I have just had another example of the banks trying to move into advice giving instead of doing what we want them to do in lend us money via the most appropriate loan product. This time it was the NATIONAL AUSTRALIA BANK (NAB) and they are trying to sell insurance to their clients. So if the NAB suggest to you that you should talk to their insurance broker who is not a local remember the following:
1. they will quote you a cheaper rate this year and then get you the following year
2. the profit on the premium is leaving the town
3. if you have to claim you will not be dealing with a local,
4. as you are not dealing with a local it is likely the claim will take longer so think about what detriment this could cause your business, and
5. do you really want your bank having more control over you.
If this does happen and they suggest you can get it cheaper you need to say to them "thanks you have me thinking about cutting costs and can you have the details of your loan as you would like to take it to another bank and see if you can get a better deal".
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