Banking can be Better – for Customers and Charities tooby Heather Campion | December 20, 2011,
Thanks to technology, consumers are increasingly taking advantage of the great rates that online-only banks are offering. Because they don’t have branches, internet banks have much less overhead, and typically offer much better interest rates, and no fees to customers. Internet-only banks have been launching and growing for over a decade now, but they have done so, largely with traditional advertising. The problem is, that traditional advertising – tv, print, billboards, sponsorships – cost a lot of money.
Like many other companies, banks spend a fortune on advertising. But thanks to the internet, there are many more cost-effective and environmentally friendly alternatives. Building a successful brand online is much more common than you think – examples: Amazon, Google, Groupon, Mint. Have you ever seen a traditional ad for those companies? They each launched and grew entirely online. We’ve just never seen a bank launched and advertised online – until now…
ableBanking, an online-only bank, just for savings, is being designed to be better for consumers – and for the charities they care about too. So our customers will get much better rates, and no fees. But since we’ll be building our brand online, we’re going to pass our advertising dollars on to our customers – to give to any nonprofit you choose. This is something else that other companies don’t do. YOU get to choose where our money goes. No strings attached. As long as it’s a qualified 501c3 – we’ll send the money to the charity you designate.
Did you know, that online charitable giving has grown substantially in the past five years? But unfortunately, most of it is through credit card payments. And did you know that every time you “donate” to a charity through a credit card, the card companies charge the non-profits a fee of anywhere between 3 and 7% of the transaction? Then of course, unless you are really good at paying off your credit card in full, and right away each month, you are getting charged fees too. So if you decide to make an online donation to a charity for even $25, both you and the charity are getting charged extra fees!
At ableBanking, we’ll be enabling our customers to designate funds (from the bank’s funds, and from their own bank accounts if they choose) with NO COST to the customer or the charity. Isn’t that a better way for customers to save, and for banks to spend their advertising dollars?
You won’t see big ableBanking billboards, or signs in stadiums, or tv ads. Instead, with our customers, we are going to redirect significant corporate dollars to help our communities. How much? Approximately $2.5 million for every $1 billion in deposits in our bank will go to charities. If you’re interested in the math, if a community bank has $10 billion in deposits (and many do), then our customers would be giving $25 million to charities each year – and they’d STILL be getting much better rates than traditional banks offer.
Check out our website and sign up to be notified when we are open – because like other great online brands, this bank will be built through online referrals: www.ablebanking.com