What You Hear In Bank Ads is Not What You Get...
George Boelcke FCI
April 02, 2008
We all know the purpose of advertising and I´m certainly not against ads, but would it be too much to ask for ads to be honest and consistent?
Just a few minutes listening to the radio or television, or simply walking by a few no-service mega banks, shows some huge inconsistencies or traps in many ads or slogans.
One bank says you´re richer than you think. Now THAT is something I like to hear. But isn´t that kind of optimism the reason we´re buried in debt? Aren´t most people actually poorer than they think with a zero or negative savings rate, tiny retirement savings and not even an emergency account?
Now if they want to make us richer, how about a lower credit card rate and dropping some of those high service charges and fees? And their ad on the ATM machines say: Get ahead with good borrowing choices. Now that´s a no-brainer oxymoron isn´t it? If I´m richer than I think, how come there are so many ads wanting me to borrow? Does that help us get richer?
RBC has ads that say they have the answers to questions I´ll have next week. Oh really? One says: Yes, Gerry in Georgtown, you can afford that variable rate mortgage. Hmm…you have no clue who I am, what I make or what my credit score is, but you´re telling me I´m approved AND that I should get a variable rate? That sounds exactly like what got us into some of the financial mess we´re in the middle of, doesn´t it?
Posters at many BMO branches promote shoulda, woulda, coulda with the line: You can, with a homeowner readiline. We should and could go into debt with a line of credit secured by their clients´ home? How about should save, could get out of debt and WOULD… if they wouldn´t market debt so aggressively?
Another bank says you should deal with them "for what matters." But what matters to you and me versus any bank is probably quite different. That´s their slogan and now they´re promoting getting a free fridge. Yes, if you move your mortgage to them AND get a HELOC they´ll give you a major appliance. Moving your mortgage loan over to them – maybe. But adding to your debt some more makes things worse and not better, or am I missing something? I can assure you if I were to walk you through the math it´s NOT a free appliance, honest!
Ah, the joy of advertisements. What you see and hear is NOT always what you get, is it?
Just a few minutes listening to the radio or television, or simply walking by a few no-service mega banks, shows some huge inconsistencies or traps in many ads or slogans.
One bank says you´re richer than you think. Now THAT is something I like to hear. But isn´t that kind of optimism the reason we´re buried in debt? Aren´t most people actually poorer than they think with a zero or negative savings rate, tiny retirement savings and not even an emergency account?
Now if they want to make us richer, how about a lower credit card rate and dropping some of those high service charges and fees? And their ad on the ATM machines say: Get ahead with good borrowing choices. Now that´s a no-brainer oxymoron isn´t it? If I´m richer than I think, how come there are so many ads wanting me to borrow? Does that help us get richer?
RBC has ads that say they have the answers to questions I´ll have next week. Oh really? One says: Yes, Gerry in Georgtown, you can afford that variable rate mortgage. Hmm…you have no clue who I am, what I make or what my credit score is, but you´re telling me I´m approved AND that I should get a variable rate? That sounds exactly like what got us into some of the financial mess we´re in the middle of, doesn´t it?
Posters at many BMO branches promote shoulda, woulda, coulda with the line: You can, with a homeowner readiline. We should and could go into debt with a line of credit secured by their clients´ home? How about should save, could get out of debt and WOULD… if they wouldn´t market debt so aggressively?
Another bank says you should deal with them "for what matters." But what matters to you and me versus any bank is probably quite different. That´s their slogan and now they´re promoting getting a free fridge. Yes, if you move your mortgage to them AND get a HELOC they´ll give you a major appliance. Moving your mortgage loan over to them – maybe. But adding to your debt some more makes things worse and not better, or am I missing something? I can assure you if I were to walk you through the math it´s NOT a free appliance, honest!
Ah, the joy of advertisements. What you see and hear is NOT always what you get, is it?
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