Every week, The Financial Brand shares articles, websites and other links relevant to financial marketers. This week, there were 14 stories from around the web that caught The Financial Brand’s attention. Click on the hotlinked summary to read the full story.
This is one of the more interesting narrative techniques you’ll see in bank advertising, even if it’s a little hard to tell what Commonwealth wants you to know. The ad is for the bank’s Staff Community Fund, something supported by donations from current and retired bank staff used to help youth programs. Each year the bank give grants of up to $10,000 to organizations, and will give a total of $550,000 in 2010. Ironically, the spot (about taking care of Australian organizations) was produced by an American ad agency. The campaign runs until the end of the year, and includes print, outdoor and a 3D cinema ads. It sounds like the campaign letting people how much the bank gives away might cost more than the actual money the bank gives away.
Harborstone Credit Union – Bank is a Four-Letter Word
A bank-bashing billboard with the look and feel of a D.A.R.E. anti-drug campaign, encouraging people to “Choose the unbank.”
Star Choice Credit Union – Bank Breakup
A double-sided postcard inviting recipients to break up with their big bank.
Al Rajhi Bank – Counter-Recession Campaign
A biting — albiet artistically illustrated — assault at one’s competitors. Source: Eric Chia.
SCE Federal Credit Union – Join Us
This is a weird ad. It doesn’t promote any product or service, just the concept of joining, even though membership is worthless on its own. The woman featured in this ad doesn’t look very upset considering she is supposedly complaining about banking. And it isn’t immediately clear how the body copy pays off the headline: “When you join SCE, you become part owner of a financial institution owned by you and your neighbors.” So I become part owner of something I own? Also note the use of two slogans, “People Powered Banking,” and “Your Financial Choice in the Community.” It’s ads like these that lead finance departments to question marketing’s efficacy. There’s nothing that can be tracked.
PeoplesBank – Member, Human Race
An billboard from 1976. Good copy in bank ads is a rare thing.
Home Federal Bank – Capital
Holy cow! This bank has 34.6% capital. Some experts in bank finance would say that is about as silly as reckless mortgage lending. Despite having a singular focus for the first two-thirds of the ad — capital, capital, capital — someone still couldn’t resist squeezing in a secondary message about branch locations…along with a complete list of all 15 branches.
Chase Manhattan Bank – Beekeeper’s Nest Egg
The “nest egg” meme has been exploited by financial marketers since at least 1966 when this ad ran.
Isbank – Police Car Billboard
This billboard promoting online banking for Isbank in Islamabad has a life-size cutout of a police car sitting under the headline, “Pay traffic tickets on time without waiting in line.” Source: The Cool Hunter.
Citizens Bank – Happy Together
15 business banking customers sing the Turtle’s 1967 hit single “Happy Together” in a karaoke montage supporting this 2008 Citizens campaign.
It’s subtle, but the two people in this bank advert are guys…and they are a couple (gasp!). This massive target audience is almost always ignored by financial institutions. The last line of the ad says, “Lloyds TSB is pleased to help our LGBT customers with their savings needs.” Note: The artwork is an illustration. It probably would have been a lot more controversial if it had been a photo.
Ally Bank – Ice Cream
Another installment in the ever-popular Ally Bank TV ad series. In this one, Ally attacks bank promotional incentives: “Even kids know it’s wrong to treat new friends better than old friends.” It isn’t as funny as others. Ally seems to have forgotten that the kids’ reactions are funnier than the situations/messages themselves.
For its 125th anniversary Farmers First Bank & Trust produced an Almanac, and an Annual Report, both of which borrowed elements of the visual style of farmers’ almanacs from the late 19th and early 20th centuries. The Almanac recounting the Bank’s timeline and history from 1885 to present was written in collaboration with the Bank’s resident historian,Tade J. Powell. You can see interactive page-flip versions of it here and here. Agency: Sundin.
Deutsche Bank – iPad Ready
One of the first financial institutions in the world to tout an iPad-specific application in its marketing.
BECU – Switch Now or Pay Later
The headline in this ad spotted on the back of an in-flight magazine uses a slight turn of phrase to strike fear in readers. The subhead says, “Join BECU today, get a better deal from now on.”
