Bobble
Heads !

Bank's Bobblehead Giveaway Depletes Supply

Banknorth Group Inc. knew customers would fall for its dolls: the floppy head, the Boston Bruins jersey and pint-sized plastic hockey stick. But the bank never expected its bobblehead promotion to ignite a frenzy that would deplete its supply of 25,000 Ray Bourque dolls within eight weeks.

''I get calls from customers every day saying, 'Bill, you've got to send me two bobblehead dolls,' " said chief executive William J. Ryan, who is fielding frantic calls about the hockey legend figurines that were given away with each new checking account. ''I thought we would have had thousands of them left."

Banknorth estimates the bobblehead buildup has netted about 25,000 checking accounts since mid-January when the promotion began. In anticipation of Bank of America's merger with FleetBoston Financial Corp., many banks are rolling out gimmicks to lure new customers. Starting today, Eastern Bank plans to pay customers up to $100 if they switch banks, plus give them a free companion airline ticket. And Boston's Mt. Washington Bank, already known for branches stuffed with free waffle irons, has pitched mailings to South Boston and Dorchester residents to hype its gift of a free bowl or casserole dish for new customers.

Already, all of New England's major banks have launched free checking accounts for customers, with some extending the deal to businesses as well. But for smaller banks like Boston-based Eastern, which has long staked its claim to having better deals than its competitors, the free checking tidal wave has come as a personal affront.

''We consider free checking to be our territory, since we've been offering it for four years," said Joe Bartolotta, an Eastern spokesman. ''Now we have all these Johnny-come-latelies. We decided to do something that's much better."

To retaliate, Eastern is launching ads with the tagline ''top 10 reasons why our Free Checking is better than their free checking," drawing attention to its free online banking and focus on the Boston area.

The ads, which are running in newspapers and on the radio, also push the $100 giveaway: $50 for setting up direct deposit and $50 for closing an account at another bank. Customers also get one free airline ticket for a friend on the same flight. The offer ends in 90 days...

As for the bobblehead dolls, Ryan said this time around, the bank will be prepared. It is ordering 50,000 more

Article from: www.boston.com