Can you increase core deposits without extensive advertising?

Below are excerpts from a recent online question-and-answer session conducted by marketers who participate in the ABA Marketing Network's Online Community,


How does one go about generating a continuous supply of core deposits without having a super-strong advertising presence? We're a small bank with only three locations, and our name, The First State Bank, is not very unique. And my bosses haven't been interested in spending the time or money to build top-of-mind awareness or brand awareness....

Aubree Williams

The First State Bank | Oklahoma City, Okla.


Encourage Existing Customers to Transfer Outside Accounts to the Bank

I would suggest that you start with your own customers, if appropriate.

If you know your market and your customers, there could be a ton of money in relationships outside of your bank. Have you done any studies or looked at PSYCLE data?

Segment your accounts and target those most likely to [move accounts to the bank]. Look at your current accounts that are all-in with your bank, then target customers more like them.

Joe Francis

Mentor Marketing | Milford, Ohio


Try a Refer-a-Friend Promotion

Visit with your retail managers about a Refer-a-Friend contest. You could do a contest to warm up your frontline staff to encourage customers to refer their friends and family and it wouldn't cost very much to do it. We do it and offer a gift card for the highest producer.

Although it is frequently done as a checking product, you could do it as a certificate of deposit (CD) campaign with a great rate for a specified time and the dollars you want to bring in. To get the rate the customer has to be "referred" by another who could also get the rate. Once you have success with that product, you could move on to checking which is more difficult. You could also do a direct mail campaign to your existing Cl) customers.

Audri Godfrey, CFMP

Security National Bank of Omaha | Omaha, Neb.


Use Customer Engagement Calls with Business Customers

We are a mostly a business bank 70 percent...

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