Thrift’s Campaign to Rely on (Free) Flights of Fancy
American Savings Bank started its most ambitious sales campaign ever Friday by offering free and discounted flights on Continental Airlines to destinations in Europe, Asia, Mexico, Hawaii and 87 U.S. cities.
In a bid to drum up more deposits and loans, the thrift will begin advertising the program Sunday with a TV ad showing a silhouetted couple “Dancing the Continental.”
Banks and thrifts have long enticed customers with giveaways--usually toasters and other small appliances. American’s offer of plane trips is an unusually extensive promotion.
“This is the most aggressive campaign we’ve ever sponsored,” American spokeswoman Casey MacKenzie said.
The thrift, which has $16.5 billion in assets and earned $214.2 million last year, would not disclose how much the promotion is costing.
Depositors who open certificates of deposit with $2,500, annuities, checking accounts and charge card accounts can get discounts on travel. A $20,000 certificate of deposit earns a customer a free round-trip companion ticket to France, England, Japan, Hawaii or any of Continental’s 87 U.S. destinations.
An adjustable-rate mortgage for $50,000 or more brings two free round-trip tickets to anywhere Continental flies in Mexico, Hawaii or the United States.
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