Selling checking accounts.

• Author: Wachtel, George
• Position: THE LETTER CLINIC - Iberiabank

THIS ATTRACTIVE SELF-MAILER FROM IBERIABANK is promoting its New High Interest Checking" in a very challenging interest rate environment ... and really focuses on the wrong consumer benefit.

1 The Layout: The mailing piece is an efficient four-panel, four-color self-mailer that is laid out vertically (so that the reader flips "up" to read the inside).

2 The Bank: To understand the market, Iberia is a Louisiana-based bank that is not well known in the south Florida marketplace; so when they talk about the "New IBERIABANK High Interest Checking," the reader may be confused in thinking they are the "New IBERIABANK." Better to have said, "IBERIABANK's new High Interest Checking."

3 Local Branch: They do well by having a variable data branch reference to let the reader know where their nearest branch is located.

4 Picture Panel: On this outside panel they have their consumer benefits highlighted and surrounded by a picture of a happy young couple (who appear to be delighted earning less than 3/4 of I% on their hard-earned money).

5 The Prime Benefit: Is it really the right consumer benefit to say, you keep at least $5,000 in your checking account every month and we'll give you a miniscule 0.7% interest on your money ... and if you don't, you get zero and we'll charge you a $20 fee? I do not believe, even in this low-rate environment, that is attractive to consumers.

6 Other Features: The other product features that come with the account are reasonable--but only equal to what many other banks offer...