck to paycheck or social security check to social security check.
4
This story shocked me so much I needed to know what kind of person could be so cruel to an employee trying to do the right thing - and on Christmas at that. Turns out Mr. Cecere is a child of immigrants and a graduate of a Roman Catholic college that claims to train its graduates to help people. I'd say the University of St Thomas, Houston, failed miserably when it taught Andrew Cecere. Additionally Mr. Cecere has served on the board of the United Way in Minneapolis and in 2018 his total compensation from the U.S. Bank totaled over $14 million . His behavior indicates he is unworthy to wash the floors or put out the trash in Emily James' home.
10
Andrew Cecere could donate 90% of his salary to charity and STILL take home $1,410,000 a year.
7
I'm thinking that Cecene would not have had second thoughts about this without the spur of an article in the NY Times. It would seem pretty obvious what could be done to "fix this". And let's not forget the fixing for Eugenio who was the catalyst for the entire incident. He had his money in effect, stolen by this bank.
10
Mr. Kristof, I think it would be a great service to Ms. James and your readers if you follow up on this story and let us know how Cecere manages to "fix this." Thank you.
9
Keep us posted
We’ll be watching.
Thank you.
9
Well, if she had met this unknown guy and he had overwhelmed her to rob, assualt, or rape her, we would have a much different story. I can see both points of view, but she was potentially putting herself in harm's way. Could it be that the bank is trying to protect future employees?
1
I doubt the bank was trying to protect employees. I think the policy exists to absolve the company of liability if an employee was harmed.
5
In theory, perhaps. But 1) she met him in public, at a gas station and 2) he wasn’t there randomly to rob or assault people. He was trying to put gas in his tank to get home. I don’t think he would have spent all of that time at the branch and on the phone with customer service if his ultimate goal was to cause harm to an employee.
5
Mr. Kristof will you please give me the direct phone number to the office of C.E.O., Andrew Cecere? I would like to share my thoughts directly with him or his office. Thank you.
7
I know this isn't the point of the story but it's ridiculous that US Bank would put a hold on a paycheck. Switch banks.
5
@Jamie T it is INCREDIBLY common. I switched from US Bank for holding funds from employer issued checks. The other big banks do it too, just not as long of a hold as US bank.
Were there but world enough and time... I am grateful for your caring and writing and for one person’s life — possibly — healed. And at the same time we know that there are thousands of Caceres, profiteering off the degradation of millions of lives and off the destruction of the planet. They only surface and claim to be better when they are very publicly embarrassed, and there is not enough will, newspaper or ink to chronicle their shame. We truly need a revolution.
2
I am more impressed with Mr. Kristof than ever: first, for writing this article, and then, for responding to commenters.
6
Socialism is NOT Stalinism. And Cuba, thrown out as an epithet (because its socialist system has not bent to the U.S. will), provides free health care & education from birth to death. It definitely has problems that would be solved if the U.S. removed its brutal embargo.
The reason the U.S. sullies Cuba as being a dictatorship, which it is not, is because they do not want the American people to know that a better way exists. Imagine if the American people over 55 knew about the trillions of dollars the wealthy hide in offshore accounts (see The Panama Papers); or that they stay in power by lying, plain & simple. And how is it that did almost all of the Democrats & Republicans in the government are millionaires? And what are we doing being ruled by the wealthy anyway?
We are now faced with a stark reality: slide into fascism or finally take control of our country & the wealth WE create but that gets expropriated. A planned economy into which the riches stolen out from under us are put back into society to take care of us is completely possible in the U.S. And such a system would fight racism, first & foremost.
We all articulate the problems but not the solution. We must mobilize against all our ills but with an economically just society as our goal.
4
This is going to make an excellent Hallmark movie for next Christmas. Thanks for the idea! (And Cecere will make a perfect Scrooge.)
1
As a free thinker, Ayn Rand reader and follower of good Republicans like Paul Ryan, this is all the customer's fault. He was foolish enough not to have six months of cash available. That money should have been spread amongst multiple banks and at least one mattress. Counting on bank errors and a cold response is a sign of a superior mind.
1
“I will fix this,” said Andrew Cacere.
No, Mr. Cacere, your Board of Directors will fix it.
$18 million a year? I think not.
Or the shareholders need to fix the Board.
