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#317583 - 02/16/05 07:27 PM solicting business/do not call
Anonymous
Unregistered

The recent sale of a competing bank (ABC)in town has provided an opportunity for our bank to lure unhappy ABC customers to our bank. For some time now our operations area has been gathering the names of ABC account holders as their checks pass through our proof area. Our bank has sent out a mailing to those customers offering $50 to ABC customers who open a direct deposit account with us. Management plans to follow up with a phone solicitation. Aside from the $50 gift issue, what other compliance issues should be raising red flags? I'm not familiar with restrictions on phone solicitations. Any suggestions for reading? Are there problems with how the bank obtained the names? Any and all help is appreciated.

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General Discussion
#317584 - 02/16/05 07:52 PM Re: solicting business/do not call
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
Posts: 5,932
Soaring over Georgia
The phone calls would need to be screened against the national "Do Not Call" registry as well as any similar state registry prohibiting telephone solicitations. The fact that the individual had a check pass through your institution does not establish a "prior business relationship" that would allow the phone calls without screening.
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#317585 - 02/16/05 08:16 PM Re: solicting business/do not call
Anonymous
Unregistered

Thank you. Where can I read up on the "do not call" issues.

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#317586 - 02/16/05 08:50 PM Re: solicting business/do not call
Anonymous
Unregistered

You can find info on the National DNC Registry here:

https://telemarketing.donotcall.gov/

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#317587 - 02/22/05 02:54 PM Re: solicting business/do not call
Anonymous
Unregistered

Quote:

The phone calls would need to be screened against the national "Do Not Call" registry as well as any similar state registry prohibiting telephone solicitations. The fact that the individual had a check pass through your institution does not establish a "prior business relationship" that would allow the phone calls without screening.




If the bank requires the customer to come into the bank to "finalize" the opening of the account wouldn't that exempt the bank from the Do Not Call Rule?

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#317588 - 02/22/05 02:59 PM Re: solicting business/do not call
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
I saw a cable advertisement this weekend. Apparently, several local banks are petitioning the FCC to amend Indiana's Do Not Call regulations. This commercial told viewers to contact their local bank branches and tell them not to proceed with this. I told our marketing director this morning that we might be able to use this to our advantage.

My feeling is people (including me) have signed up for this registry for a reason and don't want calls from any business. I know that non-profits are exempt, but I don't particularly want calls from them either.
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#317589 - 02/22/05 05:48 PM Re: solicting business/do not call
Anonymous
Unregistered

I hear what Skittles is saying and I agree, I don't want to be bugged either. But looking at the ruling isn't what anonymous states true? And, doesn't the ruling apply to bank as well, it is just that the FTC doesn't have the jurisdiction to enforce the ruling in certain organizations?

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#317590 - 02/22/05 07:02 PM Re: solicting business/do not call
Scooter Offline
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Scooter
Joined: Sep 2002
Posts: 216
Michigan
The FTC regulation will apply if a bank utilizes a 3rd party to conduct calls for the bank. This includes any non-bank subsidiary or affiliate that is controlled by the bank.

The FCC rule DOES apply to a bank (and others). Among the items you need to follow:
1. have an established written procedure to comply with the do-not-call rules (which includes a written policy, available upon demand)
2. train staff
3. maintain an internal (entity specific) do-not-call list (from individuals you reach that say, "place me on your do-not-call list)
4. make sure any number called is not on the federal (or state) do not call registry (check at least every 31 days)

This is not an all-inclusive list, but probably enough to determine whether or not you are ready to make the first unsolicited call.

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#317591 - 02/22/05 08:05 PM Re: solicting business/do not call
Anonymous
Unregistered

How many of you have a dnc policy? I've tried to get one implemented here, but management doesn't believe they need one because they only (?) call our existing customers.

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#317592 - 02/22/05 08:25 PM Re: solicting business/do not call
8675309 Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,115
Where the wind comes sweeping ...
How can a bank only call exisiting customers? I can't imagine a bank that does not do business development. Must be nice not to have to make calls!

Anyway, back to the question, we don't have a policy other than to follow the law but I do annual training and new employee training on what is allowed.

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#317593 - 02/22/05 09:13 PM Re: solicting business/do not call
Anonymous
Unregistered

We make business development calls. That does not apply under the DNC rules.

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