Haggling with banks

Don't laugh, is it possible? I'm looking to upgrade my account to a "value added" account, as I am in the market for
- Annual worldwide travel insurance
- Mobile phone insurance
- Maybe gadget insurance

I'm with Barclays, but their packages to meet my needs run to £21/month, so I called to ask what they could do to retain my custom. Of course I can't call my local branch, as that number's not published, so I speak to someone in downtown Bangalore who offered absolutely nothing :mad:

If you are looking to change gas, electric, broadband, TV, calls, breakdown provider, they almost always offer you a good deal to stay, and cashback is available to new customers of a number of banks which means they recognise the value of gaining new customers, so surely they've figured out that retaining existing ones is also important?

Has anyone had any success with their bank?

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Banks don't offer pick n mix. Just bundled packages. Look elsewhere for something more suitable.
  • Thanks, I realise they are bundling things together, it makes it harder to compare that way. I was interested to know if anyone had any stories about banks showing some flexibility with charging in the interests of customer retention. I think I know the answer......
  • grumbler
    grumbler Posts: 58,629
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    Just get Nationwide FlexPlus for £10 and insure your 'gadgets' elsewhere if you really need this. I guess you'll save enough on your car breakdown cover.
  • Yeah, I'm thinking either Nationwide or Halifax (£100 cashback). Don't need breakdown cover, as both our cars have manufacturer cover for at least another 2 years so I don't need to decide based on that.
  • trailingspouse
    trailingspouse Posts: 4,035
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    It doesn't cost anything to ask them.

    In the past I've negotiated the interest rate for card services for my business, and the amount of compensation I should receive when they've made a ba££s up of things. You don't always win, but it's always worth a try.
    No longer a spouse, or trailing, but MSE won't allow me to change my username...
  • Archi_Bald
    Archi_Bald Posts: 9,681
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    There is just about zero chance that a retail customer would be able to negotiate anything special with any bank or building society. They'll pay you a bit extra if you catch them making a big mistake but they won't alter their T&Cs standard rates / charges, or their policies for any of us.
  • Gentoo365
    Gentoo365 Posts: 497
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    It would be against TCF (Treating Customers Fairly) I imagine.

    A bank has to be clear regarding the products and services available. If it is possible to get an exact equivalent service at a lower price then anyone who was charged the higher price could complain.

    Financial promotions have to be 'targeted' at specific customer segments, and cannot be discriminatory. So people who (for example) can only use the internet should not be charged more because they could not 'haggle'.

    Retention offers (for existing customers) may be different, but they still have to have 'eligibility criteria' based on things other than 'whether the customer is good at negotiating'.

    The overall reason of course is that many people are not financially knowledgeable, so should not be expected to get a different deal depending on their 'ability to strike a deal'.
  • Gentoo365
    Gentoo365 Posts: 497
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    It doesn't cost anything to ask them.

    In the past I've negotiated the interest rate for card services for my business, and the amount of compensation I should receive when they've made a ba££s up of things. You don't always win, but it's always worth a try.

    Regarding your first point, yes, it is always best to ask. As they may have a more suitable product that is better. e.g. if you say that the charges for some product are high they may point out that there is a cheaper one.

    Regarding the second, also yes, business customers will have more scope to negotiate. This is in part due to the less stringent regulation, on the expectation that a business customer is more 'financially sophisticated', or at least employs the services of someone who is.
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