Good Cross-Sells for a Slow Economy

Lana J. Chandler
March 10, 2010 | COMMENTS

“Recession or no recession, people need certain things,” points out Patti Yeiser Potter, president of Yeiser Training for the Financial Industry in Cordova, Tennessee. “Their cars break down, their mortgage is too expensive and they need a smaller house, their children are going to college, the air conditioner breaks, the roof leaks, they lost too much money in the stock market and are choosing a more conservative approach for what remains. There are things you need whether you want to need them or not.”

Given the slow economy, Potter offers these ideas for suggestive cross-sells:

• Closing a CD in order to pay for an unexpected repair: CD loan
• Car payment too high/making late payments on any loan: Refinance loan
• Missing payments or making payments late: Auto debit or bill pay
• Overdrawn checks: Savings account to transfer money when things are tight; online banking to keep better track of balances; use savings account instead of checking if the problem is overwhelming
• Using credit card to make a car payment: Refinance car loan
• Complaining about checking account fees: Move to free account if they aren't currently in that account
• Looking for a more secure investment: CDs; or if they have an investment or annuity option, a brokered CD
• Too many bills: HELOC to consolidate
• Too many bills/do not own a home: Debt consolidation installment loan with auto debit or recurring bill pay option
• Lost job/no money/bouncing checks: Get rid of debit card and add home banking
• Lost job, looking for ways to save money: Bank Club checking account that has multiple discount options, provided that they use the myriad of discounts offered to make up for the monthly fee
• Mortgage payment late: Refinance at lower rate if possible

This story appeared in Branch Manager's Letter at www.branchmanagersletter.com and is reprinted with permission. Contact publisher Lana J. Chandler at 304-343-0206 or Lana@BranchManagersLetter.com.