Bank of America set to unveil new affinity banking programs
By Jeremy M. Simon | Published: January 9, 2007
Bank of America is set to build on its successful stable of affinity credit cards associated with universities, charities and other organizations by offering deposit and home-equity products with similar connections to customer interests.
As Bank of America explained, transferring the passion that everyone has for a school, professional organization or a cause to a product that drives customer loyalty is the basis for affinity marketing. The credit card issuer noted that it now has the opportunity to stimulate interest in fresh products.
The new programs, aimed at encouraging customers to do more business with Bank of America, will include checking and savings accounts, access to special rates on certificates of deposit, IRAs and money-market accounts and the display of the groups' name and logo on checks, check cards and bank statements.
Currently, 12 organizations, representing almost 10 million members, have inked deals with Bank of America, including the National Wildlife Federation, Habitat for Humanity International and the National Trust for Historic Preservation.
Bank of America's decision to offer the new products comes 10 months after its purchase of MBNA, which established an affinity credit card model 25 years ago.
The bank will begin marketing the new deposit products starting Nov. 20, 2006, in select markets, such as New York City, Chicago and Dallas, with plans to expand the program into other markets in early 2007.
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