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for N years <unk> <unk> went to her neighborhood bank because it was convenient |
a <unk> customer that banks <unk> for she did n't give much thought to the rates she was receiving nor to the fees she was paying |
but in august first atlanta national bank introduced its crown account a package designed to lure customers such as ms. <unk> |
among other things it included checking safe deposit box and credit card all for free plus a good deal on installment loans |
all she had to do was put $ N in a certificate of deposit or qualify for a $ N personal line of credit |
i deserve something for my loyalty she says |
she took her business to first atlanta |
so it goes in the competitive world of consumer banking these days |
for nearly a decade banks have <unk> for customers primarily with the interest rates they pay on their deposits and charge on their loans |
the competitive rates were generally offset by hefty fees on various services |
but many banks are turning away from strict price competition |
instead they are trying to build customer loyalty by <unk> their services into packages and targeting them to small segments of the population |
you 're dead in the water if you are n't <unk> the market says anne moore president of <unk> research corp. a bank consulting firm in atlanta |
ncnb corp. of charlotte n.c. recently introduced its financial connections program aimed at young adults just starting careers |
the program not only offers a <unk> car loan up to $ N but throws in a special <unk> statement to help in saving money |
in september union <unk> corp. of memphis tenn. launched the edge account a package designed for the <unk> crowd with services that include a credit card and line of credit with no annual fees and a full percentage point off on installment loans |
the theory such individuals many with young children are in their prime borrowing years and having borrowed from the bank they may continue to use it for other services in later years |
for some time banks have been aiming packages at the elderly the <unk> segment with the highest savings |
those efforts are being stepped up |
<unk> macdonald vice president of retail sales at barnett banks inc. of <unk> fla. says the company now targets <unk> within the market by <unk> its popular seniors partners program to various life styles |
<unk> age geography and <unk> differences create numerous <unk> ms. macdonald says |
she says individual barnett branches can add different benefits to their seniors partners package such as athletic activities or travel clubs to appeal to local market interests |
an active <unk> in <unk> <unk> may care more about senior olympic games while a <unk> in panama city may care more about a <unk> on health she says |
banks have tried packaging before |
in N wells fargo & co. of san francisco launched the gold account which included free checking a credit card <unk> box and travelers checks for a $ N monthly fee |
the concept <unk> a slew of <unk> but the banks stopped promoting the packages |
one big reason thin margins |
many banks particularly smaller ones were slow to <unk> and could n't target market <unk> that would have made the programs more profitable |
as banks ' earnings were squeezed in the mid-1970s the emphasis switched to finding ways to cut costs |
but now computers are enabling more banks to analyze their customers by age income and geography |
they are better able to get to those segments in the wake of the deregulation that began in the late 1970s |
deregulation has effectively removed all restrictions on what banks can pay for deposits as well as opened up the field for new products such as <unk> cds |
where a bank once offered a standard <unk> savings account it began offering money-market accounts certificates of deposit and <unk> checking and staggering rates based on the size of deposits |
the competition has grown more intense as bigger banks such as <unk> corp. of minneapolis and chemical banking corp. of new york extend their market-share <unk> into small towns across the nation |
today a banker is worrying about local regional and <unk> banks as well as thrifts and credit unions says ms. moore at <unk> research |
so people who were n't even thinking about targeting N years ago are scrambling to define their customer base |
the competition has <unk> a much <unk> consumer |
the average household will spread N accounts over a dozen financial institutions says michael p. sullivan who runs his own bank consulting firm in charlotte n.c |
this much <unk> makes attracting and keeping today 's <unk> customers costly |
packages encourage loyalty by rewarding customers for doing the bulk of their banking in one place |
for their troubles the banks get a larger <unk> audience that is less likely to move at the drop of a rate |
the more accounts customers have mr. sullivan says the more likely they are to be attracted to a package and to be loyal to the bank that offers it |
that can pay off down the road as customers especially the younger ones change from borrowers to <unk> |
packaging has some <unk> |
the additional technology personnel training and promotional effort can be expensive |
chemical bank spent more than $ N million to introduce its <unk> line several packages aimed at different segments in N according to thomas jacob senior vice president of marketing |
it 's not easy to roll out something that comprehensive and make it pay mr. jacob says |
still bankers expect packaging to <unk> primarily because more customers are demanding that financial services be tailored to their needs |
these days banking customers walk in the door expecting you to have a package especially for them ms. moore says |
some banks are already moving in that direction according to alvin t. sale marketing director at first union corp. in charlotte |
