Gift promotion at one location

Posted By: Bankwoman1

Gift promotion at one location - 02/04/19 03:13 PM

We currently have a small banking center within a local senior living community. The bank is wanting to send a flyer to each resident in the building, customer and non-customer. It would be offering a small gift - if they are a customer, then they would just need to stop by and pick up the gift. If they are a non-customer, then they would need to stop by and open a direct deposit account to receive the gift. More than likely, the gift would be under $10, which would not trigger the bonus disclosures, but I'm still waiting to hear what the price will be. This would not be offered at any other branch - I'm wondering if this would be an issue? If we are offering it at one location, should we be offering it at all locations? It's basically a Valentine's Day promotion for the seniors. Is there anything else I should be thinking about whether it is over $10 or not?
Posted By: missmarybrewster

Re: Gift promotion at one location - 02/05/19 04:25 PM

Would other customers of the bank or members of the community have access to this flier? I assume it would be distributed in house.

I wonder though what if "Martha" who lives in this retirement community calls up "Gladys" and "Bertha" and ""Helen" and (you get the point) and tells them about this freebie.....and they DON'T live in this retirement community. Is there verbage in their flier that the customer (or potential) MUST live at X address?
Posted By: Bankwoman1

Re: Gift promotion at one location - 02/05/19 06:25 PM

That's what I'm questioning. Should we put something in the flyer stating it is for "senior living community" only or does it need to be offered bank wide? I've yet to see the flyer. I'm hoping to review it either today or tomorrow.
Posted By: chenin

Re: Gift promotion at one location - 02/05/19 07:33 PM

We have done promotions similar to this. The only requirement is that it needs to be done at that branch. If people want to travel to that branch, they are welcome to take advantage of the promotion. It is not available at all branches. This promotion is normally tied to a grand opening to bring business into the new branch.
Posted By: missmarybrewster

Re: Gift promotion at one location - 02/05/19 09:59 PM

This to me sounds like a market promotion. You're targeting one specific area which I've always thought to be acceptable. Meaning, you should be okay to offer to a certain demographic without opening to another demographic. I would of course highlight "Shady Oaks Retirement Village Special" predominant on the flier. Would even consider having extra verbage that states "new and existing customers must reside within the Shady Oaks Retirement Village" to make it clear.
Posted By: Bankwoman1

Re: Gift promotion at one location - 02/06/19 01:25 PM

Thank you both for your input! I really appreciate it.
Posted By: deltacrcm

Re: Gift promotion at one location - 03/29/19 09:19 PM

Opening up this discussion, what would be the risk of offering promotions for a specific branch digitally through geofencing? Marketing would like to use a promotion to boost deposits at three branches that have very low deposit account openings right now, and limit the promotion to accounts opened at those branches. I feel like we have done similar promotions before and determined it was acceptable, but I can't find my prior research and want to be sure.
Posted By: Monster

Re: Gift promotion at one location - 04/01/19 11:37 AM

I know very little about geofencing, but I've seen deposit promotions for certain branches due to low deposits not be an issue. I always documented the reasoning and moved on... Though I'll be interested to see what others have to say. FWIW in my cases they were never all high income tract branches, but even if they were I think sufficient proof to show they were lagging in deposits should be okay.