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#12440 - 04/12/01 03:16 PM Marketing Letters
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
Marketing has prepared 3 letters to 3 different sets of customers (savings, loan and checking) letting each group know about a special checking account product that has additional features/benefits over their current accounts. The checking product features is the same across the board; however, the loan customers will be getting an additional benefit of a reduced loan rate on their next loan. Is there any concern since the reduced loan rate is not part of the general "package" of benefits and is not disclosed in our customer brochure or am I overthinking this? Thanks.

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#12441 - 04/12/01 05:45 PM Re: Marketing Letters
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,715
On the Net
I'm not sure I completely understand the issue. You may offer a discounted rate on a loan so long as it doesn't apply only to (or against) a protected class.

The problems a few years ago involved seniors deposit accounts that came with a loan discount. The age requirement to qualify for that account dropped to 50 or 55 in many cases. You can't "discriminate" based on that age. While age can be a factor, that is eligable only at 62 or older.

Andy Zavoina
Opinions stated are not necessarily that of my employer.

My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#12442 - 04/12/01 06:59 PM Re: Marketing Letters
MoneyMaker Offline

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Joined: Dec 2000
Posts: 215
Atlanta, GA USA
I don't see a problem. As I understand it, you are offering an incentive for current loan customers to think of you again when they next need a loan. A sort of thank you for doing business with us and hope you will again. I like the idea of letters to different customer segments. Hope the letter copy is different for each and does some cross selling. Tell us how the mailing went, especially what new business you can attribute to this mailing. Hope you are tracking it.
Short cuts to bank revenue growth and higher employee happiness.

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#12443 - 04/16/01 02:07 PM Re: Marketing Letters

As mentioned in other replies, you can certainly test rate offers without any problems. We have clients that will sometimes mail "check newsletters" that offer different rates, terms, and even different agent bank logos. (Contact me if you'd like to see samples.

This is the age of "one-to-one" marketing.

Jim Larranaga

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