I’m still a newspaper guy. I look forward to reading my daily newspaper early each morning. And I enjoy scanning the ads that appear in each issue. It’s sort of a window into what’s happening in our economy. Lately I’ve noticed that most bank advertising consists of CD rate ads. Gone are the credit ads pushing low rate mortgages, auto loans, and equity lines of credit. Banks have realized that consumers are hunkering down and saving more and borrowing less . . . if at all.
I’m also a mail guy. I enjoy receiving the day’s mail and sorting through it to see who’s trying to get me to buy what. I have noticed that the once ubiquitous credit card offers are now as rare as a warm winter in Chicago . . . my former hometown. I am receiving more offers to buy gold and free tickets to investment dinners at local restaurants. But the one thing that I never receive, and it always puzzles me, are postcards from local banks promoting the rates on their CDs and other savings products. It doesn’t make sense to me why banks would spend precious marketing dollars on expensive newspaper rate ads that arrive in a sea of competing ads when they could send me a simple CD rate postcard that arrives to compete with only 3-4 other pieces of mail.