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The new national "Don't Wait" television campaign launches tonight (Monday 2 October) on ITV1 at 21:15, in the award winning comedy drama Life Begins, starring Caroline Quentin.

The campaign focuses on Lloyds TSB being the first, and only, bank to pay its customers interest on cheques from the day they pay them in, until the day their money leaves their account.

The campaign also includes radio, outdoor, online, experiential and in-store, which all launch this week.

So "Don't Wait" and look out for the adverts tonight.

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I know you keep talking about the studies you've done that show this is a really sore point with customers, but I can't see how making a few extra pence a year is going to make a huge difference to most people. And it's an old campaign! Talk about flogging a dead (black) horse...

Your business customers on the other hand may be more interested due to the higher turnover through their accounts - but I doubt you'll have much success targeting them at 9.15 at night during Chav Hour.

How about a marketing campaign that might actually make people sit up and listen? Something along the lines of...

"We know, we use Indian call centres, and we're sorry about that, but it's a necessary evil... however, starting today, for each customer that complains about the utter incompetence of our call centre monkeys, we'll publicly execute one of them as a lesson to the rest. We hope this small measure goes some way to making your phone banking experience less unbearable"

It doesn't. Here's the deal..

The clearing cycle doesn't benefit the banks. In fact, due to the depreciation of money through inflation, technically speaking the three day clearing time just hurts us a little bit. We don't have access to the funds until they're cleared, just as the customers don't. This mostly applies to the BACS cycle, but in general, we don't make much money off clearing.

But customers don't know that. They think that we sit on the uncleared funds, and are earning money off them from the second they hit the customers' accounts. In actual fact, the interest we're crediting our customers with is coming out of our pockets, and isn't the interest that we're making on the money at all. But they don't know that.

It's not that the customers want those few pence. It's that they think we're getting those few pence instead, and want to make sure that we don't get it. It's more about them wanting to feel like they're screwing us, rather than feeling like they're getting rich. And it works.

PS, it's not the same advert. It has new music, a new voiceover, and a new message. So there :oP

This is a new concern to me - I don't know anyone who actually thinks banks make money off cheques before they clear into their account.

Maybe I give people too much credit (boom boom)

Whatever your artificial surveys suggest I doubt it's particularly high on the average person's list of bank-related niggles, even after eliminating the unreasonable 'Why isn't there a bank in my tiny little village?'.

Having said all that I can't think of anything else offered by other banks that has stood out, so by that reckoning it could be a succesful campaign soley by being so totally insignificant it winds people up enough to remember which bank the advert was actually for, which is brand recognition after a fashion...

Well there are such people.. they complain every year when banks report 'record' profits, in spite of the fact that return on investment for bank shares are about average.. We make more profits than Mr Fred's Bakery because we're a considerably larger business, that's all it is.. but people don't get that, and think we're screwing them out of money on cheques and clearing cycles..

As for putting a bank in tiny little villages, why isn't there a supermarket in every village, or a nucular (sic) plant in every village? It's because it is not cost effective, and loses you money. And ultimately, that's all any business is there to do - make money. If people want to force banks to be in every village, they can do one of two things. They can either make it profitable for banks to do so (probably by paying a fee), or make the government force banks to have a presence in all villages.

Because that's the thing.. it would be unfair of me to say "My nearest Ikea is over four miles away, I demand they open one nearer to my house" - after all, they're a business, they don't have to please me, their obligation is to their shareholders. People think that banks are somehow different to other shops and businesses, and in some ways they are. But legally, they are no different to other businesses when it comes to where they operate. There is no legal obligation for a bank to be in every village, just as there is no legal obligation for an Argos in every village.

