WAIVE fees at your BANK

8 02 2011

“ARE YOU TIRED OF FEES FROM YOUR BANK OR CREDIT CARD?” Yeah, I’m talking to you! Tired of them taking money out of your pocket with ridiculous fees? Most of us have received overdraft fees or some kind of fee from our bank or credit card. It sucks! Wouldn’t it be great if we could have those fees reverse or even better, AVOIDED? What if I told you there is way you can? I’m here to teach you a simple tactic to help you save some money or get your money back.

I will share with you a simple script you can use when you are in front of a teller or on the phone with customer service.  Go to your bank, either a teller or personal banker will do. Explain to them that you wanted to make sure your account type has no fees. Usually, this is when their sales mode turns on and they start explaining all the features of your account. Smile and say thank you and asked once more “So my account shouldn’t be charged any fees?” If they say they do, tell them “I would like those fees removed, is there a way you can help me with that?”

What if I have an overdraft fee? Overdraft fees are what the bank charges customers for pushing their account negative. Average charge is $30 per transaction that causes or pushes a customer’s account further negative. What? Yes, you can end up paying $31.25 for a stick of bubblegum because you didn’t have enough in your account. So what do you do at this point? Follow this script:

“Hello, I don’t know if you can help me with this (but I hope that you can), I was charged overdraft fees for my account. I know you must get this a lot but I made a mistake with balancing my account. If you look at the history of my account I haven’t overdrawn before and I was hoping if you know a way to have them reverse as a courtesy”

Hook, line and sinker! That’s how simple it is. Let’s look into why this works. Most businesses understand how difficult it is to retain customers. Believe it or not but businesses placed a price on each of their customers. It is much cheaper to retain customers then it is to find new customers. Any business, including banks doesn’t want to waste more money to attract customers so keeping you is in their best interest.

Now lets breakdown the psychology on how this script works. The opening statement starts with, “I don’t know if you can help (but I hope that you can)” triggers the person’s pride. People have the desire to prove people wrong.  This statement gives the teller or manager the opportunity to show what they care capable of doing and receiving the reward and recognition of helping someone. Also in their head they are cheering themselves on saying, “You said you thought I couldn’t help with this, but I did! Nah nah nah nah nah!” One of the main desires of every human being is feeling of being appreciated. Bank tellers don’t feel their job is of high importance. You acknowledging your appreciation of their hard work with dealing difficult customers makes them more eager to help you (but be honest with your praise and sincerity).  “I know you must get this a lot but I made a mistake with balancing my account” offers your symphony towards their line of work of the millions of people who complain to them as well as it acknowledge your mistakes which in return they will offer their symphony to you.

“There is a certain degree of satisfaction in having the courage to admit one’s errors. Its not only clears the air of guilt and defensiveness, but often helps solve the problem created by the error” Dale Carnegie from the book How to Win Friends & Influence People

“If you look at the history of my account I haven’t overdrawn before and I was hoping if you know a way to have them reverse as a courtesy” (Make sure you are a good customer and you maintain your account properly). If you occasionally overdraw from your account then this tactic isn’t going to work for you. How do I know? Because I work at a bank. I am giving you tactics poeple used on me and my personal experience to have your fees reverse. The last part of the script offers the suggestion of having them reverse and making them think it was their idea as well as gives the teller the satisfying their pride to help you.

This script pushes the teller or management to help satisfies 3 categories of Maslow’s hierarchy of needs: Belongingness and love needs, esteem needs and self-actualization. The teller will fill their affection needs by you saying “but I hope you can help me” because you are offering your trust to them.  Their esteem needs is met by achievement, independence, management responsibility and their choice to help someone. Self-actualization gives the teller a sense of meaning in what they do by helping someone with their financial transactions and relieving someone of their stress.

Now, this tactic shouldn’t be abused. Banks do keep records on the number of fees reverse they do per customers. Also you might have to tweak the script towards your liking but this will also help you reverse fees with other companies such as your credit cards or phone bills. I have that this tactic is used properly has close to 90% success rate.

Hope this helps you out. Please leave a comment on your success or your own suggestions.

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