This clever mailer invites people to “bring unused bags to one of our conveniently located branches to get $425 with these valuable coupons.”READ MORE
County Bank – Biscuits for Breakfast
This clever campaign, targeting businesses in the bank’s area, offers new business customers a free biscuit breakfast for up to 13 people — delivered right to your doorstep — as long as you’re willing to meet with a Countybank representative. READ MORE
Small businesses could hit the microsite and pick their fixin’s.
Prospera – Frozen direct mail
Prospera mailed nearly 4,500 packages to a pre-qualified list culled from the credit union’s 60,000 members. Each recipient received a follow-up phone call from Prospera. The message: ““Paying taxes is a big headache. That’s why we’re freezing them for 10 years.”READ MORE
The O Bee Amazing Money Maze
The credit union’s name, “O BEE,” is the centerpiece of a massive, 6-acre maze made from corn plants. They call it “The Amazing Money Maze.”READ MORE
There are two small bridges running from left to right in the center of the maze.
Young & Free’s “Guitar Hero” Cage Duel Truck
Two Guitar Hero players are pitted against one another in a truck that’s one-part cage-fighting arena, one part human fishtank. Currency Marketing came up with the idea while planning TDECU’s rollout of “Young & Free,” a popular Gen-Y “challenge marketing” program for credit union in the U.S. and Canada. READ MORE
Two college students — both majoring in Guitar Hero — face off inside a mobile Gen-Y “Thunderdome.”
BofA – “Now Prove It”
BofA, an official NFL partner, kicked off the 2008 season with its “Now Prove It Challenge” contests at various stadiums around the league. Fans competed in endurance contests to see who could outlast the others by continuously touching a giant 20-foot inflatable BofA jersey. The last fan standing won a pair of tickets to every 2008 regular season home game of their favorite team. READ MORE
How long would you touch a giant inflatable jersey to win season tickets?
Coast Capital – Super huge “thanks-for-nothing” card
Coast Capital Savings invited people in British Columbia to add their signatures and messages to an 8′x10′ cheeky “thank you” card “congratulating” big banks for the $3 billion in fees that they charge Canadians annually. They obtained people’s signatures by trotting the card out to public spaces. READ MORE
An 8′ x 10′ card signed by hundreds of people really makes a statement.
TD Bank – “Random Acts of Convenience”
In TD’s “Random Acts of Convenience” initiative, the bank gave away free umbrellas, cups of coffee, premium shopping bags and gift wrapping during the holidays. They delivered pizzas and did people’s laundry, also for free. One lucky winner could choose a free personal chef, chauffeur or house cleaner for a year. The bank regularly gives away suckers and dog treats. READ MORE
Mmm, yummy…free pizza, wrapped and delivered in a TD-branded box.
AltaOne FCU – “Good Deeds”
In the weeks leading up the to the grand opening of a branch, the credit union sent out a street team to conduct random acts of kindness such as paying a family’s dinner bill, or surprising a local fire department with a free lunch. The hitch? No one knew AltaOne was behind all the good deeds until the night of the grand opening. READ MORE
Mrs: “Honey, who were those nice kids?” Mr: “I dunno, but they just bought us lunch!”
First Ontario – Outdoor visual metaphors
FirstOntario Credit Union recently launched a classic guerilla marketing campaign to reinforce a message of safety and strength. FirstOntario placed everyday items — such as bikes, park benches, fire hydrants and bubble wrap — in unexpected ways around key communities to drive home the message that the credit union’s short-term investments are “Extra safe.” READ MORE
Four redundant fire hydrants reinforce the message: “FirstOntario has guaranteed returns.”
Sydney Credit Union – “More Generous Banking”
SCU and rolled out a new brand theme, “More Generous Banking,” by sending out street teams across Sydney to conduct “Random Acts Of Generosity,” including giving out free coffees, free massages and — no joke — free hugs. READ MORE
Street teams giving out rubs and hugs directed people to the credit union’s new website.
Industrial Credit Union ATM spews random $50s
During the 2008 holiday season, the credit union randomly swapped $50 bills for $20s in an ATM at a new branch location. READ MORE
This direct mail piece went to over 5,000 households near the new branch. It unfolds like a gift.
