#90 - Life changes with cash in the bank

About 2 weeks ago, I walked into our local Chase branch to get a cashier's check for what we'd call earnest money for our home purchase.  The teller greeted me happily, and asked casually if I had considered upgrading my checking to a premium service based on my large balance. 

Our down payment is sitting in the bank.  It's more than we've ever had in a bank before.

She told me that she'd like to give me the check with no fees, and if I had a minute, she'd have someone help me.  She got on the phone, and Kim walked over to take over the transaction.  This entire episode took maybe 2 minutes - I already had my cashier's check made out, and had been escalated to the "relationship banker".  This is a buzzword I had heard before.  This day was the first time I had experienced it.

It turns out that banks want to handle your money.  All of it, if they can.  And if you have a bunch available, you are suddenly an actually valuable customer whose business they appreciate.  This is in contrast to the "valuable customer" we have been in the past, who takes advantage of free bill pay online, account transfers, and free checking, but who rarely has a large enough balance for the bank to find useful.

So Kim took me to her office and we sat down.  She explained that my new premium account is free, as long as I kept a certain balance limit in checking, savings and investment accounts. "Investments?" I asked.  I did not know that Chase did investments.  Indeed we do, she assured me.  It is, after all, JP Morgan Chase.  To write that sounds kinda haughty, but it was very colloquial, just some idle office chitchat.  When did I open my account?  What brought me to New York?  Oh, look!  You just got approved for a home loan! 

I don't know if she had clicked a button to check or what, but the printer behind her had spit out a home loan prequalification letter with an excellent loan rate.  In 2 minutes while we were chatting.  Would I like my address updated?  And was my phone number correct?  There I was, my account was all set up, contact info fixed, free cashier's check in my hand.  And did I have a minute?  Our loan officer happens to be free, and he can go through the prequalification with you if you'd like.

No pressure, nothing asked of me - simply a series of "how may I help you"s scattered with some very pleasant and low-key chit-chat. 

To cap off the experience, I shook the loan officer's hand, and we walked to his office and shut the door.  He asked how far along we were in our loan process.  I told him, and told him our interest rate, closing costs, and points, and he looked at me like a friend would.  "That's a great deal.  I could give you a song and dance, but I can't beat that."  He smiled at me, we stood up, I thanked him for his time, and I left. 

Zero pressure, genuinely friendly people who just wanted to help a customer.  Of course, there's something in it for them, but they did not want to take my money.  They wanted me to like them enough to give it to them.

And I think I will.  There aren't any downsides to it, and there are plenty of advantages.  Well played, Chase.