One of my favorite ways to think about relationships with banks and FinTechs is “how much would you have to pay me to never use [institution] again?” (The severed relationship question)
My answer varies greatly depending on the institution, ranging from probably $500 (let’s say RobinHood), to $1 Million.
When a shutdown from a bank or a FinTech happens, I like to reframe the shutdown in terms of the severed relationship question and look back on my earnings. For example, if RobinHood gives me the almighty 🪓 and I earned over $500 from games with their app, then I got at least the value of the severed relationship question, so I can frame the shutdown as a success rather than as a blow.
As a bonus, I may find my way back into an institution that shut me down, which lets the game start over; sometimes when you’re shutdown, it’s just another opportunity to answer the severed relationship question for a second (or third) time.
Have a nice day friends!
There are benefits to severing too maybe?