Real-Life Decision Making -- Solution
Explain why she receives those charges and suggest she switch to
a different account
You're a customer service representative (CSR) at a bank.
Your client has a basic banking account that allows up to 15 free transactions
per month. The basic monthly fee for the account is $4. However, for every
additional transaction beyond the 15 free transactions, the client is charged
50 cents.
You can see that the client is averaging about 30 transactions per month.
This costs her $7.50 extra per month, bringing up her monthly service charges
to $11.50. Her charges over the past six months have ranged from $10 to $14
per month.
She wants to know why her service charges are so high. You explain the
account's fee structure to her. Then you ask her if she's aware of your all-inclusive
bank account. She doesn't know anything about it.
You take some time to explain what the all-inclusive bank account offers.
At $10 per month, the fee is higher. However, paying this fee will actually
save her money because she makes frequent transactions.
She is very interested in switching to the all-inclusive account. You make
an appointment for her to meet with a personal banker to make the switch.
The customer leaves happy, and the personal banker is grateful for your referral.
"Educating clients on products and services, explaining fee structures
and helping them choose the right product for their needs will usually dissipate
the problem and often turn a complaint into a compliment," says Shruti Jumani.
She works on the banking team for a securities company. She came to the job
after gaining experience as a CSR at a bank.