Skip to content

Offering High Rate Savings Account in Affluent Area

Answered by: 

Question: 
We are thinking of offering new high rate savings accounts at only one of our branches. The branch is in a more affluent area than our other branches. Do you see any discrimination issues with this?
Answer: 

I have read about an Ohio bank that did a selective mailing to high net worth people offering a special CD rate with a minimum of $10,000 and as far as I know, they did not get into trouble. The potential back lash could come from some of your other customers who learn of this and ask why you didn't offer it to them. Why not make your offer limited in amount, time and place to respond?

First published on BankersOnline.com 9/08/08

First published on 09/08/2008

Filed under: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics