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• W256885456 abstract "Everybody does will provide your bank's advertising effort with about as much protection in court as a crepe paper vest at a gunfight. rule of industry practice-- that you're safe so long as lots of other companies in your field advertise in the same way--won't protect you anymore, according to Gene Elerding, an attorney with Manatt, Phelps, Phillips & Kantor, Los Angeles and formerly an in-house counsel at First Interstate Bank of California. attitude of most courts it's false and it's false and misleading, no matter who else doing the same thing, Elerding told listeners at a session of the ABA's National Regulatory Compliance Conference earlier this year. Likewise, he said, it doesn't matter to most judges if the misleading information was unintentional. Numerous federal banking laws govern advertising--Regulation Z and the new truth in savings regulation, Reg DD, are just two--and state laws also apply. In fact, even if you don't think you have a bank advertising law in your state, you probably do, the attorney said. This because state advertising laws, written for businesses in general, have been interpreted to apply to banks--often to their detriment. And advertising ready-made for class-action lawsuits, according to Elerding. A single mistake in a brochure, newspaper ad, or tv commercial replicated thousands of times. Elerding outlined terms and practices that can land bank advertisers in trouble. Free. As Elerding described the pitfalls of it, ought to be considered a four-letter word. Using it colloquially in conversation one thing, but using it loosely in ads deadly. Careless use of the term can endanger banks in a number of product areas. Elerding illustrated the risks associated with deposit products. When banks say 'free checking,' they don't really mean said Elerding. What they mean 'free of regular monthly service charges and per item charges.' Even if that much spelled out, the bank's ad may still be way off base. Does the customer have to open a $10,000 CD to qualify? Then the checking account isn't free, Elerding said. Are monthly fees waived but not per-item fees? Here again misleading. Are fees imposed if the checking account balance falls below a required minimum? Bingo. Truth in Savings Act and Reg DD impose strict rules on use of the word in relation to deposit accounts. Past use of the word can come back to haunt bankers. Elerding recalled banks that launched massive branch expansions in the 1970s and 1980s with promises of free checking for life. Ads simply promised checking, without reservations. Often the banks didn't code accounts opened during such promotions for treatment. As a result, imposing service charges on these accounts later on can invite trouble. Likewise, Elerding warned bankers to reserve the fight to change account terms in both their advertising and their account contracts. If this step isn't taken, he said, they cannot unilaterally impose charges later on. The cousin of 'free,' the attorney continued, is 'save.' For a promoted price to truly be a savings and not considered he said, the bank has to be prepared to demonstrate that a higher price was in place for a period of time before the promoted price was offered to customers. Free has another relative as well---special. Elerding said promoting a product, such as a credit card line, as special, demands that the rate or price differs from the usual product. Also verboten: referring to an account as special because a particular charge waived when that charge typically not levied in your bank and anyway. Comparison traps. Elerding went on to describe a trio of comparisons many banks' advertisements draw that can be considered misleading. On the deposit side, a prime suspect market rate. …" @default.
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• W256885456 date "1992-10-01" @default.
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• W256885456 title "Do Your Ads Commit These Deadly Sins" @default.
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