[Post 1 of 2] [Former banker & Federal bank examiner with the US Treasury – Bill update] Let me just say what I’m going to do…Say I bank with Chase Bank…I’ll Google them, find out where is their private bank division… That’s where the upper net worth [people go]…You already know what the rate is going to be. The question becomes what are they going charge you for a fee. That can be significant, it could be anywhere from 1% to 3%. You want to get it down…It’s not locked in. I think it’s negotiable…
[Post 2 of 2] The more you bring to the table the better negotiating position you’re in…Take two people. Ask for whoever is in charge. Don’t talk to anybody else, not a teller, not a customer service representative. I would set up a meeting and say this is why I’m coming in, this is what I’d like to talk about, when can we get together…Keep it simple. Know the value going in…The only thing you want to do is determine what is going to be their exchange fee and can you negotiate it…I recommend that folks check out two or three different banks…It’s going to become very very competitive.