Rate fear sells helocs.

• Author: Wachtel, George
• Position: Letter Doctor - Letter to the editor

Wells Fargo uses the fear of rising rates to introduce a new equity product that combines a fixed rate "draw period" with a traditional equity line. Here are my comments about the letter:

(1) Graphic: The four-color photo is a good eye-catcher and will help draw the reader into the headline and body copy.

(2) Rising Rates: The headline, product, and body copy all speak to the fear many consumers with variable rate products have. This is good positioning in today's economy.

(3) Salutation: They choose to use an awkward full name salutation. It would be much better to go personal (we are existing customers) with a "Dear Deirdre and George" or with slight programming with "Dear Deirdre and George Wachtel."

(4) New Product: This is an interesting product that offers a fixed-rate period that converts to a standard equity line. Wells Fargo has named it "SmartFit" and nicely positions it as only available through them--but overdoes the reference with six repetitions in the letter.

(5) What's in it for me?: Using an interest-only option, readers are told how low their monthly payments can...