Bank Fees Reduced? Could you share a quick story on how you reduced your bank depository fees?
Answers
The past couple years have been tough on every bank’s profitability.
In response, major banks are trying to make up for lost revenue by coming up with new fees to charge clients.
In fact, some of the biggest banks have already begun to do so.
Yet from a client perspective, there is something amiss with this strategy.
Many of these banks justify the new fees by playing up their weakened balance sheets.
Your bank might be wonderful but it is not perfect.
Since bank fees vary greatly by customers within the same industry it is important that the charges you pay to your bank are not higher than your competitors pay.
Here’s the problem: Most CFOs will admit that their bank summary statements are not very clear.
Even if the service is great, the
Many times the charges are very competitive, but highly redundant.
Other times the charges are low… on services that should be provided free.
Here’s a simple question: How much are your wire fees? How much should they be?
If you are a retailer, how much do you pay to deposit your currency, checks and coins? How much should you pay?
HI Kirk, I would like to see the examples please. Thanks.
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Ricky,
The example of either a Wells reduction or a B of A reduction can be emailed to you... or would you prefer both?
I also need an email address to send them to you.
Thanks,
Kirk
Dealing with banks is "position" issue, no trick, no magic!
Bank fees are negotiable that "no loan fee" is what I got from switching banks, because they need the business;
Wiring fee, account transfer fees, lock-box charges ... could be waved, if you have better "position", such as cash balance, Time-deposit, LC negotiation, FX contracts, ... which transactions put your company in better position in the bank;
Point is "You need to find a right bank for your company" and you want to be key account in that bank!
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Hi Richard,
You are correct, this is not magic - just fact-based analysis.