Security & Relationship

I had the pleasure of speaking with a potential client last week. We chatted about the usual -> interest rates, products, term, strategy, etc. A big concern to my client was the ability to build a relationship with a lender (big 6 bank) to gain some leverage in the future. Their thought process was the more business I do with my bank, the more "breaks" I will get from them.

That makes sense to me initially, but lets think about asking for and actually getting these 'breaks' or 'discounts'; probably in 20 years or so. Everyone should value their time. Do a simple calculation of dollars earned and time worked. Now think of the money you'll save vs. the time spent to haggle with at least 2 bank employees (do they really care?). Are you ahead? Are the waived fees on your foreign currency transactions worth an ego boosting conversation of how your mortgage, RRSP, checking and savings account are at this bank? Maybe? How many times do these employees hear this story? I would venture to bet the banks have scripted replies for their "valued clients" for such conversation (Am I being to one sided here? lol). Is the lifetime of mortgage negligence, inflated renewal interest rate letters and zero follow up worth building this relationship? There are safe, secure options out there; simply open your mind to them. The banks love to make themselves and shareholders money, its a numbers game. For every one story you hear of the banks favoring their best customers, imagine how many others are getting ran over and don't even know it.

I'd love to hear your story, good or bad, about your current relationship with your bank.

Regards,


Chad
403-809-5447
chad@boomerangfinancial.com
yycmortgage.com
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