Negotiating Setting Up Bank Accounts Using 'Profit First' | Under The Covers

So in Profit First, you have to have all of these accounts, but what if you have a problem with the bank? What if they charge you a lot for each account?

It's normal to be working with a bank and you like working with them and want to continue the system with them, but particularly larger national banks will have rules and systems where they say, well, if you set multiple accounts beyond XYZ, we're gonna charge you a fee. Or if you don't maintain a minimum balance, we'll charge you a fee. So one thing I want our listeners to realize is that a bank is a vendor to you. They're a private institution, just like any other business you work with. And if you don't want to work with that vendor, it's within your right to go with another vendor. And they can also negotiate. All these banks can. So when you go to a bank and they say, well, we charge fees, say, well, I'm not, I'm willing to pay fees. This system will allow me to store more money at your bank, so what are you gonna do for me? And some banks will say, "Let me get the manager and I'll do it." One of my favorite stories is from Rachel and Kyle Wright. They have a business that implemented Profit First, and they went to a large national bank that they like. The bank said they're gonna charge fees, and they said, they pulled out the Profit First book, and it says if your bank is gonna charge you fees, tell them that you're gonna negotiate or walk out. So they said, "In here, we're about to negotiate or walk out." And the bank said, Don't walk out, we're gonna give you the fees. And they waived all the fees because of the books. You have the right to negotiate, and if a bank is not willing to negotiate and reduce your fees, that shows their degree of interest in your business. I think maybe you should go somewhere else in that case. Can I do that?