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When Banks Compete, You Win


Bozo
Bozo | | 859 posts since 2011

OK, we've all seen the ads on TV for LendingTree (which, as I understand now owns this site). When Ken announced the acquisition, I assumed we'd shortly be seeing LendingTree launching a new platform which worked like LendingTree, only in reverse, so to speak. Rather than punching in the amount you wanted to borrow, you'd punch in the amount you wanted to lend. You could refine the search by term, account type, you name it. LendingTree could then use Ken's database, and who knows what else, to come up with competing sflimoexpress.net.

Seasoned DA readers might say "why would I need that?" Answer, you wouldn't. That said, I suspect we DA readers assume the entire universe is aware of Ken's blog. The truth might be, well, maybe not.* In addition, disruption is what it's all about these days. Ken has been disrupting the way folks shopped for sflimoexpress.net for over a decade. LendingTree could take that to another level.

OK, OK, I know many banks and credit unions could care less about competing for sflimoexpress.net. But many still do. Let them compete.

*USAA Federal Savings Bank certainly is not. They touted their renewal rate on their 7-year IRA CD of 1.1% as "competitive". My eyes glazed over.




gbtexas
gbtexas | | 55 posts since 2013
Caveat de emptor, or in our case, let the borrower beware. Those I feel more compassion for are those not using sites such as D.A. They, plus those that really don't care, are generally getting taken for a ride. Good examples are the young millennials and the elderly. I had many older clients who would buy CDs and annuities from their banks when they walked in simply because they were told by one of the employees that those offered by the bank were a good deal (re: Chase and Bank of America). While you and I and many on this site know that caution must be exercised before undertaking a purchase, there are more out there that don't.