$150 Bucks to Risk Losing Thousands? No Thanks!

Why do I call this a useless online banking program?  Because they can get more bang for their buck by offering their customers a bulletproof security solution to online banking for about 8 times less money.  Online Banking promotions are designed for existing customer retention and new customer acquisition.   In fact, eMarketer says new customer acquisition and customer retention/engagement are the top 2 leading market priorities in 2010.  (see chart below)



Last time I checked, almost 50% of online banking customers would switch or highly consider switching banks if they (or somebody they knew) fell victim to fraud.   Therefore, if banks really wanted a legitimate "customer retention" tool, I would think it would be one that prevents the 50% likelihood of them switching banks...namely, security. 

If banks wanted customer "retention" they wouldn't risk losing them to a phishing attack.  If banks wanted "engagement" I think that bribing them $150 to do so sends the wrong message.  Provide a secure environment and you'll get engagement. 



Question:  Do you know how many people I have talked to that wouldn't even consider banking online because of the inherent security risks? Answer: The same number who later said that they would bank online if they were  enabled to swipe their card and enter their PIN to secure their log-in. 

SunTrust Bank is now offering up to $150 in banking bonuses for new customers who use Online Banking with Bill Pay.  This SunTrust Bank bonus offer is valid for current SunTrust customers and new SunTrust banking customers who open a new SunTrust Bank personal checking account.  



New SunTrust Bank customers can earn up to $150 in banking bonuses, and current SunTrust Bank customers can earn a $100 bank bonus.



Check out the SunTrust Bank $150 Bonus Offer for more details.