Or the Bernie/Elizabeth and the Congress will fix the shareholders.
Which will it be?
4
I see in the update that Cicero made no mention of the horrible way they treated their customer, Mr. Eugenio. To say that “this is not the way we are” is laughable.
4
A horrible bank!
A few years ago, I wanted to close a CD early and accept the usual one-year loss of interest. US Bank wanted to take all interest for two years plus some of the capital. I demurred and got out of the bank soon thereafter.
This was done as treasurer of a Condo Association. Needless to say, we do nothing with US Bank.
9
This story is further proof that the great divide between the haves and the have nots in America only continues to widen. The wildly wealthy like Cecere insulate themselves from those of us who sometimes struggle to meet our monthly bills. It is Cecere who should have been dismissed from his grossly overpaid position at U.S. Bank for showing such utter lack of decency, including the obvious inability to recognize a good deed when he sees one from his own company's employees. I find his actions sickening.
8
Can the right wing give us another lecture on the perfection of capitalism and the divinity of corporations
4
Thank you for making this story public. Cecere is truly a heartless CEO and doesn't deserve his huge salary. Think what he could have done by making certain this customer had money for Christmas presents for his children! He could of been a hero instead of a grinch. Please keep us informed of this story's outcome. I'm so glad I don't do business with U.S. Bank, and now -- never will!
2
So, what do you suppose would have happened if the customer for whom Emily James “violated procedures” and “put herself and the bank at risk” by meeting in person had been someone with 6 figures on deposit in a US Bank money market account, or maybe someone with a nice tidy revolving line of credit there? Do you think she would have been fired — as she was — or held up as an example of exceptional customer service, as she should have been. Just curious...
2
Wealthy people don’t have those problems. For a more realistic comparison, swap in a white woman as the customer who had a hold placed on her paycheck. (The customer was a non-Caucasian male.) If the employee had driven to give the money to her, yes, it’s likely the employee would have been held out as an example of outstanding customer service.
1
How much was the time lag between when Mr Cecere came to know and he took action to fix it ? I can understand that, upon a call from NYT he will first want to collect all facts. Was the time-lag excessive, suggesting that he was trying to get out of doing the right thing.
I can understand that an employee driving to give money to a customer can expose the bank to liability in our lawsuite friendly society, so the bank will have rules to discourage that. Ultimately it seems the system worked. The media did its job, and the mistake was corrected.
I do have one more question though: Why could'nt Ms. James just deposit the money in the account as cash, rather than driving out to give personally ?
And who says capitalism doesn't work for everybody
4
Anyone who is a decent person should take his or her assets out of U S Bank and drive such thieves out of business. It's all such persons understand.
3
No explanation about why a 'hold' was put on Mr. Eugeneo's $1080 paycheck???
With so many people living paycheck to paycheck, a 'hold' can be devastating.
6
And this America: an example to the world. Really!
I'd like to hear about the "Update." Please keep us posted~
...no good deed goes unpunished...
2
REI has a partnership with this horrible company. If you are an REI member, you might suggest to REI that they find another bank.
6
Update: On Saturday evening, after this article went online, I had a contrite phone call from Andrew Cecere, the C.E.O. of U.S. Bank. “This is not who we are,” he said. He added that companies sometimes make mistakes, and that he accepted ownership of what went wrong. He also telephoned Emily James and expressed concern for her and for her supervisor, Abigail Gilbert. “I will fix this,” he told me.
Exactly how will he "fix this". By offering to rehire Emily? If I were Emily, I'd refuse. When your employer fires you for being a human being, would you want to work for that company?
I used to be a supervisor at a bank. We had a lot of discretion when it came to releasing customers' funds. That Emily couldn't just remove part of the hold on the check, just shows how the bank intimidates its employees. She went beyond and above the call of duty, and to think she got fired for it is beyond despicable.
6
Mr. Kristof, Is there any way we might make some small financial contribution to Ms. James expenses as she goes through all of this?
1
@Jim Currie someone has set up a go fund me account for her https://www.gofundme.com/f/qacubf-emily-james
Why not send a third party to deliver the cash?
Who would pay the courier to deliver the funds? I doubt the US Bank manager has a discretionary budget to pay those type of expenses because she’s managing a call center, not a branch. It’s possible the courier would have cost more than the $20 they handed the customer.