Servus Credit Union – “The Feel Good Ripple”
The Canadian credit union invited people to share their “feel-good deeds” on a specially built Servus microsite (shown below). For each story someone shared, they were entered to win one of ten $500 donations. READ MORE
“Do something nice, then pay it forward.” The concept speaks to people’s inner hippie.
FirstBank – Small Businesss’ Business Cards
The bank managed to squeeze 500 business cards from its small business customers’ into displays inside a transit terminal. READ MORE
You know some people looked at the display and thought, “Hey, I need someone to _____.”
FirstBank – Billboards for small businesses
To show even more support for small businesses, FirstBank ran giant billboards advertising the services of its small business banking customers — folks like piano teachers and wedding singers. READ MORE
You can dial the phone numbers, but they go to a recording.
TD’s free mobile application allows personal and small business customers to bank from iPhones and iPod touches, Apple’s two most popular mobile devices. Insurance and wealth management clients can also use the app to connect with TD to perform a variety of inquiries.
North American TD Locator to find branches and fee-free ATMs (in the U.S. and Canada), and TD Waterhouse Investor Centers (in Canada only).
An iPhone-specific portal so users can login to their EasyWeb online banking where they can view account balances, recent activity, view and pay bills, and securely transfer funds between eligible accounts.
Small business banking customers can access their accounts, transfer funds, pay bills and review account balances and activities.
Easy connection to TD Waterhouse agents to open accounts, get market quotes, and to place trades in English, French, Cantonese and Mandarin.
Seamless connection to TD’s EasyLine telephone banking.
The ability to connect with TD Insurance agents for quotes and claims.
An Accident Toolkit from TD Insurance with information on what to do in case of an auto accident and an Accident Notepad to record details of the accident.
One-touch links to all TD public websites.
TD has a nifty online demo that is both thorough, informative and instructional.
The application itself is available in both English and French, reflecting TD’s Canadian roots. There was no announcement about whether or not a Spanish version might be in the works for the U.S. market.
So far, the application has been rated by 262 users, giving it an average of 4+ stars out of 5.
According to Paal Kaperdal, Senior VP/Online Channel, TD has more than 4 million online banking customers and 850,000 WebBroker clients.
“TD’s new app is our initial venture and we will continue to enhance our offering with new features and for additional devices in the months ahead,” he said.
As part of a broader initiative to reach out to customers experiencing financial hardship, TD Canada Trust has created TD Helps, a subsite featuring 12 employee videos. The project was inspired by stories shared among employees on TD’s intranet.
Most of the videos — 10 of the 12 in fact — are firsthand testimonials, where an employee shares a story about how they were able to help a customer who has been severely effected by the economic downturn. There’s also one video with a step-by-step breakdown of TD’s loan consideration process, and another one from TD Canada Trust’s CEO introducing the subsite.
“Our employees were the driving force behind this website. We thought and hoped that a lot of our customers would identify with some of the situations our employees have helped with, and that their stories would encourage people to come and see us sooner,” says Tim Hockey, CEO/TD Canada Trust.
It does not appear that TD Canada Trust will be rotating any fresh videos into its TD Helps lineup. Maybe they will if the idea takes off, but don’t count on it.
“Let’s figure it out.”
The subsite’s banner has an understated sense of design. A simple, overstuffed, green leather chair serves as a metaphor for the bank’s “sit-down-and-talk-to-us” message. It’s like an invitation from a financial psychologist, “Here, please, take a seat and get comfortable.”
The subsite’s banner contains is the only place you’ll find any copy from TD corporate:
“If you’re like many other TD Canada Trust customers, you may be finding it difficult to make ends meet. This site is for you. More than ever, our employees are empowered to offer solutions that will help get your finances on track. And while we may not be able to help everyone, we’re truly doing our best to see that our customers feel comfortable.”
The TD Helps subsite, hosted as a part of TD Canada’s main website and not as a stand-alone microsite, is fairly simple in its structure. There’s the welcome banner and 12 videos, and that’s it. But that doesn’t mean that TD didn’t put a lot of thought into it, because they clearly did, and there are lots of little details to prove it.
People can rate- and comment on the videos. You can even rate- and reply to other people’s comments.
