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#1020150 - 08/14/08 04:12 PM "Paid" advertisement
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
South Louisiana
The bank has a Market/Public Relations Director. She has arranged with the local cable company for our President to be "interviewed" for a "complimentary" segment to be aired periodically. The Bank is not paying for this; rather the cable company selects businesses in our area and airs the interview as a community service (public awareness).

My boss and I were not made aware of this and it is being aired now. I caught the last two minutes of the interview where our President talks about our internet banking product. Then at the end of the interview our logo and name is on the screen. No mention of "Member FDIC".

I told my boss (Bank attorney/Compliance Officer) about this. He has not seen the interview. I spoke to the Marketing director who says that since it is not paid advertising, the "Member FDIC" is not necessary along with our name and logo at the end of the segment.

I disagree (but am willing to learn something new).

Any comments?

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#1020156 - 08/14/08 04:15 PM Re: "Paid" advertisement Ski
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,234
Galveston, TX
It does not appear that you control the content of the show, so I don't think it is a problem.
The opinions expressed here should not be construed to be those of my employer:

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#1020896 - 08/15/08 01:13 PM Re: "Paid" advertisement rlcarey
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,056
Toano, VA
I don't see it as a problem either--just a missed opportunity. With all the frightening news about huge losses, runs on banks, and bank failures, depositors need to be reminded that their money is safe in the bank. I would INSIST that every public statement by every bank representative emphasize the fact that you are FDIC insured. View the membership statement as an opportunity not a requirement. Avoid the "batteries not included" style of presentation in favor of a proud statement that your depositors are protected up to the insurance limits.
...gone fishing.

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