We exited US Bank years ago!
It used to be a locally owned bank but was bought out. Once that happened the service simply was non existent, the employees were unhappy and discontented, and the managers surly and rude.
I think it must be a miserable place to work.
Thank you Mr. Kristof for telling the world about this.
And as for US Bank...tell us when Emily has her job back with back pay and a bonus for doing the right thing.
7
Whenever I hear the “This is not who we are” line, or "That's not who I am," my response is, "Oh, yeah?! That's exactly who you are. You just showed who you are. Actions speak louder than words." I left US Bank long ago. Not out of any particular problem, just the impersonal coldness of the institution. More should leave it, and boycott it, over this
4
My whole life has gone by before I agreed with Nicholas Kristof about anything, but this is it. What a travesty. Here we have a young woman doing exactly as Christ instructed us, on his birthday yet, and the best U.S. Bank can do is fire her? You can’t make this stuff up.
1
Outrageous. Please open a go fund me account so that I can send this lady $20 when she is now in need. I wish I had an account as US Bank so that I could close it.
4
The power of a free press. Awesome.
1
When you undertook your coverage "Cecere wouldn’t return my calls. David Palombi, a bank spokesman, told me that an internal “investigation” had concluded that James misled her manager to get permission, that James could have found other ways to get money to Eugenio, that the $20 came from the manager (which Gilbert confirmed to me) and that James previously had disciplinary “issues.”
And now they tell you that's "not who we are." Oh no, Mr. Cecere, that IS who US Bank is. The bank's newfound contrition is only a transient response to the harsh light of public scrutiny.
Sadly, I predict this will not change US Bank in any meaningful way. Social psychology tells us that adults change only when they hurt enough. This uncomfortable moment in the spotlight will pass, and US Bank's managerial will persist unchanged.
4
One can almost here Otto Preminger as the Stalag 17 camp commandant giving orders in a thick accent.
"You will follow the rules. No exceptions!"
Remember, Neil Gorsuch, who sits in Merrick Garland's stolen SCOTUS seat, sided with a trucking company who fired an employing for leaving his rig when he was otherwise sure to freeze to death.
The rich, powerful, and entitled people don't care about "the little people" and brook NO "insubordination". If you Google Cecere you'll get the propaganda that he cares about people, is a giving and generous man, and you wouldn't believe he'd let Emily James get fired.
But he did. She broke a tiny rule, WITH PERMISSION, but that didn't matter.
This is the new normal, the Trump normal. ANY disobedience is instantly met with draconian results .
5
Heartless, US Bank. I won’t forget this story, none of us should.
1
He has changed banks, right?
The Board of Directors ought to take action to rectify the mistake made in the name of shareholders by the CEO
And Nicholas Kristof continues his Hall of Fame performance as a journalist, who even answers letters to the editor about his own column. With joy and pleasure and humility as I continue to be inspired by this man, this journalist, this exemplar of "doing what's right" and writing about it. Keep Going NK form Yamhill OR!!
1
He will fix this? We'll wait and see.
After reading this story I was determined to close my several US Bank accounts (business, personal, family and working capital loan). That's what I call "doing the right thing", Mr. Cecere.
Oh wait a minute! Cecere got blown up by social media, and by the reputable press (Trump's "fake news"). Belated amends are better than none. Indeed one bright light in the lowest times for this nation. My thanks to the NY Times and Mr. Kristof for giving us a venue to express both support and outrage when we see it. We are not just a demographic chasing clickbait.
6
I am Australian living in the US -- I can't vote even though I try to stay right in step because American politics is such a mirror to the world in many ways. I say this because the US banking system is ridiculous: there is no reason I can think of why banks hold checks! (Or have hour-plus cues at the airports, mind you).
So on top of how utterly unjust and hypocritical the US Bank actions were, to me, they are utterly unnecessary over a grand that belonged to that man, to begin with.
In Australia, I can transfer ANY (or at least I haven't encountered a limit) sum of money to another account without fees and overnight -- let alone that I have NEVER had a bank hold MY money for days for any reason. I know that here, the narrative is about security but I just wish people saw that as a farce that's costing the economy - and real people like Euginio - without ANY evidence that I have ever seen of these theatrics making anybody safer. How stupid do the US legislators think that the US public is if they think everybody buys that a terrorist attack is going to be averted because a $1,080 check is held up for days?.. When predictive analytics tell whoever needs to know anything they need to know in seconds. At which point will the American public not accept being condescended to in this way? It hurts real people while delivering no benefit at all that I can identify.
