Sep
17
Tell Them What You Want
September 17, 2007 | Comments Off
I have this bank account that has been charging me $20 a month as a service fee (Citizens Bank). You see, Business Accounts are usually more expensive than personal accounts, especially at the big banks that offer all of the nice features (like international wire transfers, which I need for my business).
This morning I called them and told them that I needed something better. It is a good bank, with a sensible policy. I got a Business Checking account with no monthly fees as long as I do less than 20 transactions a month: which is about all I do on my consulting business. I was happy, they where happy to keep a customer.
It was just a reminder that any fee you see on your bank statements may be lowered. Sometimes they have published offerings that you haven’t taken advantage of because you haven’t been paying attention. At other times, they do have the offers but are not just advertising them to everyone. It also reminded me of at least two other occasions when I have had to call a bank and tell them exactly what I want.
My trusty St Mary’s Credit Union used to have great rates. Recently, rates are not so good. I went to the office once to move my money out of my savings account and I was offered an “Ultra Savings Account”, with interest rates that rival 5 year certificates of deposit.
I once sent a payment late to a Citibank credit card. Rates jumped from 13% to 18%, plus late fee. I just called and asked for removal of the fee, and lower rate. Didn’t even had to menace them with going away (probably a “please” and a “thank you” would have helped also, but I was irritated and wasn’t too polite). Yet, the fee was gone, and the rate was lowered to 11%. They also slapped me an unwanted credit limit increase.
Banks don’t bend backwards for just about everyone. Usually it is to high spenders, high credit, or people who they do find profitable, however. I have another card with Capital One. I snapped a fixed 7.9% rate long ago, and I have left it open just for emergencies. In a few occasions I have tried to increase the credit limit of that one. I always get denied. It is probably because I keep it open and I do not even use it. Not a good customer for them: the statements cost them more than my business.
Even on this era of high interest rates (due to the credit crunch) and high bank fees (due to the slowing business at the banks), you should call and ask. But don’t just tell them: “I want a better deal”. Explain what you need: a better interest or a better fee schedule, for example. They are in no obligation to help you: but they may, just because they may like your business.
Just a friendly reminder of all the savings you can do over the phone.
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