MSN Real Estate Article Showcases How Social Media is Used to Tackle Big Banks

MSN Real Estate showcases a new method of addressing public grievances with big banks. It featured an article which explained how a customer of Bank of America leveraged social media to expose and vent about customer service issues he faced with the bank via the “Banking Bad” social media network.

The customer De Veau Dunn used the Banking Bad YouTube (News - Alert) Channel to explain the problems he confronted with the bank’s customer service. He was not alone, though, as several unsatisfied customers responded offering support to his endeavor to highlight his position.

This he expects will encourage the bank to change the loan modification processes, besides others, which demanded various financial documents along with a death certificate to complete a customer’s loan modification request.

Dunn selected the social media to voice his concerns and found that many customers faced similar problems with other big banks as well. This initiative was started only after several E-mails, letters and phone calls failed to resolve his problem.

With a social media having a wide user base, it attracted the attention of several people who joined in highlighting their woes with banks. The story was picked up by Bloomberg (News - Alert) BusinessWeek, which featured a story on Dunn and his Banking Bad channel, which will give a voice to many who endure similar issues from some large financial institutions.

BusinessWeek week reporter Karen Weise said, “Dunn’s creation stands out for its higher production value and at times humorous writing.”

YouTube has garnered 30,000 views and more than 800 subscribers for the Banking Bad channel. Banking Bad Facebook (News - Alert) page has also joined in, giving a channel for people to come out with their long pending issues.

The Banking Bad series comprises two episodes. The first explains how Dunn was asked for a death certificate when requesting for a loan modification. The second explores the other features of loan modification requests.

By broadcasting this story through social media, Dunn has spearheaded a movement to help a growing network of consumers stop such unreasonable demands from big banks. The Banking Bad website and YouTube channel, as well as the Banking Bad Twitter (News - Alert) page, encourage users to take part in conversations and exchange information about their latest loan modification issues – and whether or not they succeeded.

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Edited by Braden Becker