Bank of America woos MBNA cardholders
–By Priya Jestin, Staff Writer
Bank of America seems to like to do things the BIG way. It was evident that when the bank acquired MBNA Corp for $35 billion, it had a much bigger plan. Now, the bank has finally come out with a great plan, which, if it succeeds, will help the bank get a huge customer base in Kansas. Bank of America plan is to convert MBNA affinity credit card holders to banking customers.
The bank has signed agreements with 12 organizations including the American Quarter Horse Association, and the National Wildlife Federation to market its bank deposit services to their members. This means, the deposit products will be marketed to 10 million people.
This move could definitely bring a lot of business to the bank IF it is successful. As of now, it is too early to tell how many people will accept the deal. Executives at Intrust Bank, an old hand at this game, say that it’s not a given that a bank will be able to successfully convert credit card holders into bank customers. I guess we’ll just have to wait and see how it goes.
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