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Crazy Bank advertising
Old 09-25-2009, 03:00 PM   #1
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Crazy Bank advertising

When I used my online banking access today, there was a huge and very colorful ad that ran across the screen. It was quite obtrusive and I had to take specific action to get it to move, so I could use the regular online interface.

The ad itself was for "Spectacular new customer only rates" on short term CDs. So I clicked the ad to get the details of the offer. There were two CDs offered: 0.90% on a 9 month CD and 1.15% on a 27 month CD.

Maybe this ad campaign costs them nothing (except opportunity cost) since it runs on their own site, but why does the bank waste time touting such poor rates as "spectacular" ? Are there really customers who will be investing at these rates (which seem lower than average to me) just because the ad is splashy and eye catching? Even if the claims are obviously untrue? Why would a bank do this?
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Old 09-25-2009, 03:19 PM   #2
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Originally Posted by growing_older View Post
When I used my online banking access today, there was a huge and very colorful ad that ran across the screen. It was quite obtrusive and I had to take specific action to get it to move, so I could use the regular online interface.

The ad itself was for "Spectacular new customer only rates" on short term CDs. So I clicked the ad to get the details of the offer. There were two CDs offered: 0.90% on a 9 month CD and 1.15% on a 27 month CD.

Maybe this ad campaign costs them nothing (except opportunity cost) since it runs on their own site, but why does the bank waste time touting such poor rates as "spectacular" ? Are there really customers who will be investing at these rates (which seem lower than average to me) just because the ad is splashy and eye catching? Even if the claims are obviously untrue? Why would a bank do this?
Because a P.T. Barnum said, "There's a fool born every minute!"?
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Old 09-25-2009, 03:24 PM   #3
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.9% for nine months - how can you go wrong... sign me up
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Old 09-25-2009, 03:32 PM   #4
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Originally Posted by growing_older View Post
When I used my online banking access today, there was a huge and very colorful ad that ran across the screen. It was quite obtrusive and I had to take specific action to get it to move, so I could use the regular online interface.
Many browsers have popup blockers. They can be a big help, but sometimes interfere with popups used for online transactions.

We use Firefox with the AdBlock Plus addon. Priceless. Wouldn't leave home without it. (to mix a few annoying Madison Avenue phrases.)
I believe AdBlock Plus comes with a built-in list of known ad. sites. It works because most ads are not part of the page you are viewing at all, but references to companies who buy the space on the web page. Block the ad company's IP addres, and you block scads of ads on sites all over the place. Simple, effective, and easy. Pages actually load much faster without all the bouncing and blinking graphics. In addition, when an ad sneaks though, you can just cntl-click on it and a menu item allows you to add the offending site to you block list.

Apologies is this is old hat to you. Just trying to be helpful.
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Old 09-25-2009, 04:48 PM   #5
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Thanks for the adblock advice, but in this case, it was actually an ad for the same bank site I was on. What I was surprised at wasn't the obtrusive presence of the ad, but the hyperbole surrounding the "great rates" the bank was promoting to it's own customers - that were in fact pretty poor rates compared to other banks. Almost like if they said they were great rates in a splashy enough way, potential customers might not check and somehiow sign up for the subpar interest rate accounts, because the bank claim of "spectacular" was so good, regardless of the actual rate. Could it be that this tactic really works?
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Old 09-25-2009, 05:17 PM   #6
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Oooo, funny you brought this up...my regular checking/savings acct is at Citi and when I logged on last night to make a transfer, I browsed through some of the recent transactions to make sure everything was in order.

They put freakin' ads WITHIN the statements now...like, there is a transaction for food at Baja Fresh...so right underneath it in the same size font is some ad for Applebee's...wierd. Its annoying cause it makes for extra scrolling to see your transactions...grrrrr....
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Old 09-25-2009, 06:14 PM   #7
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Banks seem to be the only businesses that have $ to spend on ads these days. TARP?
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