Banks are not heartless, cold institutions. Although sometimes they do appear to be so, which is mostly in movies when the hero’s house is about to be foreclosed and he’s looking to extend his loan but the robotic bank manager is not at all moved by his sob story.
Here’s a bit of a secret: You can own your bank and not let it own you. And by that we mean that you can make the “relationship” work more to your advantage and in the process, get better rates, fees, and overall, just better deals.
Try the following tips:
Gripe about fees and get them waived.
What? Banks waiving late fees, low balance fees, overdraft fees, late payment fees, and so on? Indeed. It’s entirely probable for certain banks to “forgive” you on some penalty fees. They do it because no business wants to lose a customer.
But there’s an art to getting your complaint result in your favour. When your statement comes in the mail, check it for errors and call the bank’s attention immediately. Then be polite about your complaint. A professional demeanour always gets you better results than an aggressive behaviour.
If the first employee turns you down and you don’t get the fees waived, try with another employee. Visit the branch and speak with the manager or a supervisor. Be firm, polite, and emphasise the fact that you have no problem taking your business to another bank.
Know what banking habits will get you lower rates.
There are some accounts and transactions that allow you to save more money. If you have no qualms with not making any withdrawals for a year, some banks give you higher interest rates. Other banks do so when you make a specific amount of deposits every month.
By simply shifting your banking habits, you may be able to get the best out of your savings account. You can do this by arranging an appointment with a bank rep and discussing your options. Ask about policies for certain accounts, bank charges, and other relevant queries.
Explore financial products offered by the bank.
Your money does not have to sit and stew for years and earn meager interest rates. Your money can do more if you invest it in the right financial products. Talk about your options with the right bank employee. Get all the pertinent details. And choose accordingly.
Toot your own horn.
Finally, there is nothing wrong in making the bank see just how good of a customer you are, especially when you happen to keep plenty of money in the bank and hold a few accounts in the same roof. If you’re still paying for fees and ridiculous charges, meet with the manager or the supervisor — or anyone high up the food chain, and ask why you’re still paying for certain charges.
Sometimes, banks just need things pointed out. Once you do that, you may be in for better rates, better deals from your financial institution.