When a buddy meets a buddy
Some deposit-starved banks have long tried attracting new business with gifts like toasters and TV sets. But the latest gimmick is an improbable appeal to human friendship. Banks in New York, Chicago and St. Paul are now making their pitch to the potential customer's pals. "Bring a friend," advertises New York's Manufacturers Hanover Trust. If someone deposits $75,000 for 2½ years, his pal will collect a sponsor's fee of $2,343.75. The First National Bank of Chicago pays a finder $25 for each $1,000 deposited by a buddy into a 30-month fixed-term account. Other banks reward friendly...
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