Some lawyers are getting screwed by their banks.

Why?

Because it never occurred to them to do otherwise.

I don’t really understand the economics of running a bank: I’m clueless. However, I have come to understand that many of them want us as clients.

They want our operating accounts and our trust accounts. They want us to open lines of credit. They want us to lease equipment through their leasing groups, and they want us to buy our office buildings with mortgages they provide. They’d like our credit card processing business, and they’d like to lease us safety deposit boxes. Of course, they also want us to refer our clients and our employees, and they want our personal business as well.

They’re willing to give you things in order to get your business. The key is figuring out how much you can get and maximizing your take by pitting one bank against another. You’ve got to get them in a bidding war for your business.

We’ve had banks offer us daily courier service to pick up deposits. They’ve given us free credit card and check machines. They’re willing to give us free checking accounts, trust accounts, and money market accounts. Of course, they can give you favorable terms for extensions of credit, and they can make their experts available to you for consultation when necessary on financial issues. What else might they give you?

You’ve got to ask and push. You’ve got to meet with more than one bank and keep asking for more. See whether they’ll throw in free credit cards, debit cards, checks, and computer services like automatic sweeps of funds to your money market accounts. Find out what kind of cash management services they offer and push on those. Negotiate discounts for everything that results in a fee: everything is negotiable. Make sure you get free online bill paying and mobile banking applications. Get them to make your personal banking free as well. Some will do your payroll, and some will provide you with free accounting software. You can even negotiate tickets to the theater, sporting events, and seats at the bank’s table at charitable events. There’s more out there for you to get. Be creative and ask for everything you can think of. They might refuse, but who cares?

Push and push and push and get them to one-up one another. See who makes the best offer. Get everything you can get. Don’t let them screw you. Go ahead and ask, and you’ll get more than you imagine.