Capital City Bank offers clients an Automatic Transfer Overdraft Protection (Sweep) service to prevent client embarrassment and problems associated with overdrafts and returned checks.
Clients maintaining a checking account with Capital City Bank can request that transfers from a their Savings account or other checking account be used as overdraft protection.
When you discuss the Automatic Transfer Overdraft Protection (Sweep) service, do the following:
Discuss Features and Benefits
Features
- Provides automatic transfers from client’s existing funds
- Transfers are made for the amount of the transactions, plus a $10.00 fee
- One transfer is made for all transactions and one fee is charged for all transactions
- Same-day transfer of funds
- Client receives notification
- Can be set up on same day account is opened
Benefits
- Saves money by eliminating annual fees and interest charged
- Saves money by only charging one transfer fee per day
- Saves money by reducing the amount paid for overdraft items ($10, instead of $35)
- Affordable for clients who don’t overdraw often
- Peace of mind knowing inadvertent overdrafts will be covered
- Convenient way to make sure inadvertent overdrafts will be covered
Identify Opportunities
Always be on the lookout for checking account clients who could benefit from overdraft protection services. Any client with a checking account should have some form of overdraft protection. Below are examples of prospective clients.
- Clients with checking accounts that are opening savings accounts, or vice versa
- Clients with checking and savings accounts that are not set up as overdraft protection
- Anyone who has a personal checking account and no overdraft protection
- Clients who frequently ask about balances or have no idea how much money is in their accounts
- Clients with joint accounts who appear to miscommunicate
- Clients who write a lot of checks and overdraw their accounts frequently
- Clients with NSF fees on their accounts
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. The good thing about overdraft protection is that it is usually something everyone needs. Most everyone will overdraw their account at some point.
Sales Associates
Below are some questions sales associates could ask clients when opening accounts or cross-selling to clients when they come to the office.
- We offer several forms of overdraft protection that help cover items that post to your account when there are insufficient funds in your account. Have you ever overdrawn your checking account?
- I've noticed that you have overdrawn your account a few times over the past few months. Would you be interested in learning about overdraft protection services that could help lessen those fees and offer the same coverage?
- I notice that you keep your checking balance very low. Would you be interested in learning about overdraft protection?
Non-sales Associates (Take it to 10)
If you don't feel comfortable discussing the details of a specific form of overdraft protection, but are working towards your Take it to 10 goals, do not focus on any particular product. Instead, ask if the client is interested in speaking to a banker about the details. For example, let's assume someone you are talking to happens to say they are fed up with fees their bank charges. You can use this as an opportunity to explore if they would consider Capital City Bank. To do this you might say:
I work at Capital City Bank and we often open checking accounts for individuals who are dissatisfied with their current situation. We also have overdraft protection services that can help lessen fees in the event of an overdraft. Would you be interested in speaking with a Capital City banker to see if we might be able to help?
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 his or her goals.
Below are examples of what you might say when recommending automatic transfers as a form of overdraft protection.
Because you just opened a savings account with us, I recommend that you set it up as your overdraft protection account with your current checking account. In the event, you ever overdraw your account, an automatic transfer would occur from your savings account to cover the item or items for $10 regardless of the number of items that overdraw your account in any given day.
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 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 have several checking accounts and offer various forms of overdraft protection that could help lessen the fees you incur in the event of an overdraft. 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.Sales Associates
Client Objection: "I never overdraw my account so I don't see why I should sign up for that."
Feel: I understand that it is highly unlikely that you will ever overdraw your account, especially since you don't currently.
Felt: I feel the same way since I have rarely overdrawn myself.
Found: Many clients, including me have found that it is beneficial to sign up for automatic transfers as a safety net in the event we do overdraw our account. If anything, it provides you with peace of mind knowing that your items will be covered even in the event of an an emergency situation. The best part is that the fee charged if you do overdraw, and if you have signed up for automatic transfers, is only $10 for any item that overdraws your account on any given day. This fee is significantly lower than the fee that is charged for the standard service you currently have. 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 I speak with feel the same way.
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 offer several checking accounts and overdraft protection services that may lessen the fees you are charged in the event of an overdraft. 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 sign you up for overdraft protection now?
- Would you like to link your savings account to your checking account as your overdraft protection account?
- Do you prefer to link your savings account or your home equity line of credit to your checking account for overdraft protection?
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 sign up clients for overdraft protection, but have identified someone who is interested in doing so, remember to refer them 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 bank.Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and I know you will be happy with the way we do business. We have several checking accounts and offer various forms of overdraft protection that can lessen fees you may incur.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 one of them contact you at a time that works for you?Process the Sale
The sale is generally processed one of two ways:- An associate who can sell the product follows established policies and procedures to set up the overdraft protection service.
- An associate connects the person to a qualified banker using a Synapsys referral for the follow up by a qualified associate.
Additional Information on Sale Processing
For more information on the overdraft protection service, see Help U.
