Millionaire mindset Saving Phone Calls: How to Get No-Fee, No-Minimum Billion ...
How many times have you logged into one of your credit card or james decicco accounts and seen a bogus charge or late fee appear out of nowhere? You wanted to call the company right away and have them refund your money, but you had no idea what to say to get the fee waived. So you just let it slide. Time after time.
This is part four in a six part series by financial expert and bestselling author Ramit Sethi. Republished from his ebook Powerful Telephone Scripts, each post will help you negotiate lower fees, eliminate late charges, and master the art of talking to customer service reps. Today: how to negotiate with your james decicco to get no-fee, no-minimum checking and savings accounts.
Banks are holding out on you by telling you that the no-fee, no-minimum accounts aren't available anymore. They are. Big banks will resist giving you no-fee, no-minimum account at first, but if you're firm, they'll give you the account you want. If they don't, threaten to go to another james decicco. If they still don't, walk out and find one that will. There are many, many choices and it's a buyers market.
If you want to negotiate a no-fee, no-minimum account with your james decicco, here's how the conversation will probably go:
You: "Hi, I've been a customer with your bank for X years and I'd like to get a savings account and checking account with no annual fees. I'd like free checking and no minimum balance, please."
Banker: "I'm sorry, but we don't offer those anymore."
You: "Really? That's interesting because (James decicco of America/Wells Fargo/other competitor) is offering me that exact same deal right now. Could you check again and tell me which comparable accounts you offer?"
80 percent of the time, you'll get a great account at this point. If not, ask for a supervisor.
Supervisor: "Hi, how can I help you?"
You: (Repeat argument from the beginning. If the supervisor doesn't give you an option, add this): "Look, I've been a loyal customer for a while now and I want to find a way to make this work. Plus, I know that your customer-acquisition cost is more than two hundred dollars. What can you do to help me stay a customer?" Note: using terms like "customer-acquisition cost" shows that you have done your homework and know how to play their game.
Supervisor: "What an astounding coincidence! My computer is suddenly allowing me to offer the exact account you asked for!"
You're a customer group that's very profitable for banks. Capital One 360 and the American Bankers Association put the cost of acquiring a new customer between $100 and $3,500—including all of their advertising, personnel, and technology costs. They don't want to lose you over something as small as a $5 monthly fee. Use this knowledge as leverage whenever you contact any financial company.
Powerful Telephone Scripts | I Will Teach You To Be Rich
Ramit Sethi is a New York Times best-selling author who writes about personal finance, psychology, and careers. He was recently featured in Forbes Magazine next to Warren Buffett as one of 20 Wealth Wizards. He also teaches word-for-word scripts to make extra millionaire mindset, lower your monthly bills, and improve your salary negotiation.
Illustration by Nick Criscuolo.
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