2
Stories like this are heartening, but I cannot help but think of the millions who are not publicized and have to put up with dirty dealing from wealthy employers because they are low on the totem pole.
Encouraging blaming victims and cruelty in the public sphere is one of Trump's many crimes against humanity. His followers should be ashamed of themselves, and follow the example, since too many of them call themselves "Christians" of Jesus (Gospels). Do unto others as you would have them do unto you, not hypocrisy and self-dealing. You are a great argument for atheism, since your version of religion appears to originate in your pride and following corrupt leaders.
4
She did not "feel badly," She felt "bad."
Please...
1
No one should put their money in a bank in this country unless there is absolutely no other choice. Find a credit union. At the very least, don’t give your money to ANY of the big banks, Chase, U.S., Citicorp, Wells Fargo (especially these criminals!) Bank of America. These are the people who helped bring the world economy to near destruction in 2008 and continue to rape and pillage to this day without consequence. As a citizen of the city with “U.S. Bank” slapped on a huge stadium downtown I couldn’t be more disgusted.
5
Waiting for the next update. The word “fix” has two meanings. Let’s see if US Bank indeed gets this right.
Cecere says “that’s not who we are”. If not for the Op-Ed, he would not have responded, so it is indeed exactly who they are. This is why a free and active press is so important. Thank you Mr Kristof and the N.Y. Times.
4
U.S. Bank is typical of how many companies treat their employees, but I am glad that Mr. Kristof is taking up her case and I hope she gets an offer soon. What I don't understand is the bank not releasing the paycheck sum to Marc Eugenio. My paychecks clear within a day, usually less. What happened here?
I believer the CEO of the bank needs to be fired. He is a heartless jerk who should be happy he had two employees trying to help a customer right before Christmas. Instead, Cecere is an unrepentant Scrooge.
And, one more thing: could a go fund me help this young woman out? if so, please post the information so readers can, if interested, offer to help.
3
This is why I support Bernie Sanders.
1
It is time to bank with our feet. Say Goodby to US Bank.
1
the power of the press. I trusted your account as I was reading because before you would stick your neck out for someone you would carefully confirm the facts., and that was ultimaely proven by the phone call. I would greatly appreciate a follow up on these two ex- bank employees. If they are not promoted, they shouldn't continue there, if there are other alternatives. Of course there is the matter of convenience to their home comunities to consider
"This is not who we are". Except it is, until its pointed out in a national column.
1
What about the bank employee who lied to Eugenio in the first place? Was that person promoted? Thank goodness you are helping Emily James by bringing this bank's vile treatment of her and Eugenio to light.
Oh yes.. wonderful capitalism and the wonderful USA and the wonderful politicians -- all of whom are pretty devious... Since St. 'Ronnie Reagan became president all that matters are Wall Street, banksters, and the war machine... WE are NOT a democracy but a Republic (run by mostly paranoid men/women). I wish the Times would desist from running opinion pieces about how we can't afford Medicare for all (but we can afford lots of foreign adventures and new super expensive and not necessarily good military equipment of all sorts. Priorities/ choices -- second grade social studies.
1
Millions of American families live paycheck to paycheck, as does the family in this narrative. It has become a 'standard of living' aggravated by the distribution of wealth to a few, nothing to the remainder.
Since the Westward Expansion in the United States, banks and other credit institutions have been the 'bad-guys', continuing until the present time. From the millions of bank foreclosures on frontiersmen, during the Depression of the thirties, right down to 2008 when taxpayers 'bailed-out' big banks from their misadventures, under regulated by the Feds.
By what measure would we expect compassion from any bank who will create any scheme to improve the 'bottom-line'! ( Re Wells-Fargo scammed millions of depositors, receiving a mere 'hand-slap when their scheme was discovered.)
Banks are a convenience, they are not your friend. One misstep in overdraft and you pay thru the nose. The fee structure for other missteps are equally punishing. The list is long.
Google " Bank charities for U.S.Bank". There, you will find invitations for you to contribute to charity thru their in-house institutions. Pathetic !
