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May 21, 2012
Mark Clayton: Cybersecurity: How US utilities passed up chance to protect their networks
Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security?
Chris Farrell : Earn Dividends in Emerging Markets with This WisdomTree ETF
Stephen Whiteside, Ph.D. : Mayo Clinic Medical Edge: Social anxiety disorder --- or just shy?
Guy Jackson : Victim's father regrets death of Lockerbie bomber
The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring
May 18, 2012
Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
Mary Pickett, M.D.: Ask the Harvard Experts: Don't be forced into gluten-free lifestyle based merely on a doctor's false-positive test
The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike
May 17, 2012
Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules
Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but
Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF
Amina Khan: Research links coffee to lower death rates
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. What you need to know before you buy
Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments
Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Sergei L. Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square
Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare
May 9, 2012
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
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Jewish World Review
Banks Revamping Rewards Programs to Woo Customers
By
Meg Handley
After a backlash over fees, some banks are bringing back rewards to smooth things over. Take advantage
JewishWorldReview.com | (USNWR)
After a mass exodus of fed-up customers following the debit-card fee debacle last fall, some banks are hoping to woo back business or at least keep existing customers by reintroducing debit card rewards.
Bank of America, the nation's second largest bank, launched a beta version of a new service Wednesday called BankAmeriDeals that allows customers to rack up savings from their favorite stores based on their spending patterns,
Reuters reported.
Here's how the program would work: Say a BofA customer shops at a certain women's clothing store often. Based on that spending activity, when the customer logs on to check her account balance, Bank of America might offer her 20 percent off at that store the next time she shops. She would select the deal and make a purchase--at full price--at the store using her Bank of America debit or credit card. The value of the discount would then be automatically credited back to her account at the end of the month, providing "a nice 'cash-in-hand' perception for the customer," Beth Robertson of Javelin Strategy & Research wrote in a recent post. "The polar opposite of the experience consumers anticipated with the proposed monthly debit fee."
The new rewards program is currently being offered to BofA employees in select states who hold accounts with the company.
Following its disastrous announcement of plans to impose a $5 a month debit card fee, Bank of America suffered a 20-percent spike in account closings, BofA CEO Brian Moynihan admitted in an earnings conference call. The proposal was promptly reversed, but Bank of America's image--and other banks that announced similar plans--remains a bit tarnished.
The pilot program is geared toward retaining customers and attracting new ones, BofA spokeswoman Tara Burke says. "It helps deepen the relationship," she added. "It's about continuing to enhance their customer experience and to provide benefits to them"--the primary benefit being the convenience of not having to sign up for Email coupons or visit another website for deals, Burke says.
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But can the near-complete reversal in policy help BofA win back the hearts and minds of consumers?
We won't know for awhile. For now, the service is only available to BofA employees in North Carolina, South Carolina, and Nevada, with plans to roll out the program to the rest of employees in February. Plans for the program to go live for regular customers are still up in the air, Burke says, as the company is being extra careful about researching and testing the service before releasing it to customers.
Bank of America isn't the first company to pilot a rewards program like this, but they're certainly the biggest on the playing field, and more programs like it will probably start cropping up, says Dan O'Malley, founder and CEO of PerkStreet Financial.
"Big banks are raising fees across the board and as they're doing so they're trying to find additional ways to give value to their customers," he says. "They're trying to get people excited about how much they can earn from these programs and try to camouflage the amount that they're also raising in fees at the same time."
Still, O'Malley thinks the move is a good thing both for customers and banks. "This is an exciting opportunity," he says. "Banks sit on a tremendous amount of data that they can use to help their customers find ways to save and earn more. Banks are finally waking up to the power of that data to both help their customers and provide more profits for the bank."
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© 2012, U.S.News & World Report LP All rights reserved. Distributed by Tribune Media Services
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