Due to the slow recovery after the recession, the private banks are trying various methods to attract new customers. These methods vary from usual to bizarre.
A novel method is being tried by Bank of Queensland (BOQ), to attract new customers for opening new saving accounts. Instead of offering higher interest rates than other banks, Bank of Queensland is offering a ticket in monthly raffles.
The scheme “Win Account “is slated to start in next month. The new account holders, who open the new saving accounts under this scheme, will be eligible for the chance to win the monthly raffle. Each month, out of total $30,000 pool, these account holders can win a prize of $20,000. Caroline Dunworth, BOQ spokeswoman, denied that that it is form of gambling.
She further said that this is not gambling as nobody is losing any money. The account holder is just saving the money and he has the chance to win big money every month.
She further said that the scheme is a risk and it is directed to a particular type of customer. Nicole Rich, Consumer Action Law Centre spokeswoman that for Australian Banking, it was a dark day.
