Investment combined with flexibility - that's the idea behind the Money Market for Business account. Businesses' money earns interest at competitive market rates without the associated risk. They can access their money anytime.
When you discuss Money Market for Business accounts, do the following:
Discuss Features and Benefits
Features
- $4000.00 minimum investment
- Earns competitive money market interest rate
- Interest compounds daily and pays monthly
- Check writing capability
- Free Online Banking service
- Limited withdrawals
- FDIC insured
Benefits
- Low cost compared to other investments
- Earn more on your investment
- Make additional money off interest paid monthly
- Flexible convenience for those unforeseen situations
- Provides a convenient way to track account progress
- Helps to save funds for purpose intended
- Provides peace of mind knowing the investment is protected
Note: A $15.00 service charge applies if the daily minimum balance falls below $4000.00. This account allows unlimited withdrawals through an ATM, by mail, messenger or in person; other withdrawals or transfers (such as telephone, online or Bank Direct-Automated transfers, check, draft or check card) are limited to 6 per month. Excess withdrawal or transfer fee is $10.00 per debit paid over the regulatory limit per monthly statement period.
Identify Opportunities
Always be on the lookout for businesses that may need a savings account. Most people like to have a nest egg or plan for the future. Below are examples of prospective clients.
- Business account holders of non-interest-bearing checking accounts who have balances higher than what they normally use
- Business clients who desire to accumulate funds for a specific purpose and keep it separate from their checking accounts
- Business clients who prefer a secure and insured vehicle for saving
- Business clients and prospects wishing to earn higher interest on excess funds
- Businesses with maturing certificates of deposit who wish to have more access to funds
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, ask some discovery questions. Some examples include:
- Tell me about your current savings and investment plans.
- Do you have excess funds you'd like to invest?
- What do you look for in a savings account?
- What average balance do you plan to keep in this account?
- Are you interested in learning about ways to earn more interest on your money?
- Are you aware that the money in your checking account is not earning any interest? Would you be interested in learning how you can make money off of the money you keep in your checking account?
- I noticed that you have $4,000 in your checking account. Do you have any plans for these funds?
- I noticed that your CD is about to mature. What are you planning on doing with those funds?
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 Money Market for Business 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.
My recommendation is our Money Market for Business account. With a minimum investment of $4,000.00 you can take advantage of a tiered higher-yield interest rate. To help you save, there are withdrawal limitations on this account, while giving you the flexibility to take care of the unexpected. Additionally, we offer other free banking services that come with this account, and an optional automatic savings program with this account to help you build your funds.
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.
I recommend that you check out 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. I don't know too much about the various options, but I can certainly connect you with a friendly banker who would be willing to help you. His 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 Money Market for Business account objections and suggested ways of responding.Sales Associates
Client Objection: "That interest rate is really low. How is that supposed to help me?"
Feel: I understand why you might feel disappointed by the interest rate.
Felt: Many clients feel the same way. They do, however, find that this interest rate is comparable to what other banks offer, and interest rates are a reflection of today's economic environment.
Found: Even though the interest rate isn't what they want it to be, they have found that it is still helpful to open a savings account instead of leaving the monty in a checking account. With the money in a separate account, it will help you save for the little things you may need for your business to run smoothly.
Non-sales Associates
Client Objection: "Do you have more than just savings accounts?"
Feel: I understand you prefer to have more information about what we have available.
Felt: I'm the same way. I would like to have more information than I am able to offer you.
Found: However, I can tell you with confidence that we do have more than just savings accounts. We have checking accounts, CDs, investment products, mortgages, and other products. I would love to connect you with a knowledgeable banker who can answer all your questions. What do you say?
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?
- Would you like to open the Money Market for Business account?
- Do you want to open the account now?
- Are you still interested in opening the savings account or do you prefer to explore other options?
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.
- I would be happy to connect you with a banker who can help you. What is your name and number?
- Can I get your contact information so that I can have my friend, ____________, call you?
- Can I get your name and number so I can have a banker call you about opening your savings account?
Make a Referral
If you are a sales associate or non-sales associate who cannot open a Money Market for Business 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.Do you have plans for these additional funds?Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and we have numerous savings and investment options designed to meet your various goals.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 savings account opening. The qualified banker opens the account.
Additional Information on Sale Processing
See the Synapsys referral instructions.
