The weirdest giveaways banks used to offer to customers

Miami Herald

3 days ago

In the "Spider-Man 2" movie, there's a scene where Aunt May is denied a bank loan, but then says, "At least we get the toaster." To her dismay, the banker informs her that the toaster requires a deposit of $300 or more.
That scene showcases a time (oh so long ago) when banks offered physical items to attract new customers and differentiate themselves from the competition, says Finder.com.
7 odd giveaways from banks
Banks and credit unions still offer incentives to bring in new customers or for referring someone, but they're mostly cash bonuses now.
1. Toasters and waffle makers
Starting with the classic and the inspiration for the bank scene from "Spider-Man 2," many banks have been known to give away toasters and other home appliance items for opening specific bank accounts.
Just to name a few, Jonestown Bank & Trust once gave away waffle makers, and Equity Bank gave out "high-tech" toasters from Revolution Cooking to customers opening a specific checking account.
2. Guns
At the northern Michigan bank North Country, depositors could open a certificate of deposit (CD) and get regular interest payments - ya know, how CDs usually work.
Or they could get a gun in lieu of interest in the early 2000s.
Customers could choose between 100 rifles or 18 shotgun models from Weatherby Inc. when they opened a CD and deposited a certain amount. Aside from firearms, depositors also had the option to go through the bank's "instant interest" catalog and browse other items, such as golf clubs or grandfather clocks.
3. Dolly Parton bakeware
Baking from 9 to 5.
Nebraska's Jones Bank offered to send new customers Dolly Parton's branded bakeware to new customers who opened either a personal or business checking account. Additionally, existing Jones Bank customers could have also referred someone to be included in the giveaway.
4. Pizza stones
Noticing a trend with these items? It's a lot of cookware - and we found more Dolly Parton stuff.
Astra Bank is offering a Dolly Parton Pizza Pan if you open its Simply Free Checking account (with a $25 deposit). And it looks like this promotion is still ongoing.
There's also a near identical offer from Metairie Bank in California. In 2023, the bank was offering a Sunbeam Pizza Stone Set to existing customers who successfully referred someone or new customers who opened a Metairie Simply Free Checking account (in person).
5. New cars and ponies
Taking a break from cookware, we're moving on to some bigger items.
One of the most noteworthy giveaways from Wells Fargo was brand-new cars, which customers could win in a raffle at branch openings. In 1957, those attending the opening of a new branch location could enter a raffle to win a Shetland pony at First National Bank of Portland (now Wells Fargo).
6. Vinyls
A popular wedding song from the 70s, "We've Only Just Begun" by the Carpenters, was actually written for a bank commercial.
Crocker National Bank (now Wells Fargo) used to be known for its business banking services and was struggling to maintain visibility in the retail banking space. To help with this, they filmed a commercial with a couple getting married to the song "We've Only Just Begun," and it became an instant hit. And then, the bank used the vinyl single as a promotional giveaway to new customers.
7. Prize-linked savings accounts
Prize-linked savings accounts, sometimes called lottery-linked savings accounts, are similar to traditional raffle games. With one of these accounts, instead of receiving interest, the bank randomly chooses account holders to receive a large cash prize.
These accounts aren't very common, but a popular example of this type is from the lottery-focused fintech Yotta. In 2022, a Yotta customer won $500,000 from Yotta's end-of-summer sweepstakes.
Why do banks offer weird giveaways?
The answer to this question finds its roots in the Great Depression.
The Banking Act of 1933 limited the interest rates banks could offer on their deposit accounts. To differentiate themselves, banks decided to stage raffles and giveaways to bring in new customers.
Wells Fargo is perhaps one of the most prolific examples of these giveaways and oddball promotions. The bank had many "branch-opening extravaganzas", and it offered a variety of items to bring in new customers and attract crowds, including our previously mentioned pony and car raffles. They also offered smaller collectibles, including coin banks, stuffed animals, purses, sewing kits and calendars.
But Wells Fargo never gave away toasters.
Bottom line
Banks and credit unions still try to bring in new customers with giveaways. But if you're looking for a new toaster or a pony, you're probably out of luck, since most banks now just offer cash bonuses.
If you're looking to switch banks, you can still find plenty of new customer bank bonuses, which are often awarded for opening a new deposit account and depositing a certain amount of cash or setting up direct deposit.
This story was produced by Finder.com and reviewed and distributed by Stacker.
© Stacker Media, LLC.