Bounce Protection is the standard overdraft protection service that the bank grants to consumer checking clients that it determines are eligible. The client pays an insufficient funds fee for each overdrawn item. Bounce Protection serves as a secondary form of overdraft protection for clients who have another form of overdraft protection. See this article for more information.
When you discuss Bounce Protection overdraft protection, 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 Bounce Protection.
Features
- Fee of $35 incurred each time an item overdraws the account
- Set at the account level
- Limit cannot be changed at the account level as it is assigned by the account type
- Eligible clients automatically receive the service after the initial 45-day wait period
- Free unless used
Benefits
- Peace of mind knowing that funds can be accessed only when needed
- Convenient access to funds - at teller window, ATM, and check card purchases
- Peace of mind knowing that inadvertent overdrafts are covered
- Save money by avoiding unnecessary charges from merchants if you accidentally overdraw the account
Bounce Protection does not cover all types of transactions that post to an account when there are insufficient funds in the account. By default, certain types of transactions are paid for clients who have Bounce Protection, while others are only paid for the client if the client opts in, or consents that those items are included in their Bounce Protection coverage. The table below shows what items are covered by default and which require the client to opt in.
Default Transactions Covered
- Checks
- ACH debit
- Recurring debit card transactions
- Bill Pay
- Voice response
Transactions that Need Opt In
- ATM withdrawals and transfers
- One-time debit card purchases
Identify Opportunities
Always be on the lookout for checking account clients who have not opted in to have their Bounce Protection cover ATM and one-time debit card transactions. Below are examples of things to watch for.
- Clients with Bounce Protection coverage who have not opted in
- Clients opening up checking accounts who request debit cards - ask them to opt in
- Client who frequently ask about balances or have no idea how much money is in their account
- Clients who frequently overdraw 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 make recommendations that align with his or her goals.
Sales Associates
Below are examples of what you might say when suggesting that prospects opt in to have Bounce Protection cover ATM and one-time debit card transactions.
Opt In to Bounce Protection
Because you ordered a debit card, I recommend that you opt in to have your debit card transactions covered in the event you overdraw your account. If you don't opt in, let me give you an example of what happened to one of my clients. She went to the grocery store and had a cart full of groceries. When she went to pay for them, she had $30 more of groceries than she had in her account. At that point she had to decide what to leave or take and felt bad that she held up the line. If she had opted in, she wouldn't have been in that situation and that one-time when she swiped her card, the transaction would have processed and that one time she would have been charged a fee.
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. 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: "Why would I want to give you permission to charge me fees?"
Feel: It makes sense that you would be worried about giving us permission to charge you fees.
Felt: Many clients feel the same way. They find themselves thinking that by opting in they are giving us permission to take advantage of them.
Found: What they have found is that once I have explained how things work, they realize that opting in provides them with an extra safety net in the event they need to access funds through an ATM or debit card purchase in an emergency situation.
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 offer many of the same products and services available at other financial institutions. We even offer 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
- Are you ready to opt in?
- Would you like to opt in now?
- Do you prefer to decide later and explore additional overdraft services instead?
Non-sales Associates
If you are making a referral for Take it to 10, you are trying to get the client 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.