first union he says now has packages for seven customer groups |
soon it will split those into N |
says mr. sale i think more banks are starting to realize that we have to be more like the department store not the <unk> |
iras |
<unk> inc. said it will <unk> a registration statement filed with the securities and exchange commission to <unk> a plan to sell N newly issued common shares |
the chandler ariz. company said it will <unk> the registration to cover only the N million warrants each exercisable for the purchase of one common share |
currently <unk> has about N million common shares outstanding |
<unk> develops and markets low-cost software peripheral equipment and accessories for computers |
five things you can do for $ N or less |
N buy a new chevrolet |
N take a <unk> vacation |
N send your child to a university |
N buy a diamond <unk> |
N make a lasting difference in the regulatory life of an american savings-and-loan association through the foster corporate parents plan |
americans today spend $ N like <unk> change they do n't think much about it |
but for an ailing savings-and-loan association <unk> on <unk> it can lead to safety from imminent demise and to a future full of promise |
your $ N will help keep a <unk> savings and loan <unk> and out of the federal budget deficit |
as a foster corporate parent you 'll be helping a neighborhood s&l in areas crucial to its survival |
like healthy regulatory capital |
a steady deposit base |
performing loans |
at the same time you 'll give your foster savings institution the gift of hope and freedom from the federal regulators who want to close its doors for good |
as a foster corporate parent you will experience the same <unk> felt by robert bass lewis <unk> william simon and others who find ways to help troubled savings institutions and their employees help themselves |
that builds confidence <unk> <unk> not to mention critical regulatory net worth |
do n't wait a savings institution needs your help now |
every day you delay a savings institution 's health and the federal budget deficit grows worse |
think about the good you can do for just $ N a month about the cost of a <unk> chevrolet or two <unk> at a state university |
then send your support to a savings institution that has taken a bad <unk> in the press and on its bottom line |
every $ N you send will go a long way to boost sagging net worth and employee morale and keep your foster savings institution off the federal budget deficit |
mr. <unk> is a lawyer in new york |
the chicago mercantile exchange said it plans to institute an additional circuit breaker aimed at stemming market <unk> |
separately john phelan told a closed house subcommittee meeting in washington that he would support securities and exchange commission halts of program trading during market <unk> |
but the new york stock exchange chairman said he does n't support <unk> a collar on program trading arguing that firms could get around such a limit |
the chicago merc said a new one-hour price limit would take effect in its standard & poor 's N stock-index futures pit once s&p N futures fell N index points the equivalent of about a <unk> drop in the dow jones industrial average |
if the <unk> limit is triggered after N p.m chicago time it would remain in effect until the normal close of trading at N p.m |
with the limit in effect members would be able to execute trades at the limit price or at higher prices but not below it |
the exchange said it decided a new circuit breaker was needed following a review of the tumultuous trading in stocks and stock-index futures on friday oct. N when the dow jones industrials plunged N points and stock-index futures prices skidded as well |
late that afternoon the s&p N stock-index futures contract fell a total of N index points hitting a merc circuit breaker limit that remained in effect for the rest of the trading session |
the merc said that its existing <unk> <unk> limit on s&p N stock-index futures trading equal to about N points on the dow jones industrials which was triggered oct. N will remain in effect |
leo <unk> merc executive committee chairman said that the <unk> limit appeared to <unk> the selling panic oct. N |
but when the contract reopened the subsequent flood of sell orders that quickly knocked the contract down to the <unk> limit indicated that the intermediate limit of N points was needed to help keep stock and stock-index futures prices <unk> |
several traders maintained that the merc 's <unk> <unk> <unk> the market slide oct. N by <unk> additional selling pressure to the floor of the new york stock exchange |
all of the changes require regulatory approval which is expected shortly |
the exchange also said that the <unk> circuit breaker which currently provides only a one-hour <unk> during market <unk> will become the maximum one-day limit for the s&p N stock-index futures contract the one-day limit now is N index points |
a final <unk> was made to the <unk> opening limit for the contract |
the merc said that <unk> limit will remain in effect for the first N minutes of trading |
the limit <unk> under current exchange rules if contracts trade above the limit price during the opening N minutes of trading |
in washington house aides said mr. phelan told congressmen that the collar which banned program trades through the big board 's computer when the dow jones industrial average moved N points did n't work well |
he said that firms could get around the collar by executing trades <unk> |
in a <unk> news conference mr. phelan who has publicly expressed concern about market volatility said he told the house finance and telecommunications subcommittee that he would support the program-trading halt proposal providing the sec would be comfortable with the language in a bill |
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