Go for the close

Recently, as part of some non-profit work I have been doing, I have been to two banks.  The purpose was to redeem CD’s that have matured.  These are not small accounts.  One was for low 5 digits and the other low 6 digits. Small community bank and mega-bank.  From the outside, not a whole lot of similarity here.

What was amazing to me was that no one at either bank asked if they could do anything to keep our account? Can I tell you about our new CD rates?  I would be happy to match the rate for any local bank. Nothing.  Just typed up the cashier’s check and handed it to us. I know that the banking business is in such a difficult place these days that I was floored that no one tried to keep an existing customer from leaving.

But hey, what do I know, I am not making the huge bucks running a bank.  I am sure that they know way better than me.

So, if you don’t run a bank, take my advice.  Ask people who are leaving “Is there anything that I can do to keep you as a customer?”.  Fix the problem or make a better offer.  It has to be cheaper than signing up a new customer and you have the possibility of someone like me writing a very different blog post about you.