Here’s a Friday quickie. I think I could have also titled this post – “It doesn’t hurt to ask!”
Original photo by Images of Money (http://www.flickr.com/photos/59937401@N07/)
There is not much to tell – I’ve been with the lovely and ever helpful Bank of Montreal for ages upon ages. I’ve always found them super helpful, friendly and personable. No matter which location I frequented, the tellers would always recognize me and go out of their way to make my interaction with them personal. So when I found that my line of credit interest rate was a bit high, I decided to ask them to do something about it. To be clear, I didn’t ask for more credit or a lower rate because I needed to use my credit. Rather, I decided to deal with this in the interest of keeping a good financial house.
I physically go to the bank fairly often. I like getting to know my bankers and being able to talk to them.
Me: “Hi there! [regular banking activities…]
Teller: “And is there anything else I could help you with today?”
Me: “Well, I noticed that my line of credit interest rate is pretty high. I’d like to get it lowered.”
Teller: “We can definitely have a look at that for you. Would you mind waiting while I book you in with one of our Financial Services Managers?”
Me: “For sure!”
How painless was that? Super painless. Don’t wait on hold with someone at a call centre. They’ve never spoken to you before and they have no connection with you. Instead, you need to go in and talk with your banker.
Later in the afternoon, I returned for my appointment. I chatted with Finance Guy in Suit and he updated my income and debt information.
One week later, I got a call saying that my interest rate was lowered by 1%. They also threw in a limit increase while they were at it. And that’s it! With two simple conversations, I improved my finances. Now, if I ever needed to use my line of credit, I have a better interest rate AND more credit available to me. That’s saving money before it even needs to be saved. Sometimes, you just need to ask.
