Deposits
Scenario 1
"It's too hard to move my direct deposit."
Scenario 1
Your client has:
- Workplace First DDA
- Home Value - $150k
- Wells Fargo mortgage - $66k @ 7%
- Credit card debt - $25k @ 25%
Objection 1
I don't think I would ever need a HELOC.
What are the 3 parts of the Value Statement?
Who you are, what you do, and what value you bring to the client.
What accounts offer free checks?
- premier
- workplace
Scenario 2
"I've been banking at First Commonwealth for years. I have a lot of payments that come out automatically."
Scenario 2
Client has:
- Premier Style Checking
- Home Value $250k
- No Mortgage
- No debt
Objection 2
I don't have any debt, and I don't want any debt.
What are 3 things we should look at before we sit with our clients?
- Opp IQ
- Zillow
- Port
- Current and Previous statements
- Loans
What is the max LTV for a home equity product?
85%
Scenario 3
"I get free checks at ABC Bank because I am a senior citizen."
Scenario 3
Customer has:
- Freestyle Checking
- Works at Devilbiss full time
- Plans to build deck ($20k)
- Home Value $225k
- Credit cards, paid off monthly
Objection 3
That sounds like a lot of work gathering those documents.
What are 3 questions you should ask when someone has a mortgage at another bank?
- balance?
- rate?
- monthly payment?
- years left?
- escrowed?
Scenario 4
"The girls at XYZ Bank have taken care of me for years."
Scenario 4
Customer has:
- Freestyle Checking
- Home Value $100k
- 1st Summit Mortgage $54k balance @ 3%
Objection 4
I don't want a lien on my house.
What is step 7 of the Needs Assessment Coaching Form?
Next Steps
Scenario 5
"I don't have to wait in line at Somerset Trust. There is always a line when I come to this branch, and no one answers the phone when I call."
Scenario 5
Customer has:
- PremierStyle ($3,500)
- Savings ($100k balance)
- Home Value $100k
- Citizens Bank Mortgage $75k @ 2.5%
- Wants to use Home Equity for home renovation plans totaling $50k
Objection 5
I have enough money in savings and investments and I would just use that for emergencies.
What is step #5 on the Needs Assessment Coaching Form?
Uncover
What are the DTI guidelines?
43%
45%
50%