1
I had to spend the last 3 years of my IT career at a "call center" doing cable modem technical support for residence and business and at 62 my bathroom breaks were timed, every call recorded, etc. I had many times when I could help the person that would have violated the corporate policy that would have gotten me fired(and I had kids in college needing benefits AND pay) and it killed my to have to tell a person(usually old and/or tech ignorant)that they had to "call Microsoft(ha!)" to fix a problem a 12 yr old could have. I would then confirm alternate cell # of their son/daughter, on drive home call that #, and explain the issue and resolution saving them $100 or more. Probably did that 100+ times w 90% successand I felt like I was in French underground in WW2. Finally fired the day AFTER my 3 year vesting in 401k vested and within 4 month of both graduating with jobs..took social security and Obamacare and said goodbye to the increasingly degrading private sector and have not looked back. Sad for her but thanks for taking this cause up.
5
Why anyone would use this bank is a mystery, even before hearing about this disgraceful story. Boycott them!
1
Thanks, Nick Kristof - we need more stories like this. It would be great if the NYT would start a weekly column highlighting both the cruelty and insensitivity of companies like U.S. Bank and the generosity and compassion of others. Of course I'm curious if Cecere is a Trump supporter, though of course greed, arrogance and heartlessness are not confined to Republicans.
4
Put your money in a credit union!
2
Well done. Please tell us when Cecere has fixed it, not just said he would.
Next, you can stop the banks from skimming from excessive float on deposits, which is what caused this tragedy.
2
All banks ARE evil
I have used only 2 Credit Unions for 35 years
Much more reasonable, all members are owners, like my COOP grocery
Socialism is what banks and all Corporations use thanks to our Supremes!
We live in Feudal times and now have a dictator
Yay team usa...
5
Outrageous! I hope Cecere is shunned wherever he goes. Boycott all US Banks! Seriously.
Policies are in place for a reason. I'm sure we could think of a few ways that a call center employee personally meeting a customer could go wrong. Likewise, check holds are universal across all banks. Mr. Eugenio should have taken that into account before driving to the bank. I do think that firing Ms. James and her supervisor was harsh - their intentions were good, they could have simply been reminded of the rules or reprimanded. But Mr. Kristoff is also overly harsh in suggesting the bank president donate plasma. Instead of writing sensational articles riling people up about a heartless bank, why doesn't he try and get Ms. James a job at the New York Times? That would be real compassion.
“This order of men is not to be trusted.
- Adam Smith, Wealth of Nations, about those who live by profit.
4
Thanks Kristof.
You are a good man.
Keep up the good work.
1
Yes, that tax bill sure is 'making America great again', lining the pockets of all those execs and share holders so they can reward the 'deserving poor' - with slave-wage jobs without benefits. Time to sharpen the scythes and pitchforks.
2
I will close my account with US Bank. This is a shocking story.
4
How disgusting US Bank. First that they are so inefficient that they hold checks for that long- it's 2020, these banks are all connected electronically, so they can know if a check can clear quickly (or partially make funds available).
Second, what "risk" did she put the bank at? She was on her own time, with her own money. Had she been murdered, in a car wreck, run someone over- I am sure the bank could have avoided a lawsuit.
Typical conduct by a big bureaucratic organization. No wonder they all support the Republican Party and the Republican Party supports them. Takes one to know one.
Yeah, well have the job offers yet to materialize? Has Cecere "fixed this" yet? Talk is cheap. A guy who earns 14 mil a year will argue over $5.
3
Very happy to know Emily James -- and I hope, Abigail Gilbert -- will move on to a better job. But:
meanwhile, what happened to Marc Eugenio's paycheck deposit and his family's Christmas?
2
I have a US Bank Visa card, and I was THIS close to cancelling it till I read the ending of your piece. I understand about hierarchy in companies and I understand rules and I also fully understand the pain of having a check held back till it clears, but what I don't understand is how US Bank could be so callous and to let this man sit at a gas station. Obviously he's a workman. The bank must have rules set up on history, amount of check, length of employment etc, so perhaps this was a new job for the man, it's patently clear his credit is perhaps not the best as far as the bank's rules, but he had no dang gas to get home. In this Kafkaesque Amerika I can only just shake my head.
