Quote:
Originally Posted by 8sPOT
There's so many grey areas, I don't there is a definitive answer to that. In my experience it came down to the banker. If they felt that you had long term potential, or even just liked dealing with you there are steps they can take to get whatever rate to be competitive. They just need to have an argument as to why that individual is entitled to that rate.
For example, if a customer that has no dealings with my bank comes in looking to switch their mortgage, and is asking for a rate that ATB is currently offering I would look at their networth, income, credit rating, long term goals and determine if they're worth fighting for.
I always started with the special rates and determined quickly how prepared the client was, if they knew the markets and whatnot.
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Right, some of which is fine and some of which leads to tied selling. The banks can decide on what basis they want to provide what rates, except that they can't force you to buy other products. That seems rational to me.