5 Tips To Get Your Bank To Reduce Fees

Mon May 24, 2010, 1:35 am | 2 Comments

Almost all banks need you as a customer. So by default that creates room for you to negotiate with your bank to reduce fees. It’s also easy to request better times. One way doing that is to point out your loyalty to the bank. Mention how long you have been a customer and how many different valuable accounts you have at the bank.

Many folks are afraid to negotiate. They are afraid of being rejected. The bank won’t give you a rude answer or won’t insult you for asking. You may follow the steps below to negotiate with your bank to reduce fees:

1. Before you call your bank, find out what other banks charge. Research online. Competition among banks is, once more, intensifying. They always seek new customers, but at the same time they like to retain old customers. If you have consistently paid your dues on time, you have a better shot at asking your bank to reduce fees.
2. Simply tell the bank representative what you want. Banks usually provide them with guidelines of the deals they can make.
3. If you are dissatisfied with the bank’s first offer, politely hint that you are considering taking your business somewhere else.
4. Consider opening an additional savings account or perhaps a certificate of deposit. Some banks will negotiate only with those customers who have an existing account with them.
5. Ask about direct payment options. You can do it in one of two ways or both:
   • Have payments automatically transferred from your account to pay back a loan and
   • Have your paycheck directly deposited.

In a Nutshell
If you have more than one account, you may be able to negotiate with your bank to reduce the fees. To negotiate, you simply ask first.

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