So it comes down to how many people want the bank to be in the small villages.. If it's a minority, then they'll have to pay themselves in the form of fees. If it's the majority, they can get the government to legislate and force banks to be in villages, and the taxpayer can cover the cost. Either way, banks are businesses, they're not going to do things for free. This is the capitalist world we live in, deal with it :o)

Anyway, our research shows that the campaign worked rather well, and that it's important to have a TV presence, so there :oP

Notice I wasn't actually arguing in favour of having a bank on every doorstep... but it's good to see you being passionate about it. YHBT

Got to join in, this looks like fun!

I think that the point about backdating interest (something the Nationwide have done for ages) is more about perception than people getting an extra 0.000001p interest. For years people (me included) have bitched about the fact the we pay in some money but cannot get our hands on it for 3 days during which time we believe that the banks makes some profit out of "our" money. So it's perception. All lloyds is doing is trying to look like a "good guy".
As for putting a bank in tiny little villages, why isn't there a supermarket in every village, or a nucular (sic) plant in every village? Well as for putting banks into villages I can see there are problems but both Barclays and Lloyds had a branch here that they closed - despite assurances by Barclays to the contrary. They stayed open long enough to pick up the disgruntled Lloyds customers then they also closed.

Supermarkets? Well, we've got one.

Nucular power plants? Because you don't need one in every village. But then you knew that already.

People think that banks are somehow different to other shops and businesses, and in some ways they are. But they are very different, we give them our money to look after, which they in turn use to lend to others; which is how they they make their profit. So when us poor consumers deal with the bank, generally it's our own cash that we are dealing with. Cash that we have entrusted to our bank to look after for us. A very different relationship to Ikea. And yes I know that banks are businesses and their main duty is to the shareholders, but that just highlights all that is wrong with capitalism. But that is another story ...

I've been a Lloyds customer for 36 years, except am I a customer? Lloyds do not charge me for handling my account. They used too once upon a time but no more. The only way I make them money is if I go overdrawn, or by Lloyds using the money I have deposited to underwrite loans to other people. In fact, Lloyds are beholden to me!
Bugger the shareholders (preferably with a large red-hot poker) I'm the important person in this relationship.

Time to get back to work :-(

Can't say I'm familiar with exactly what Nationwide do, but it's not the same.. I only know this because we're really focussing on the whole "we're the first and only bank to do this" thing, just as we did last time, and:

a) We'll have lots of people whose job it is to check claims like that
b) We would have received bad press last time if we were incorrect about it

And yes, it's all about perception.. That's why we're paying out money in interest that isn't even owing, in order to make customers feel like they're getting what they're owed. It's expensive, but apparently worth it..

Oh, and I meant real supermarkets, not the Chiltern Hills Supastore ;o)

You've explained correctly why fundamentally banks are different to other businesses, but legally they're the same. The premises they operate are subject to the same market forces, and the profitability of employing staff to work in branches in rural locations is the same whether you're a bank or a baker. If there's enough demand to justify it, you do it. If there isn't, you don't.

Of course, the difference between big and small business is that a small business might stay if it was turning a marginal profit. A big business would have to weigh up the profit they could be making if they spent that money elsewhere. After all, why invest £1k in a rural branch to get £2k back when you could invest £1k in a city branch to get £3k back. So your large bank is more likely to leave places that are less profitable than average, whereas your small local trader is more likely to stay somewhere so long as they're still turning a profit. So big business is obviously not so great.. Unfortunately, big business is the way of the world, and will be until the majority elects somebody who'll fix it somehow.

It's ok, now you've told me I don't need to watch the advert!

And in a totally disconnected way, I walked past your old place in Brighton this weekend.

Aww.. bless my student hovel :o)

I take it that's the one you mean, since I can't imagine you going onto campus, and you didn't see any of my other places there..

So when are you coming to Cardiff?

Yeah, Over street or something? Went to some guys (who-I'd-never-met-apparently-ex-editor-of-kerrang) 30th, so we went down there earlier and made a few hours of it. Better mental map of Brighton than I remember :oP

Whenever we've both got time really, anything particularly convenient?

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