what you think
Yea, Team !
If football is big in your hometown, you might consider doing what several financial institutions are doing to connect your advertising to your team.
In Tennessee, the First State Bank of Brownsville ties its Certificate of Deposit rate to the local Haywood High School football games. Each week the rate changes, depending on the margin of the team's victory the weekend before. For instance it will go up 0.01 of a percentage point for each point Haywood High's score is greater than its opponent in a winning game. That means the interest rate will go up 0.12 of a percent if the home team wins by 12 points. If, (perish the thought!) the team loses, the interest rate does not go down from its starting rate, which last year was 5.5%.
In Michigan, the Bank of Ann Arbor tied their promotion to one game between the University of Michigan and the University of Colorado. The bank paid an extra quarter of a percentage point on 12 month CDs if the Michigan Wolverines won. They won, and the bank is paying. According to the financial institution's president, the promotion sold $3 million in new CDs -more than enough to justify the interest cost paid by the $67 million asset bank.
"Let's see…if they win, I have to pay out more interest. If they lose, I win because the interest doesn't go up."
Must give bank employees some mixed feelings during the game!
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 3, 3/98
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