The IOLTA (Interest on Lawyer Trust Accounts) Checking Plus Interest account is a unique interest-bearing checking account for law firms. The interest earned on this account is paid to the State Bar Foundation.
When you discuss IOLTA Checking Plus Interest accounts, do the following:
Discuss Features and Benefits
Features
- No minimum balance required
- $50 opening deposit
- Unlimited check writing
- Competitive interest
- Interest is paid to the state Bar Foundation used to benefit public service programs
- Free business debit card
- Free access to Online Banking with bill payment
- Free access to Capital City Bank Direct automated information line, 24 hours a day, 7 days a week
- Free return of imaged checks with statement
Benefits
- No worrying about how much is in the account
- No worrying about how many checks you have written
- Make money
- Serve the community and public
- Convenient access to funds
- Convenient account management
- Easy to track expenses
Identify Opportunities
Always be on the lookout for individuals who may benefit from an IOLTA Checking Plus account. Below are examples of prospective clients.
- Law firms
- Attorneys
Discover Client Needs
Before you recommend a product or service to a client, prospect, or friend, it only makes sense to recommend things they might actually need or like. This is why it's important to ask questions that help us gain insight about an individual's banking preferences.
Sales Associates
To identify the best checking account for each prospect based on his or her needs, you need to ask qualifying questions. See the checking account brochure or the Drill card. The qualifying questions are asked in a specific order. Please memorize all the questions and make asking them second nature.
Non-sales Associates (Take it to 10)If you do not feel comfortable with checking account product information, but are working towards your Take it to 10 goals, do not focus on a specific product. Instead, ask if the prospect is interested in the services provided at CCB. To do this you might say:
I work at Capital City Bank and we offer several products and services designed to meet your banking needs, including IOLTA Checking Plus Interest accounts. Would you be interested in learning more about them with an associate of mine?
Recommend Products/Services
When you have identified a need or learned about a prospect's banking preferences, you are ready to make recommendations that align with his or her goals.
Sales Associates
Below are examples of what you might say when recommending a specific checking account after having used the qualifying questions.
Based on what you have told me, I recommend our IOLTA Checking Plus Interest account. It's a unique interest-bearing checking account for law firms. The interest earned on this account will be paid to the State Bar foundation for public service programs.
Non-sales Associates (Take It to 10)
If you are simply trying to make a referral to CCB, then you are recommending the bank, and even a specific banker. Below is an example of how you make this recommendation.
Because you are new to the area, and are looking for a place to open a checking account, I recommend Capital City Bank. I work there and I know it's a great place to bank. CCB is a stable, community bank that can help you with your financial needs as they arise. For example, we have checking accounts, mortgages and other great products and services. I know a friendly banker who would be willing to help you. Her name is _______________.
Handle Objections
It is highly likely that once you make a product or service recommendation, you will receive objections. Before responding, keep the following points in mind:
- Make sure you understand the question or objection
- Be empathetic
- Address the question or objection even if you can't change the product or service
- Check with the prospect to make sure he or she accepts your response or explanation
To respond to objections, use Feel, Felt, Found to structure your responses. Below are examples of objections and suggested ways of responding.Sales Associates
Client Objection: "I thought this was a free checking account. Why do I have to pay for checks?"
Feel: I understand why you are not very happy about paying for checks.
Felt: Some other clients feel the same way and they ask us the very same question.
Found: Although the account is free, the checks are not. Most clients have found that paying bills with the free Bill Pay feature through our Online Banking service is more efficient and can save them money. Often they find that the money saved is more than the cost of the checks. How does that sound?
Non-sales Associates
Client Objection: "I'm not sure I want to open a checking account yet."
Feel: I understand you may not be ready yet.
Felt: Most people like to check out a few places or get recommendations before doing something.
Found: Most people I talk to find that Capital City Bank has all the bells and whistles of the big banks with a small community feel. You can always speak to one of our bankers who can tell you more about our checking accounts. Would you like me to have them give you a call?
Ask for the Business
If you did not receive an objection or have already come to an acceptable resolution with the client or prospect, you are ready to ask for the business. Asking for the business is how we move the sale forward. Below are some examples of what you might say to ask for the business.
Sales Associates
- May I open that account for you now?
- Most clients in your situation use an IOLTA Checking Plus Interest account and are very satisfied. Shall I go ahead now and set it up for you?
Non-sales Associates
In the case of an associate who is making a referral for Take it to 10, you are trying to get the prospect to agree to meet with a banker about a need. Below are some examples of what you might say to do that.
- May I get your contact information so I can have my friend, ___________, call you?
- Can I get your name and number so I can have a Personal Banker call you about opening your checking account?
- May I have a Personal Banker call you to help you find the best checking account for you?
Make a Referral
If you are a sales associate or non-sales associate who cannot open an IOLTA Checking Plus Interest account, but have identified someone who is interested in this account, remember to refer him or her to an associate who can help.
Making referrals at Capital City Bank is as easy as A B C! Below is an example of the ABC method to making referrals.
Acknowledge or Ask questions about a need.What do you value in your businesses' relationship with your financial institution?Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and we have great business checking accounts that can meet your needs. You will receive lots of free services with our business checking accounts.Connect to a Capital City Banker that can help.Our Personal Bankers can help you find the best product/service for your needs. Would you like for me to have a banker contact you at a time that works for you?Process the Sale
Sales are processed in generally one of two ways:
- The associate who can sell the product follows established policies and procedures to close the sale.
- An associate connects the person to a qualified banker using a Synapsys referral for checking account opening.
Additional Information on Sale Processing
See the Synapsys referral instructions.
