We work hard for new business. But are we as appreciative of them once they have been around? Often the old are neglected in favor of the new.
This is time consuming and expensive. Especially when the long time client says goodbye with a nice chunk of profits.
A few years ago I had my entire private banking relationship with one institution. My thinking that better to be loyal with leverage than having a variety of anemic relationships.
They stuck me with a low balance charge on an account that I simply forgot to wrap up. I asked them to waive the fee of about $25. So, I walked with every last cent. My estimate is that my relationship was worth AT LEAST $5,000 per year in net income to them.
People lose loyalty when they are not valued. There were no major demands on my part aside from avoiding an occasional fee. My credit card and deposit business was making plenty for them.
The absolute worst part? Nobody (not even the banker assigned to my account) asked why I left, no question from a manager. One person asked. The teller who paid out some small closing balances to me.
Frankly I wanted to stay. But by the time the poor woman asked my new bank was already funded and providing great service and certainly making money from me.
Don't Ever Forget - to say thank you.
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