The CEO’s welcome video has received the most comments so far, 63 in all. People are wondering, “Is this a genuine reflection of the bank’s beliefs? Or just a PR stunt?” The conversation is actually quite fascinating.
While customers have been able to comment on the TD Money Lounge on Facebook for a couple of years, this is the first time the bank has ever opened up its own site for comments.
A couple of the videos are rated five stars out of five. The lowest ranked video, “Their High Interest Was Weighing Them Down,” received only 2.17 stars, but unfortunately, the site doesn’t tell you how many people rated each video.
There are buttons that people can click to share the subsite with their Facebook fans and Twitter followers. Clicking on the buttons will auto-populate a somewhat presumptuous message from your account: “Wow, a story about a bank who’s actually helping people? http://www.tdcanadatrust.com/tdhelps”
The subsite has one other interesting feature. You can download a PDF transcript for any of the videos. But again, who’s going to do that?
Tasha’s Video
Tasha Serraro is a banking specialist at TD Canada Trust branch in Marathon, Ontario. The closure of the town’s local pulp and paper mill dealt a heavy economic blow to her customers. With her help, one of her customers secured lower monthly payments on his loan, and developed a plan to keep his family comfortable until he could find a new job.
“We were able to arrange lower monthly payments and offer a bit of a cushion in case times got worse and they did… he lost his job,” Tasha says in her video.
Her testimonial continues: “We don’t know if the mill’s going to reopen, but what we do know is that this couple is comfortable for the next few years. They have a plan in place and they’re going to be okay.”
Tasha’s Video
In this video that runs just over a minute, Tasha Serraro shares her testimonial about how she helped a customer after her town’s mill shut down.
TD Canada used Tasha’s testimonial as the showcase video for the launch of TD Helps. Her video travelled along with another video from the CEO in PR materials. It is the most professional of the 12 videos available on the site, with a higher production quality and good editing. Most of the other videos are shot in branch lobbies and typical office environments.
In case you were wondering… Yes, The Financial Brand was able to confirm that, similar to Delta’s Katherine Lee, Tasha is indeed a real employee at TD’s Marathon, Ontario branch, and not just an attractive paid actor or someone recruited from somewhere else at the bank.
“Project Umbrella”
Earlier this year, TD Canada Trust introduced an internal program to make sure that its employees knew what customers were dealing with. It was called “Project Umbrella,” an internal codename is meant to signify the bank’s willingness to shield customers from a rainy day.
Employees were trained accordingly, and given new tools, like the ability to defer mortgage payments.
“The result was that we were helping thousands of customers stay in their homes, get their debt under control and their lives back on track,” CEO Hockney says.
TD Bank says it has helped “nearly 20,000 clients facing severe financial hardship” from February to July under Project Umbrella.
According to TD, employees started asking “How do we reach more people? How do we get the word out to more people that we can help them?”
The Toronto Star reports that TD “executives weren’t convinced at first that going public was the right approach,” and that Project Umbrella is expected to have “no material impact” on TD’s earnings or loan loss provisioning.
In honor of the new season of Mad Men (season three starts Sunday, August 16), here’s a showcase of financial ads from yesteryear. The ads come from a different world than we live in today — before compliance departments saddled paragraphs of legal disclosures on rate ads. You’ll notice how few of the ads targeted consumers. Banking bank then was all about business accounts.
Note: You can click on most of the ads to view a larger size.
TORONTO DOMINION
This help wanted ad promises the “finest working conditions in Canada.” Given today’s definition of “working conditions” and considering Canada’s affable reputation, it seems like an odd thing to promise. If you were too nervous or shy to stop by the local branch about a job, you could write for their free employment booklet, “The Sky’s The Limit.”
BANK OF AMERICA
The banking powerhouse demonstrates its branding acumen back before the concept of “branding” had even been formally introduced. The ads have a consistent voice, message and style. Some of the ads feature a product promo for traveler’s cheques. Note the Old English calligraphic typography used in this older version of the logo. State by state, BofA has branded itself and the bank of the U-S-of-A.
BANK OF AMERICA
Two different ads for traveler’s cheques. If you liked the cool one from India, you could write the bank a letter and they would send you a full-size poster version of it.
