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#2161816 - 01/25/18 03:06 PM New money deposits
joeball Offline
100 Club
Joined: May 2004
Posts: 170
Bluegrass State
We are wanting to try to increase deposits by offering a special rate CD with a minimum deposit.

In order to get this rate can we require that it be new money deposited? I know this may be impossible to control.

I'm no supergenius, or are I? Homer Simpson.

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Deposits and Payments
#2161817 - 01/25/18 03:11 PM Re: New money deposits joeball
Skittles Offline
10K Club
Joined: Sep 2002
Posts: 13,964
We have done that also - and it is stated that way in the advertisement.
My Opinions Only

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#2161865 - 01/25/18 05:43 PM Re: New money deposits joeball
P*Q Offline

Power Poster
Joined: May 2001
Posts: 8,458
Banks do it all the time on various products. Like Skittle says, make sure that is spelled out in any advertising and the retail folks are trained. As for controlling, the new account can't be funded with an internal account transfer or a check from an existing account.

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#2161866 - 01/25/18 05:46 PM Re: New money deposits joeball
#Just Jay Offline
10K Club
#Just Jay
Joined: Oct 2006
Posts: 14,390
You just have to be prepared on how you want to handle the squeaky wheels that have the money already on deposit with you and want the move it into your special. Either a hard no (which will never win you fans in the long run), perhaps ok with a certain amount of new money to accompany the current funds, or maybe along with a wink and nudge and let them know you'll do it for them this time as a favor, wink wink, or something else.

Whatever you do, make sure your front line is prepared to handle the request, and management is prepared to handle the not so pleased people if you take a harder approach. Clear guidance on how to handle current funds before the ad is released makes everyone's job easier.
I don't repeat gossip, so listen closely...

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