As a teller, you handle deposit and withdrawal transactions for customers every day. But do you know how to explain the limits and fees that apply to these transactions? In this article, you will learn how to communicate clearly and confidently with customers about the deposit and withdrawal limits and fees, and how to handle common questions and objections.
The first thing you need to explain to customers is why there are limits and fees for deposit and withdrawal transactions. Limits and fees are set by the bank to manage the risk, cost, and availability of cash and other resources. For example, the bank may limit the amount of cash you can withdraw or deposit in a day to prevent fraud, money laundering, or robbery. The bank may also charge fees for certain transactions to cover the operational expenses, such as processing checks, maintaining ATMs, or providing overdraft protection.
You should also consider minimum balance requirements and the limits and fees for savings accounts and CDs. Explain it in a way the customer understands the benefit to them and that they would be able to avoid paying fees. Also explain that fees are charged because the bank is providing an extra service for the customer that is not included in the maintenance fee.
I think before we talk about limits, customers are required to provide supporting documents for either the withdrawals or deposits to validate the source or purpose of the funds.
By explaining to the client the true cost of carrying cash as well as the risk associated with carrying cash. Showing them alternatives such as bank transfers and so forth are a more convenient method and reduces the risk of them also being targeted for crimes such as Crash In Transit Heists
The next thing you need to explain to customers is how to find the limits and fees that apply to their transactions. You can direct them to the bank's website, mobile app, or printed materials, where they can find the information they need. You can also show them how to use the bank's tools and calculators to estimate the fees and compare different options. For example, you can show them how to use the ATM locator to find the nearest fee-free ATM, or how to use the overdraft calculator to see how much they would pay if they overdrew their account.
Explaining to customers how to avoid or reduce limits and fees for their transactions is the third step. You can suggest various tips and strategies, such as planning ahead and making fewer, larger transactions, using online or mobile banking, selecting the right account type and service level for their needs, enrolling in direct deposit, automatic transfers, or alerts, and keeping a minimum balance or linking accounts to prevent monthly fees or overdraft fees. Additionally, they can ask for a fee waiver or limit increase if they have a valid reason or good relationship with the bank.
Explaining the limits and fees for transactions to customers is an important step. You can use active listening and empathy to address their concerns. Repeat or rephrase their question or objection to show that you understand. Provide factual and relevant information to answer their question or counter their objection. Confirm that they are satisfied with your response or offer an alternative solution. Thank them for their feedback and invite them to continue the transaction or contact you again if they have more questions. This will help ensure that customers are satisfied with the process.
In my experiences, it is sound business practice and client relationship management to acknowledge the clients' concerns and rephrase the concern or objection in your own words to confirm and validate what the client is saying. It is also best practice to thank them for their business and for their relationship tenure with the bank. From there, specific concerns and objections can be answered and if the answer is not readily available, to utilize the tools and resources available to all employees to find that right answer and commit to getting back to the client by a specific date and time, preferably, the same day depending on client need and urgency for specified information.
Explaining to customers how to follow up and document their transactions, as well as the limits and fees that apply, is essential. This can be done by providing them with a receipt, a confirmation number, or a summary of their transaction. Additionally, it is important to remind them of key information such as the amount, date, fee, or the limit. Furthermore, you should ask them if they have any questions or concerns about their transaction or the limits and fees. It is also beneficial to encourage them to review their account statement, online banking, or mobile app regularly to monitor their transactions and fees. Lastly, it is important to record their transaction details, questions, objections, and responses in the bank's system or database.
Explaining the deposit and withdrawal limits and fees to customers is an important task. To improve your skills in this area, you should review the bank's policies, procedures, and guidelines. Practicing your communication skills with colleagues, supervisors, or mentors is also beneficial. Additionally, seek feedback from customers, peers, or managers on your performance. Taking advantage of the bank's training, coaching, or learning resources can be a great way to stay up-to-date on the bank's products and services that may affect the limits and fees.
Limits and fees are explained to customer due consideration of impact associates. Therefore the opportunity cost, available options, and paying capacity also considerable. Introducing the associated limit and fees while onboarding the customer and immediately disclose in case new limit and fees introduced os strongly beneficial to render the decision option for the customer for any product and service exception to non elastic case.