To attract new deposits, banks have been giving away everything from toasters and TV sets to European vacations. Now the tiny Desert Empire Bank (assets: $8.5 million) near wealthy and exclusive Palm Springs, Calif., has come up with the most alluring bait perhaps considered so far: a $55,000 Rolls-Royce Silver Shadow limousine for any customer who will sink $1 million into 6.25% certificates of deposit for six years. The bank will also throw in the price of the sales tax and license plates.
But the terms apparently are not generous enough for those who can afford to take advantage of them. Within one week the bank received 20 inquiries—from as far away as Lansing, Ill..—but no takers. One prospective depositor asked whether he could get three of the deluxe autos if he deposited $3 million. Emphatically yes, said Bank President Gerald Mclntyre. Whereupon the canny investor tried to drive a harder bargain. At week’s end he was holding out for 6.5% interest and a time limit of only three years.
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