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BankersOnline.com Forums State-Specific Compliance Issues New Jersey Telemarketing
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#332531 - 03/12/05 08:47 PM Telemarketing
Anonymous
Unregistered

We are planning to call our existing deposit customers with an offer to move their money into a tier paying a higher interest rate. Do we have any state regulatory concerns regarding the Do Not Call/Telemarketing rule?

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#332532 - 03/14/05 01:00 PM Re: Telemarketing
Retired DQ Offline
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Turnpike Exit 10
I haven't heard of any restrictions state-wise, about not calling existing customers. Obviously, if you place the call, and the customer says do not do it again, you should flag the account as a "do not call" account.
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#332533 - 03/14/05 06:39 PM Re: Telemarketing
mountainmannj Offline
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Joined: Feb 2005
Posts: 124
NJ
NJ only allows you to call regarding the existing accounts the customer has with the bank. The state has information at www.nj.gov/donotcall/

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#332534 - 03/14/05 07:00 PM Re: Telemarketing
Retired DQ Offline
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Turnpike Exit 10
Quote:

13:45D-4.4 Continuing services
A telemarketer may call an established customer on the no telemarketing call list or telemarketer specific no call list provided that the call is limited to the provision of continuing
services and does not relate to expanded services, upgrades, products or other services unless directly related to the particular service or services previously provided.



Wouldn't this apply to the original poster? The service appears directly related to the consumer's original product...
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Get your facts first, then you can distort them as you please. - Mark Twain

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#332535 - 03/14/05 09:28 PM Re: Telemarketing
mountainmannj Offline
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Joined: Feb 2005
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NJ
I agree Devil Queen. As long as the call relates to an existing product, the bank is fine.

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#332536 - 03/14/05 10:25 PM Re: Telemarketing
Anonymous
Unregistered

But is it considered the same product if it pays a higher APY based on a tiered balance, in effect, a new product?

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#332537 - 03/15/05 04:04 AM Re: Telemarketing
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Just remember. You may be fine legally but you might still tick your customer off!
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HMDA/CRA Training/Consulting/Mapping
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www.kaybeescomplianceinsights.com

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