[BWM] I had an interesting conversation with someone today and we discussed a number of issues for post rv including bank "perks" or packages. So I called another banker friend and discussed several things so I wanted to go over those tonight to make sure everyone is looking for the best options for themselves...
Jul 24 7:14 PM [BWM] I'm going to go thru a number of things and kind of outline them individually and then if there are any other ideas or questions, we'll cover that...
Jul 24 7:17 PM [BWM] ok so I'll get started and we'll see where we go... the posts will be somewhat long so feel free to continue to chat..
Jul 24 7:20 PM [BWM] first point, your rate. We really won't know about rates until the codes come out and the spreads for banking forex are set for everyday trading. Be selective. If you are a member of several "groups" see if there is a difference at all in the amount the bank is offering you. The whole point of the groups was to help insure that the small holder as well as the large holder of dinar could get the best available rate. Some items that will be listed after this may depend on the amount of your deposit in the bank.
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Jul 24 7:23 PM [BWM] unlimited credit/debit card. A dangerous thing for some. I know there are some ppl who are in a bind because of credit, money flows quicker than water. Remember, a couple of things about the "unlimited" portion of this.
First, it's only UNLIMITED by the amount of money you have... it will end if you spend it that way. And Second, what type of security/safety risk are you putting yourself in carrying around a card with an unlimited balance in case of theft.
Make sure you put all the security features in place for your card including picture id required and such. Make sure that you treat this carefully when using this....
Jul 24 7:26 PM [BWM] NO fees. if you deposit more than 250,000 dollars in a bank, in most instances, the bank will treat you as a VIP... some may require 1 Million USD for certain services and packages... but since you are going in with this, regardless of your amount this should be the first thing they offer you as it is the easiest perk to give.
Jul 24 7:28 PM [BWM] NO broker fees. If you are doing investing and other types of "trading" transactions you want to eliminate ALL fees. This may require a certain amount of deposit but again, ASK for it... you will receive valuable information from your private banker in regards to opportunities for investment. You don't want to pay for that information or transaction.
Topic: CLASSROOM CHAT W/BWM AT 7:15 CENTRAL... HOW "PERKY" IS YOUR BANK?
BWM: PRIVATE BANKER. yes, you do deserve special treatment, after all, most of us will not be used to the opportunities that will lie ahead for us. Having a private banker will accomplish a number of things for you. It will give you immediate access to your accounts, as well as, options that you have never known or asked about. It will be there job to assist you in maximizing your account.
MAKE SURE THEY ARE WORKING FOR YOU. Don't get caught up in an investment strategy simply because they suggest it. LEARN. this way YOU are working your money, not your money working for them. Differences in this vs. a wealth manager? some banks will operate under the same title but a wealth manager is purely set up to help you invest and grow your money.
Make sure you are getting what you need from this position, they are there to answer your questions and help you succeed.
BWM: Certified, Notarized, Courier Services. These are little things that will matter to you when you consider it. At the car dealer buying a car and just closed the deal, call the bank and arrange to have a certified check couriered over to finish the transaction.
Need some papers notarized and couriered to a client to help finalize a transaction. All of these are little things but will save you the security concerns of traveling with money or checks. Make sure you get every little thing you can!
Private Insurance. A lot has been made of the Dodd-Frank and FDIC concerns for money protection. This has a serious thought process. Consider this, if we all get Loyd's of london insurance for say 10 million dollars of protection, and one bank goes down with 10 of us in there. so that would be 100 million dollars that Loyd's would have to pay out.
How many of those do you think they could stand? Make sure your money is protected, but make sure your money is diversified. Take all the insurance you can get but don't depend on that to be your saving grace at the end of the day. Learn to invest, diversify and protect your money.
Wealth Manager/Investment Banker. Yes, most of us have never had someone willing to invest our money, mainly because we didn't have the money to invest. Well get ready. And don't be afraid to ASK for assistance and more importantly BE HONEST with your plans.
Short, medium and Long term. Explain to the manager exactly what you want. Do you want to be able to vacation three times a year? Do you want to set up businesses for your kids? Do you want to be retired and have a draw of money into your account monthly? These are things you need to know for YOURSELF.
They will make suggestions but make sure you try to understand the suggestions and they FIT INTO YOUR PLANS. If not, tell them no and what you want to accomplish. They work for YOU!
Bank supplied Attorney. Not only will a tax attorney be helpful in setting up your trusts, LLC and such but they can assist you in estate planning and other important issues that many have left on the back burner due to costs.
This will be an invaluable asset as you will find that CPA's may have limited information in dealing with certain aspects of the IRS. The better your team, the better off you'll be in the long run.
Short Term/High Yield Interest Rates. Yes, you want to make as much money as possible in the shortest amount of time... why wouldn't you? so ask for it. You want the highest available interest rates for the shortest terms. Make sure you implement again a plan for short, medium and long term goals
Private transactions representation. Your buying a house and perhaps paying cash. You need someone to assist with those transactions. Make sure your bank is willing to help walk you through private transactions. It will help protect them and help protect you.
100% funding availability. you want your money to be liquid... make sure that your bank will have complete funding availability of your money at all times. This will insure the liquidity of your funds during the deposit..
Credit Line. This is a hard one for me just because I'm not a big credit fan but it IS/will be a necessary evil once you reach a certain income bracket (so I've been told). You would like the ability to have a 50% credit line available to you for your deposits if possible. Some banks will negotiate this up or down but 50 is prolly your best bet IF they will come that high.
Group Health Insurance. This is something that most will not realize can be available to you. Check with your bank but yes, you can get group health insurance through a number of banks to cover the signers and families of depositors. Again, this is an AS AVAILABLE item but make sure to at least ask...
in conclusion, make sure that you ask for the highest quality services available with the most protection that the bank can offer.
REMEMBER, THIS TRANSACTION IS FOR YOUR MONEY NOT THEIRS. THEY GET TO PLAY WITH IT BUT AT THE END OF THE DAY ARE RESPONSIBLE FOR THE AMOUNT YOU HAVE ON DEPOSIT. ASK FOR THE MOON, THE TOASTER AND THE FREE CHECKS.
HECK ASK FOR THE MANAGER'S CHAIR IF YOU LIKE IT.. AND GET IT DELIVERED.
THE POINT IS THAT THERE ARE MANY THINGS AVAILABLE THAT YOU DO NOT KNOW ABOUT. THIS IS JUST A BEGINNING LIST. SEE WHAT BANK YOU WILL BE AT MAY HAVE OVER AND ABOVE THIS. AND GET IT IF.. IF IT IS USEFUL AND APPLICABLE TO YOU!
LINK to BWM Q&A