Question: We are relocating our main office in December. We would like to do some targeted mailings prior to opening offering a 25bps bump for customers who open CDs now at our old location. We want to target our mailing based on income and price of home. Can we do targeted mailings based on this type of criteria? Can we offer them something we are not offering everyone? We are a Business Bank (have few retail customers) and our minimum CD is $10,000.
Answer: On the deposit side of the bank, there are no federal laws or regulations that prohibit you from doing a targeted marketing campaign under which you would offer a special promotional rate to customers who meet certain criteria relating to income and price of home.
The original version appeared in the October 2002 edition of the Oklahoma Bankers Association Compliance Informer.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
