Maintaining A Good Relationship with Your Bank Pays Off
You’re probably already doing a good job of maintaining your personal relationships, but have you considered how strong your relationship is with your bank?
That’s right—maintaining good ties with your bank can help you achieve your financial goals for the long haul. Why? According to an article in the Huffington Post, building trust with your banker can result in better rates and terms for your loans, waived or reduced fees on overdrafts or monthly maintenance fees, and improved customer service.
How do you go about building upon your existing relationship?
Invest in your partnership
An article in Kiplinger states that if you are able to invest a significant percentage of your wealth in your account with a single bank, you’ll be rewarded with priority service. Some banks offer benefits such as priority customer service telephone numbers, higher savings rates, and other rewards.
Demonstrate your trustworthiness
Showing your bank that you are a reliable partner goes far in maintaining a good relationship—and a good track record can help you in the event that you need additional assistance. For example, if you’ve been banking at the same institution for several decades, have paid on your loans and other debts on time, and are generally considered a low-risk customer, a bank might be more likely to forgive an accidental overdraft.
Share the love
Banks—especially local institutions—thrive on the relationships they continue to grow in their communities. If you’ve received exceptional service and are satisfied with what your bank has to offer, be sure to spread the word to your friends and family, so they also can benefit from the bank staff’s service and expertise.
Equal Housing Lender