Cause Marketing

Open an account with ableBanking and the Internet-based bank will make a $25 donation to the cause of your choice. More, albeit still undefined, donations are promised in time. It sounds a little like the bank promotions of yesteryear when a new account might bring you a toaster, a set of china, even a firearm ! I don’t know exactly how ableBanking makes money, but its parent company, Maine-based Northeast Bancorp owns a lot of insurance agencies in the State. It could be that ableBanking will serve as a lead generator for Northeast’s insurance business. In traditional ‘George Bailey’ style savings banks the bank pays an interest rate lower than the rate it is able to lend at. Savings banks made their money on the difference between the interest they’re paid and the interest they pay their depositors. George Bailey, you’ll remember, is the main character in the classic Christmas movie ‘Its a Wonderful Life.’ George worked for a savings bank that had a liquidity crises caused by a ve...