It Doesn’t Hurt to Ask!

“We can’t find anywhere to sit!”

The family was hungry for the buffet breakfast that awaited us in a Washington DC Marriott one chilly fall morning. We were excited to fuel up on waffles, bacon, and eggs, so that we could start the day right before heading off to see the hippos, giraffes, and elephants at the zoo.

But the hotel lobby was PACKED. No seats anywhere for a “normal-sized” family, much less a family of eight, with six kids between the ages of 4 and 12. “What are we going to do?” It is too cold to go outside, and we also do not want to juggle the plates back up to eat in our hotel room.

Dad offered up a Hail Mary, “Let’s just ask the front desk if they have any other place to sit.” The Larson Crew protested, “What’s the point? There are no seats anywhere. The front-desk person will shrug and tell us that we are out of luck. But I insisted, “It doesn’t hurt to ask. The worst thing that can happen is that she will say ‘no’”. 

To our surprise, the kind lady empathized with us and let us into a large locked conference room down the hall. It was spacious. It was clean. It was quiet (at least until we arrived)! Our family enjoyed the meal together and started the day the right way before heading out on our adventure!

SO HOW DOES THIS RELATE TO SAVING AND INVESTING?

We see clients all the time who have a significant amount of money in their bank earning nothing. Actually, that’s not true. Usually, the statement they give us indicates they are getting 0.01%. That is ten dollars for every $100,000 you have at the bank. 

This rate was normal and reasonable back a couple of years ago. But now with inflation on the rampage, many banks are offering FDIC-insured deposits at a much higher rate.

These clients want and need to keep their “rainy day” money safe and liquid, so they do not want to put it in the market. They also do not want to go through the trouble of changing banks.

So what do you do???

1. Simply go down to the branch of your local bank and schedule a time to talk with someone about your deposit accounts. You probably want a manager or account specialist. Do not talk with a teller.
2. Kindly and politely tell them how much you love the bank. Also, let them know that you are aware that rates are much higher now and that you have seen ads and talked to friends who are getting well north of 2% on FDIC-insured, liquid investments.
3. Repeat how you love the bank and you want to keep the money with them. And then ask if they have any other programs that could offer you a higher rate without locking up your money (unless you decide you want to lock it up for a higher rate, of course).

More than likely they will want to keep you as a customer and will give you a better rate. If not, then tell them that you want to make a decision in the next two weeks (tell them a specific date), and give them your phone number so they can call you if anything changes or if any new products come out in that timeframe.

If they give you a higher rate, then give yourself a high-five. If not, then you can decide whether it is worth going through the trouble of shopping around for a higher rate and changing banks. When dealing with the rate on your “safe” money always remember, It doesn’t hurt to ask!

For more helpful content, please visit our blog page or video page on our website for similar articles or videos to help you plan.  We also have created guides free for you to download, such as Five Tax Strategies Retirees Often Overlook and Six Mistakes Grandparents Often Make

If you would like to discuss any of these topics in more detail, you can schedule a time to talk through this link