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How To Build Relationships With Banks

08.31.2011 · Posted in Finance Articles

In most cases, you want to choose banks for the long haul. You can save money and gain benefits by staying with one bank over time and diversifying the services in which you’re engaged. So building a strong and reliable relationship is important, because it allows you to get the most out of what is likely one of your crucial, long-term business partnerships. Perks to a solid relationship may include:rnrn1. More beneficial loan pricingrn2. Better chance at gaining loan approvalrn3. Improved credit/credibilityrn4. Reduction or elimination of usage feesrn5. Improved chance of raising interest ratesrnrnThe first thing to keep in mind is that you are helping banks when you open and maintain accounts; they aren’t doing you a favor by allowing you to use them. You should seek a bank with strong loyalty incentives and rewards. An easy way to check on how the bank values your choice is by looking for an array of free assistance services, which shows that they appreciate your business, wish to make using the bank as easy as possible and acknowledge that you could have chosen one of the bank’s competitors. These are the banks with which you’ll want to build a longstanding relationship. One example of what to look for is the Discover 24-hour technical assistance hotline, which connects online bank users with live aid; in this case, the hotline is coupled with toll-free customer service numbers and Internet-based Account Center.rnrnHaving more than one type of business dealing with banks can also solidify your relationship. This can be as easy as opening multiple types of accounts, like a checking account and a savings account. You might wish to also explore credit card options, loans and investment opportunities with the bank. When you grow the number of ties you have to the bank, the bank will likely offer you incentives and rewards. For example, you might be able to open a savings account for free if you already have an active checking account; alternately, new members may need to satisfy a minimal starting balance and initiation fee.rnrnIt also serves to strengthen your relationship with banks when your accounts are open for a long time. The date you start an account is noted alongside the rest of your information, so those assisting you with bank affairs can take note that you’re a longstanding client. This can pave the way for flexibility in negotiations, such as opting out of fees and improving your interest rates.

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