1
Please, keep us updated on this!!! We need to kearn more about this individual stories and make companies accountable of their hypocrisy. Thank you!!!!
Certainly sounds like U.S. Bank is run by Republicans.
3
Bravo once again Mr. Kristof for a human interest story that completely exposes one more truly horrifying example our inhuman, greedy corporate culture. Your are a journalistic treasure, dear sir.
3
"This is not who we are"?
It happened. Therefore, it is exactly who you are.
6
Thank you for this article. I am a US Bank customer and will be closing my account on Monday. Cerere can be as contrite as he wants to be. He didn't fire her, but the corporate culture that he heads up created the environment that did. I'm not going to have my hard earned money support it.
4
Why does this bank pay a senior call center officer so little that she has no savings for a rainy day?
Hard-hearted CEO Cecere may want to check his attitude against that of Chobani yogurt CEO who gave employees shares in his highly lucrative company.
1
Thank you to Mr. Kristof for publishing this. I am not a customer of this bank but if I were I would pull my investment out and go somewhere else, hoping the same thing wouldn’ t happen there. I would be very interested to know what Mr Cecere will come up with to “fix this”.
This is why the media is so important.
Thank you for describing how Emily James and Abigail Gilbert were brave enough to help a stranger knowing that they were taking
personal risks. Thank you for using the appropriate words and the platform of the NY Times to get US Bank to finally say that they will fix the corporate error. In these degenerate times, it is encouraging to read about people like you, Emily, and Abigail helping others. For those not motivated by concepts of fairness, decency, and justice, it is helpful to point out, as you did, that it is also good for business in several ways. Thank you.
the most important sentence in the article: """When young Americans say in polls that they react more positively to “socialism” than to “capitalism,” it’s because of the hypocrisy of institutions like U.S. Bank."""
1
"On Saturday evening, after this article went online, I had a contrite phone call from Andrew Cecere, the C.E.O. of U.S. Bank."
I'm sure it was just a coincidence that it was after the article went online.
2
Like when the aid money to Ukraine was released in Sept 11. When the other countries stepped up and corruption was finally addressed. Right...
1
Wow what a story, the unfairness of it all is mindboggling. It turns morality upside down.
I would beg Mr. Cecere to find the employee who lied to Mr. Eugenio and lied to him about the availability of funds to get him out of the office and fire that individual.
"This is not who we are." I'm so sick of that corporate mantra. It is EXACTLY who you are. You lied to a customer. You kept his money, likely out of spite, given the uncontested behavior of your employees. Fix that. And then tell us it's not who you are, when it's the truth.
This is far deeper than reinstating the employees who did good. You've shown you're not afraid to fire people. Well, find the "customer service agent" who lied and fire that person, their manager and anyone who trained them. That's where your rot is.
Then you can say you've started. Until then, no, you're no hero.
1
Imagine what happens to all the people who "do the right thing" but don't have the benefit of a NYT columnist writing about them. This is why no one trusts big business and why we all recognize that there are different rules for the wealthy and for everyone else.
Our country is nothing but an oligarchy/dictatorship, run by dishonest sociopaths at every level of power.
2
One of the most shameful parts of this story is that it was all in the news, all public knowledge, weeks ago, and was certainly known to the CEO then. The bank quite obviously just decided that the story would blow over, and did nothing to remedy it — that is, until it became the topic of a national NYT column.
It is important thus to note that it was neither the actual cruelty nor the basic unfairness, not any sense of genuine humanity nor shame, which has belatedly brought Mr. Cecere to see the light, it was simply that the public relations damage became a greater risk.
Effective unions and a free and vigorous press are both fundamental checks on unrestrained capitalism. Whatever their faults, the roles they fill are vital to any healthy society.
5
Please do a follow up column with the results of US Bank’s actions. Don’t let them off the hook.
