Sixties Banking

Time Magazine

September 2, 2002

In recent years, banks have steadily steered customers away from teller service to the cost-saving ATMs that are usually lined up just outside the lobby. But now that depositors are fleeing stocks and flooding money-market accounts with cash, banks are competing for their business in ways not seen since the thrifty '60s. Instead of handing out toasters to new customers, banks today are giving away coolers, Home Depot gift certificates, frequent-flyer miles and even Palm Pilots.

The New Haven Savings Bank in Connecticut sent bank officers, including the president, to cook and run errands for lucky raffle winners.

Customers can log on to the Internet for free at the Wainwright Bank in Boston.

The Futurus Bank in Alpharetta, Ga., hands out free cups of coffee. "If you want to build more than one relationship with the customer, you've got to get them to come in to see what you have to offer," says Julie Malveaux, spokeswoman for the American Bankers Association. The banks say the promotions have been good for business.

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