How to Become Friends with Benefits with Your Bank

African American businesswomen talking in meeting

Banking in our mobile-driven environment of apps, social shares, and likes, has lost its “human” touch. All of our services and experiences have become digital; even Face Time has taken on a whole new meaning. I remember when a trip to the bank meant friendly conversations with tellers who knew me by name and chats with bankers who got to know us as more than just a customer.

As vital as technology has become in our lives, it’s still important to connect with people, especially those you trust your money with. There’s more to gain than just a free pen when you become friends with your local bank and its employees, and the benefits help you and your wallet too.

I recently attended the opening of Capital One’s new flagship location in Union Square, NYC. What I thought would be just a fancy ribbon-cutting ceremony, turned out to be so much more.

Capital One Union Square Flagship
New Atms at Capital One Union Square
Capital One Union Square Flagship
Customer iPads in Location

Open seating area Capital One
Beautiful Waiting Area With Views of Union Square

This new Capital One location got me thinking about the way I bank. The branch of my local institution isn’t really where I want to spend much of my time; I rarely walk beyond the atms and couldn’t name one person who worked there if you paid me to. I depend on their services to help finance my business, process my transactions and extend lines of credit.

The NYC flagship location of Capital One is an innovative space where you can experience a new way of banking. The atms are state of the art; there are tablets throughout to explore online products with or without assistance, ample seating and even a Peet’s Coffee shop on the ground floor where Capital One cardholders receive 50% off. They have designed an inviting space with three floors, all of which serve a different purpose but encourage you to build a relationship with Capital One in some shape or form. Whether you’re there to grab a cup of coffee, recharge your devices, or meet with an associate about how to achieve your financial goals, Capital One seems prepared for and open to any type of relationship, as long as it’s on your terms.

So, why do you want to be Friends with Benefits with your bank?

Typically special rates, lower fees, and extended services are offered to those customers who keep balances over $10K, $15K or even $25K in their accounts. By having a relationship with your bank, they are more likely to extend those offers to their valued customers who don’t necessarily have a higher tier account. A friendship could lead to:

Learning about the latest technology and tools – Your local branch should be reaching out to keep you updated with their latest tech. Payment options, remote deposits, and account alerts can save you time and money.

Providing valuable advice to help you reach your financial goals – By establishing a relationship, they’ll be able to guide you through the products that help you save for your home, pay down your debt or start your small business.

Better Interest Rates and Loan terms – Being a long-term valued customer can help save money by allowing access to higher interest bearing accounts and lower interest loans that banks reserve for their highest tier accounts.

Getting the financial tools to grow your business – Having a banker you can turn to with account issues is vital to your business. Your customers depend on accuracy with their transactions, and a Relation Manager can handle all aspects of your account.

Saving on Fees – Life happens, and unexpected fees get assessed from time to time. A good relationship can lead to fees being waived or even reversed, depending on the situation.

Being friends with your bank is a mutually beneficial relationship. Remember you pick who you want to be friends with, so if your bank isn’t treating you right, it may be time to find better friends.

Highlights from VIP Opening Event

Cooking Demo by Chef Josh Capon
Chef Josh Capon’s Cooking Demo

Lang Lang World renowned pianist

Lang Lang Playing
Yang Yang Piano Performance
Cocktails Anyone?

Capital One and BWBL

This is a sponsored conversation written by me on behalf of Capital One. The opinions and text are all mine.


Sherita J. Rankins

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