BANK OF MONTREAL
Bank’s have been touting how long they’ve been in business since at least 1935, as in this ad where the bank is celebrating its 117th year. The message may have had value 75 years ago, but these days, as someone on Twitter recently noted, “It only proves you haven’t gone out of business…yet.”
CADDO NATIONAL BANK
This ad must have come out around the time fire and the wheel was invented, because it’s promoting the idea of having “a bank account.” For its time, this was probably a powerful ad, because even by today’s standards, the ad still packs a punch. Notice how the bank includes its capital position.
CHELSEA NATIONAL BANK
The monospaced computer typeface — a necessity in the early days of computer displays — screams “We want you to think we’re hip and computer savvy.” But the illustration says “tangerine dreams and marmalade skies, man.” Who cares? The scene is groovy.
DRY DOCK COUNTY
This is what’s known as a long-copy ad. It seems hard to believe, but there was a time when ads with this much copy were all the rage. Everyone had a story to tell, so they told it. These days, such a longwinded and rambling presentation would probably be laughed at. “Who has the time to read this?” The advertiser isn’t even mentioned until the 10th paragraph, where the bank touts its Saturday hours. Notice the offer for a free picture map of the local area.
FIRST NATIONAL BANK OF CHICAGO
THE NATIONAL CITY BANK OF NEW YORK
This ad hails from a time when it was considered shrewd business to have underpaid (and underdressed) “natives” do your dirty work.
THE CHASE NATIONAL BANK
Did you know that Chase once referred to itself as The Chase? This ad must have been what happened to the last ad after a merger, presumably between Chase and National. Oppressed natives have been removed from this all-white world.
SHAWMUT BANK
In advertising circles, this ad is what’s known as a “headless wonder,” meaning it has no headline. The advertiser — in their hubris — thinks they are so interesting and important that you’ll feel compelled to read the ad. No need. It probably just said what all the other bank ads said back then: “We’ve been around since 18XX and have helped our community grow because of our unique local knowledge and experience.” Sound familiar?
WELLS FARGO
The gal on the cover of this internal newsletter looks like she might be getting pretty excited about The Branch of the Future. Oh wait, that didn’t come around for another six or seven years.
BANK OF AMERICA
This ad ran in India. It targeted parents of children headed to the U.S. to get their college degrees. The ad pre-dates “no penalty CDs,” so the best they could offer was a loan on 75% of your CD’s principal. Interesting choice to include the illustration of a yo-yo.
BANCO NACIONAL
Is the guy in the illustration paying a monkey for bananas?
Here are some of the more notable or interesting TV spots that The Financial Brand has run across in the past few weeks. (Please note: there are many YouTube videos embedded in this article.)
Having successfully eviscerated WaMu’s branches, Chase is proud to announce its arrival in California with a spot featuring a high-energy cover of John Lennon’s “Instant Karma! (We All Shine On)”. The ad paints a pretty cliché portrait of California, including beaches, surfing and shades of Easy Rider. Chase has been using nothing but black-and-white brand imagery for around a year, but in this spot, it makes California look drab, dreary and depressing – completely the opposite of what they were shooting for.
E*Trade just rolled out three new TV spots last week that are very descriptive and very average. The reviews on YouTube haven’t been kind. The question everyone wants answered: Where did the E*Trade baby go? You can see the other two spots (that look pretty much exactly like this one) here and here.
Weber Marketing Group just made two new brand spots for OnPoint. These professional and well-produced spots do a good job of blending brand themes with products and services. You can see the other spot, “Furniture Store,” here.
A huge crowd of St. George Bank employees gathers outside an average Australian man’s house as he retires for bed. They hum him a lullaby. The announcer explains, “At St. George, every single one of us is working to make sure that the things that keep you up at night no longer do.” The man sleeps blissfully.
The small buttons on a wedding dress become a metaphor for the little details that make up people’s big dreams. This is one of three spots in a touching series of lifestyle vignettes. However, the connection between what the spots are depicting and what the bank offers isn’t readily apparent. They are just mostly “feel good” brand ads. The other spots can be seen here and here.
