Banks work hard to lure new customers in for their various products, and for the most part, their cool incentives do the trick. But every so often, financial institutions will fall flat when it comes to their giveaways, serving up epic fail bank promotions.
Bank Promotions Offer Great Account Incentives
In early May, C1 Bank in Lakewood Ranch, Fla. made headlines after announcing one of the best bank offers for new accounts in history: A brand new Mercedes for anyone who made a $1 million deposit into a 60-month jumbo certificate of deposit (CD).
The amazing incentive did come with a catch — the Mercedes served as a trade-off for the 1.20% APY that would have been earned on the 5-year CD.
While banks typically do a good job of offering exciting promotions, they don’t always get it right. In fact, there are some offers customers may wish they hadn’t been offered at all.
The Six Worst Bank Giveaways
So what are the six worst bank giveaways offered by banks in recent years? Here’s a list you won’t forget!
This one is sort of old school — no banks really give away toasters anymore, but there was a time that toasters were handed out left and right to woo new checking account customers. Thank goodness they’ve faded away.
Well, that’s with the exception of SouthPoint Bank in Birmingham, Ala., which affectionately offered toasters to customers who signed up for checking accounts in 2010, to pay homage to the old tradition.
While some banks are giving away free cash and gadgets as banking promotions, others are passing out (drum roll) free t-shirts! That’s right, in return for opening a bank account, a few lucky bank customers are able to sport a cool shirt with the bank’s logo on their chest. Next time you’re out, take a look around to see how many proud customers you see wearing their giveaway.
One bank headquartered in California has offered people willing to open a checking account a free digital photo keychain. While the idea is cute due to its personalized nature, digital photo keychains can be purchased online for about $10. Compared to the $100+ gifts other banks are offering, this one sounds a little less cool.
4. Dinner Platter
Sure, there is always a need for a serving platter if you regularly entertain guests. Usually, however, people who entertain already have serving platters, and the rest of us who don’t entertain don’t need them. Yet one bank in the DC metro area has offered them as gifts to new customers. Who knows, maybe they understand their target audience better than we think.
5. Mystery Gift
We all know that mystery gifts rarely measure up to anticipation. Instead, you get a $1 potpourri bag and a bottle of blowing bubbles. If you find a bank is offering a mystery gift, before signing up yourself, find your guinea pig friend who will take a chance on just about anything.
While a lucky few are able to run across bank account promotions when they’re actually seeking a new account, most of us who open new accounts venture into a financial institution, open an account and walk out empty-handed. Guess it’s not the bank’s fault we don’t wait around until they offer cool giveaways, huh?
The good news is many banks have jumped on board with offering cool promotions including iPods, digital cameras, GPS systems and gift cards. If you’re on the prowl for a new bank account, look around to see what incentives are being offered (don’t forget to check into the reputation of the institution, as well). You might find a deal you just can’t pass up!