When you discuss Consumer Line of Credit products (CLOC)s, do the following:
Discuss Features and Benefits
In order to feel comfortable selling products or services or even referring individuals to CCB, it helps to know what the product or service is (feature) and how it helps individuals (benefits). Below are the features and benefits of a CLOC.
Features
- $5,000 line of credit
- Personal line of credit
- Approval time usually within 24 hours
- Funds are easily accessible through online banking, the Client Service Center or a teller line
- Bill is due on the 15th of each month
- $200 fee to open
- Low annual fee
- Minimum payment = 3% of balance or $50, whichever is greater and may be automatically debited from a checking account, at CCB or elsewhere
- Monthly statement when line of credit has an outstanding balance (e-Statements are available)
Benefits
- Peace of mind knowing that funds can be accessed when needed
- No collateral needed to secure financing
- Affordable for clients who frequently overdraw
- No draw fee
- No prepayment penalty
Identify Opportunities
Always be on the lookout for clients who may benefit from a CLOC. Below are examples of prospective clients. Many of our deposit clients with a checking account would benefit from having an unsecured line of credit. Below are examples of prospective clients.
- Clients with a deposit account
- Clients who want an unsecured line of credit
- Clients who are planning minor remodeling of their homes
- Clients who are planning to purchase new furniture
- Clients who want the convenience of a credit card without the high rates
Discover Client Needs
Before you recommend a product or service to a client, prospect, family 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
- We offer several forms of credit. Have you ever considered having an unsecured line of credit?
- I've noticed that you have mentioned several times that you need a vacation. Would you be interested in learning about out CLOC to help you get the vacation of your dreams?
- Wouldn't it be nice to be able to have access to cash in case of an emergency?
Non-sales Associates
If you don't feel comfortable with credit product information, but are working towards your Take it to 10 goals, don't focus on a specific product. Instead, ask if the client is interested in applying for a credit product at CCB. To do this you might say:
I work at Capital City Bank and we offer credit products designed to meet your banking preferences, including a Consumer Line of Credit. 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 start making recommendations that align with their goals or likes and dislikes.
Sales Associates
Below are examples of what you might say when recommending a CLOC after having used the qualifying questions.
Because you mentioned you do not have enough money to open a savings account, I thought it might you might want to consider applying for a Consumer Line of Credit. This way, you will have access to money in case of an emergency or if your funds are tied up. You can think of it as a credit card that usually has a lower rate and has a low annual fee.
Non-sales Associates
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 mentioned that you are fed up with your bank charging you fees, and might even be considering other options, 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 has some of the same products and services you have available at your current bank. We also offer various forms of credit products that could help you when you need money the most. 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 CLOC objections and suggested ways of responding.
Sales Associates
Client Objection: "I keep plenty of money in my account so I don't see why I should apply for that."
Feel: I understand that it is unlikely because of the current balance in your account.
Felt: I would probably feel the same way too.
Found: Many clients have found that it is beneficial to have some from of emergency funds as a safety net. If anything, it provides you with peace of mind knowing that you will be covered even in the event of an an emergency situation. In addition, as long as you pay the amount borrowed back, the fees can be significantly lower than the fee that is charged with a credit card. How does that sound?
Non-Sales Associates
Client Objection: "I'm pretty sure your bank charges fees too."
Feel: I understand why you might have some reservations about considering another bank because all banks do charge fees.
Felt: Most people like to check out a few places or get recommendations before doing something.
Found: What I can tell you is that Capital City Bank is a strong, stable, community bank that offers many of the same products and services available at other financial institutions. We even offer credit products that may lessen the fees you are charged in the event you use it. You can always speak to one of our bankers who can tell you more with no strings attached. Would you like to give it a try?
Ask for the Business
If you don't 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 what we say to move the sale forward. Below are some examples of what you might say to ask for the business.
Sales Associates
- May I start your CLOC application?
- Would you like to apply for a Consumer Line of Credit?
- Do you prefer a CLOC or would you like to explore additional options?
- Are you ready to start that CLOC application?
Non-sales Associates
If you are 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 banker call you?
- May I have a banker call you to discuss some options that might help you?
Make a Referral
If you are a sales associate or non-sales associate who cannot process a CLOC application, but have identified someone who is interested in a CLOC, 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.It sounds like you are somewhat dissatisfied with your current financial situation.Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and know you will be happy with the way we do business. We offer various forms of credit products that may help you with your financial goals.Connect to a Capital City Banker that can help.Our Personal Bankers can help you discuss what we offer and what works best for you. 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 the savings account. The qualified associate completes the CLOC application.
Additional Information on Sale Processing
See the Synapsys referral instructions