TD is sticking with Regis and Kelly Ripa in their latest TV spots. In the first, the TV talk show hosts try to interview a talking computer from a competitor bank. The computer has zero personality, which frustrates Regis to the point where he walks off the set. The announcer says, “At TD Bank, you get a real person 24/7, 365 days a year.” The “Computer” spot is better than “Owl,” where Regis and Kelly share the stage with an owl, who — as a nocturnal creature — would bank at TD since they are “open late.”
The largest single collection of TV spots exclusively from financial institutions can be found over at The Financial Brand’s YouTube channel. There are over 100 commercials with more added every week. It’s a great resource if you’re looking for inspiration, or just want to see what other people are doing in the financial industry.
One family signed up their 3 kids and now owes $6. Perhaps a more accurate way to phrase the promotion would have been, “Get a kid’s checking account free for five months when your child reads 10 books.”
Yes, we are ‘Heritage.’
No, we aren’t the one that failed.
Heritage Bank of Schaumburg would like everyone to know it’s not related to the one that failed February 27 — the infamous FDIC seizure featured on 60 Minutes earlier this year.
This is a painful reminder of why you never want to share your name with another financial institution, even if they are thousands of miles away.
10 Trends That Will Shape Financial Services in 2009
That’s the title of a new report written by senior analysts at Javelin. Their conclusions?
Throw out the old playbook.
The War for Deposits is on.
Banks must brace for a backlash from regulators and consumers.
Consumer cut back on credit.
Credit card industry faces squeeze.
Upstarts will try to break the mobile wallet stalemate.
This guy forecasted the takeover of National City, and BINGO! He nailed it. Guess who else he picked? Keycorp and Fifth Third, although he also thinks Fifth Third might be in a position to take over Key Corp. If not Fifth Third, then US Bank. Maybe US Bank should swallow Fifth Third while Fifth Third is gobbling Keycorp. Sounds like the best way to maximize bailout subsidies.
The original plan was to change the signs to “TD Commerce” following last year’s merger between TD Banknorth and Commerce. But due to unexpected trademark problems including a lawsuit from another Commerce Bank, the newlyweds had to scrap their plans and go with just plain old “TD.” At a cost of about $20,000 per branch, that’s about $11.5 million. Ouch! Now, what do about the signs on TD Banknorth Garden… There is a bright side to the story: The bank completed the sign swap on all 575 branches in only five days (October 31 – November 4).
Arizona State CU had the only full page ad in the A-section of the Arizona Republic on election day. 22 pages in the A-section, and theirs was the only ad. It was on the back page. Paul Stull, the credit union’s VP/Mktg. said the paper sold out that day. How cool is that? (You can click on the ad to enlarge it.)
The Credit Union 24 ATM network says credit union members saved $20 million in fees so far this year by using its 50,000 surcharge-free ATMs nationwide. At an average fee of $1.50, that means there were 13 million ATM transactions, or an average of 266 transactions per ATM for the year (that’s about one transaction per ATM per day). Kudos to the Credit Union 24 network for not dinging members with fees. Now, can we maybe freshen up the logo a little?
This guy’s online collection of bank logos must be a real labor of love. He says he’s uploaded about half of the 5,000 bank logos he has on file. Unfortunately, the library only gets to “E” in its alphabetical listing before the HTML crashes. Doh, FAIL!
Massachusetts bank puts
Canada’s TD in a tough spot
A U.S. District judge has issued a preliminary injuction barring TD Banknorth from using the TD Commerce name in all or parts of Massachusetts.
TD Banknorth had planned on using the TD Commerce name after completing its recent merger with a Commerce Bank based in New Jersey. But another Commerce Bank in Massachusetts sued, arguing that consumers would be confused if a new Commerce bank suddenly appeared (previous coverage from The Financial Brand here).
TD Banknorth, who already has a significant presence in Massachusetts, had wanted to change its name to TD Commerce in a show of unity with its newly merged partner.
According to the Boston Globe, TD was going to first switch the names of Commerce branches in New York and New Jersey this year, and then change the names of TD Banknorth branches in New England — including Massachusetts — starting in 2009.
In the court ruling, the judge said the injunction would be “no greater than Massachusetts.”
That leaves TD Banknorth with three options:
Operate with two names in different markets and spend the extra marketing dollars to support them.
Choose an entirely new name for both banks. Very unlikely.
Consolidate the banks under the TD Banknorth name.
