The squeaky wheel gets the grease

Yesterday really drove this point home to me. The government is at it again with Regulation D, which caps transfers between savings and checking accounts at 6 per month. Unless done in person, anything above that incurs a fee, even though it’s your own money! I had been charged some in the past for $3, which I didn’t think much of because they were so small. The rationale is that you aren’t to use savings as checking and banks have to keep 10% cash in reserve at any one time. But then I was charged $30 for one of these transactions because $6 was pulled from my savings to cover a purchase the day before the end of the month and consequently payday. Bullshit!

So I naturally made a big deal about it, the girl on the phone didn’t have the power to fix or adequately defend the charge, so I escalated. I cancelled our appointment to refinance our home. I sent an email and left a voicemail for the branch manager, who called a few days later offering us a high-yield cashback checking account. The account also refunds atm fees nationwide. She also gave us a great deal on an auto loan for over book value that was 3% lower than our other credit union had offered. After I signed everything she asked if I was still interested in refinancing our home, and an hour later the mortgage loan officer called. The lesson of the story: leverage and knowing how, when and who to gripe to can get you ahead in this world. You also catch more flies with honey than vinegar. They have our loyalty, which goes a long way in running a successful business.

~ by vann1912 on 16 December, 2011.

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