2
A few years ago, I was laid off and lost my healthcare. I then badly shattered my knee and leg. I owned a house, and the ambulance driver's advised me not to go to hospital (good advice as it turned out). It was just at a time when Obamacare was coming in. I had to wait six months, but then qualified. I filled out the forms, but when my policy came through, I realised that I'd filled out the wrong forms and my injury would not be covered. I called Blue Cross/Blue Shield one minute after it opened the next morning and a human answered the phone. She immediately recognised my mistake, and after a few 'Oh dears", asked me to fax her a letter, dictated what the letter should say and said she would take care of it. She did all of that. I no longer remember her name, I did send her flowers and she did tell me that I didn't have to do that. I was unable to walk at the time, but that woman saved me and in turn changed my life. I do believe a little in karma, I hope Cecere recognises it, when something happens to him. Good on you Mr. Kristof, for telling the story of Ms. James and her supervisor. I hope someone offers them both good and decent jobs. I praise their humanity. And wherever my saviour is, I'm walking again, and like I promised on that day you saved my leg from your office in Newark...I'm on country 90 and walking around the world.
5
Delighted that there may be a resolution for Ms. James; dismayed that it took an article in the NYT to make it happen.
‘I will fix this’ is a long way from ‘You both are rehired. With raises.’
Dear Mr. Kristof and NYT editors:
I hope you will write and publish a follow-up on Mr. Cecere's promise to "fix this", in the hope that it will give us all an opportunity to read good news about a corporate entity as well as bad.
Many thanks,
Pamela
This bank must die. Bank capitalism never worked very well for the 99%.
1
The treatment of both the bank's customer and its employees is off the chart horrific, shameful and probably broke some laws, especially with regard to refusing the customer access to his own money.
Which leads me to a point I've been trying to make to those who do not get or care to understand the ramifications of what the senate's acquittal of trump portends for all of us.
When the president of the United States can break the law with total impunity, is not held accountable by courts or those who both write and enforce the law. There is no law - just the golden rule: those who have the gold, rule.
To his supporters who refuse to understand this, when your bank does to you what Mr. Eugenio's bank did to him (or worse), or takes your home because a hospital bill bankrupted you, or your Homeowner's insurance denies the claim on your fire ravaged home stating some technicality - what are you going to do? Sue? Cry foul? Count on the law?
If trump can break the law so can they. And they will. Who's going to stop them?
If you still don't get it, see Russia. Putin, crook and murderer is worth from seventy to two hundred Billion dollars, stolen from the people. The average Russian's net worth - $11,000.
In Russia, Putin and his thugs are the law.
Yesterday Putin's protégé and the GOP declared the Constitution null and void. The law is now what trump and his GOP thugs say it is.
You've been conned by a pro.
Prepare to be robbed.
4
US Bank could have made their point by reprimanding her. Instead they fired her ..... without severance. Absolutely disgusting.
Funny - when an executive gets let go, THEY get millions of dollars in severance - even if they do a lousy job and cause a bankruptcy.
4
CEO Cecere’s belated contrition is laughable. The USBank firing was well publicized in Oregon’s largest newspaper a week ago, yet management did nothing until it hit headlines in the Times. What Cecere and the bank did the week before this evening is exactly who they are.
3
Keep us informed!!! Far too easy for them to say the right things before publication. People say the right thing when PR is involved, but we all know it's what you do when no on is watching that's key to integrity.
NO bank ever does the right thing. That's ridiculous. Most of the head people of the big banks should be in jail, (Jamie Dimon should be first) rather than millions of average Americans having lost their homes and savings, and now destitute and still not recovered.
1
Will US Bank’s Board of Directors do the right thing and remove Mr. Cecere from his job immediately?
Simple. There is real power in boycotting US Bank as a banking option. Emily deserves a new job and a pat on the back. For $14M, Cecere should deliver more than an empty vision statement and rotten service. Credit unions look like the way to go. US business must be taking it's cue from our soulless Senate.
3
I stopped banking with US Bank in Tennessee because the local branch had TVs that always blared Fox "news." Sounds like that's where Cecere and his minions get their "values."
I objected, to no avail.
5
American tobacco companies "killed" more people than Stalin.
Why past tense? Thousands of people are still dying of lung cancer every year.
The racketeering tobacco industry wants the public to think the issue around their addictive carcinogens has gone away. It hasn't.
They're still killing people. Present tense.
What a vile and disgusting organization. I am a business executive that chooses banks for all sorts of fee generating transactions - and this bank has been permanently removed from my list.
1
"after this article went online, I had a contrite phone call from Andrew Cecere, the C.E.O. of U.S. Bank. “This is not who we are,” he said." How terribly convenient for Andrew that he takes ownership and makes it right only after Mr. Kristof outs him in an national platform. I am underwhelmed.
1