The only option TD Banknorth can be seriously considering is #3. This will be a major blow to the merger strategy the two banks were pursuing: “TD + Commerce = TD Commerce. See, Commerce wasn’t ‘taken over.’ We’re partners. We’re equals.”
It’s a message that probably played well with the board of the Commerce Bank that TD acquired. In fact, the future name may have even been a major issue during merger talks. In all likelihood, they are very irritated.
The preliminary injunction is just the first step in a process that is bound to drag on for months, maybe even years. Next stop: Full-blown trial.
This leaves the name of TD Banknorth Garden, the venerated home of the Celtics, very much up in the air. At least if TD sticks with its Banknorth moniker in all markets, the name of Boston’s Garden won’t have to change…again. (At least not for a few more years, until TD’s current sponsorship expires.)
Bottom Line: It’s expensive going to court. It doesn’t matter how big you are. If you pick a name similar name to another financial provider, you’re asking for big legal problems – especially when you plan to tread that name out on their turf.
The merger between TD Banknorth and Commerce Bank means the name of ‘TD Banknorth Garden’ will probably have to change.
“For sure the ‘Garden’ will remain there, and what version of ‘TD’ goes in front of it is the question,” said Bharat Masrani, TD Banknorth’s chief executive. Good call, because Celtics fans might close their accounts if you messed with their venerable ‘Garden.’
Changing the Garden’s name could cost $1 million or more, and that’s just for signs and graphics inside and outside the building.
As far as the bank goes, you can probably guess what its new name will be, especially considering TD’s history with naming. (Hints: TD Waterhouse, TD Ameritrade, TD Banknorth, TD Canada Trust.)
Okay, enough suspense. The new moniker will be ‘TD Commerce.’ Jennifer Carlson, public affairs officer for TD said the bank’s branding team did a thorough analysis, deciding that combining ‘TD’ with ‘Commerce’ is “the best of both worlds.”
But hold on a second…
Another ‘Commerce’ Sues
There’s already Commerce Bank & Trust in Massachussets, one of the states TD Banknorth is in. When they heard TD Banknorth was thinking about ‘TD Commerce’ as a new name, Commerce Bank & Trust figured they had to sue.
“We have no choice. This is a tremendous risk to us,” said Commerce Bank President and Chief Executive Officer Brian Thompson in the Worcester Telegram & Gazette. “A name is everything in banking. It’s what you promote and it’s how you identify yourself.”
Commerce Bank & Trust has $1 billion in assets, 11 branches, and they’ve been around since 1955. Just the same, Commerce Bank & Trust would have a stronger case if they had a federally registered trademark on file with the U.S. Patent & Trademark Office. It doesn’t look like they do.
TD filed its trademark application for ‘TD Commerce’ on March 19, 2008.
New Name Gets Old Tagline
According to this article, the name change carries forward Commerce Bank’s slogan: “America’s Most Convenient Bank.” To support the tagline, TD is extending the hours of its Banknorth branches.
Also supporting the “most convenient” tagline is the newly combined BRANCH NETWORK canvassing the east coast: 460 branches from Commerce and 600 from TD Banknorth.
The Times Union reports that the bank will underake an interior and exterior “rebranding effort” at all of its 1,100 branches. The bank also said it will launch a multimillion-dollar campaign to introduce the new name to consumers, including television, print, online and in-store advertising.
TD acquired the New Jersey-based Commerce Bank back in November for $8.5 billion. Commerce has $48 billion in assets. TD Banknorth, based in Portland, Maine, has $40 billion in assets, and is a wholly owned subsidiary of TD Bank Financial Group of Toronto.
Here’s the deal: TD Bank would open 
Heritage Bank of Schaumburg 
575 branches get new TD signs
Grade-A prime media placement
The Credit Union 24 ATM network says credit union members saved $20 million in fees so far this year by using its 50,000 surcharge-free ATMs nationwide. At an average fee of $1.50, that means there were 13 million ATM transactions, or an average of 266 transactions per ATM for the year (that’s about one transaction per ATM per day). Kudos to the Credit Union 24 network for not dinging members with fees. Now, can we maybe freshen up the logo a little?
The biggest collection of bank logos ever
Massachusetts bank puts
