The Big Banking Chat: How to talk to your bank
Barriers to success
Banking basics
Banking jargon can be confusing—but it doesn't have to be. Find simple explanations to popular banking terms.
Learn the basicsMaking the conversation work for you
- Do your homework: whether you’re asking about a product or for advice on reaching a life goal, spend 20 minutes before you call reading up on the different options and the language used to discuss them. And if you’re worried about certain terms, here’s an overview of what banking jargon really means.
- Make a plan: write out the top three things you want to achieve from the call and what success looks like to you. Doing this will help you guide the call down the path you need it to take, rather than getting stuck in a customer service maze. And when you’re talking to your bank, make sure you agree what happens next for each element of the plan so both you and them know who is doing what.
- Outline exactly what you need: start the conversation by outlining clearly what you need and why. It’s best to say up front exactly what you’re looking for rather than spread the details out piecemeal—it means the person on the other end of the conversation knows from the start what they need to go through to help you succeed.
- Don’t be afraid to ask: talking to your bank is no time to pretend. If something isn’t clear, ask for it to be repeated or explained in a different way. After all the adviser is there to help you and it’s their job to make sure you understand everything involved in your discussion. But if you don’t tell them when things don’t make sense, you’ll end up frustrated and unhappy with where the call goes. Don’t be intimidated or afraid to ask them to explain in a different way or give an example to illustrate what they mean.
- Recap at the end: Once you’re happy with how the conversation’s gone—recap everything you’ve discussed and agreed with the adviser to ensure you’re both on the same page. It’s also a useful chance to jog their memory in case there’s an option they’ve forgotten. Doing this means you can end the meeting with confidence and most importantly an agreed plan for what’s happening next.
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