In the case of very large amounts, negotiations are conducted with the treasury department or the bank’s management. Regular customers who use many services and products in a given field usually have a negotiable field. Banks appreciate loyal customers by offering them better conditions.
In the case of a negotiated deposit, the customer can also freely decide on its duration. Banks specify the time interval – usually from one day to a year, but in the end, the decision on the duration of the deposit is up to the customer. However, before making the final decision, it is worth carefully comparing the negotiated terms with the interest rates on deposits proposed by various banks. It may turn out that the standard offer of another bank bears more interest than the one negotiated by us.
Fight for credit terms
Negotiations with the bank are important not only when we want to deposit money, but also when we want to borrow that money. Banks are aware of the fact that customers need to be solicited, so some issues remain open for negotiation. Most often this applies to large-scale mortgages or cash loans.
So what can you negotiate with a loan agreement? Certainly, the interest rate, margin or fee for early repayment may be discussed. Usually, only fees included in the Table of Fees and Commissions are permanent. It should be noted that people with higher creditworthiness, i.e. those who earn a higher income, have a better chance of negotiating better conditions.
Those who have barely sufficient creditworthiness to consider a loan application positively cannot count on negotiations unless they are regular customers of the bank and have a good reputation. However, it is worth not getting discouraged and try to negotiate the terms two or three years after signing the contract, as it is possible. During this time a lot can change in our favor.
What else can you negotiate?
We can negotiate not only the terms of deposits with the bank. It is worth remembering that also negotiable are: temporary suspension of repayment or change in the terms of the loan agreement, related to the deterioration of the client’s financial situation.
When we are in trouble, it’s best not to avoid paying installments but to go to the bank and talk about extending the loan period or temporarily suspending the loan repayment, which will allow us to bounce back from the bottom.
Banks want loans to be repaid, which is why they usually come in handy for clients in such situations. You can also negotiate the conditions related to the maintenance and operation of a personal account, but this is only possible for accounts for private and personal banking clients.
The question of whether to negotiate with the bank often arises. It is worth trying this method, especially if we feel good in the field of negotiation and we have strong arguments for our arguments.